Everybody makes mistakes. After all, we’re only human. Some mistakes are bigger
than others, especially when it comes to the real estate market. Make a mistake on
either the buying or selling side and it could end up costing you a pretty penny in the
long run.
Finding the right REALTOR® for you is important. Take the time to interview several
buyer's agents to see what they will do for you and if you really get along with them
personality-wise. You don't want to spend several weeks looking at homes and writing
a contract for a home with someone you don't feel comfortable with.
Once you find the REALTOR® who is right for you, make sure that you work together
as a team. The more information you give your REALTOR®, the more he or she can
help you.
An exclusive buyer's agent, or buyer's broker, represents the home buyer and
negotiates with the seller and the seller's agent to obtain the best price and terms for
the buyer.
An exclusive buyer's agent represents buyers only and can take no safer guide than
that which has been handed down through the centuries, embodied in the Golden
Rule, "Whatsoever ye would that others should do to you, do ye even so to them."
Why get pre-approved for a loan?
By getting pre-approved, you can feel confident that you already have a good interest
rate and that you know how much home you can afford. It makes no sense to spend
your time looking at $180,000 homes only to find out that your lender will approve you
for no more than $130,000.
Comparing houses
Don't be shy about talking to neighbors about a house that interests you. If you like a
house, walk along the street, introducing yourself as a potential buyer. Ask all the
questions you can think of. What's the neighborhood like? What are the neighbors
like? Ask about schools and shopping. Neighbors are interested in who might be
moving in and should have a wealth of information to provide.
If you can't visit the neighborhood in person, try to find information on the Internet via
neighborhood Web sites, REALTOR® Web sites, Chamber of Commerce Web sites,
local newspaper Web sites, etc. By doing a little research ahead of time, you can
usually narrow down the areas where you want to live and know a little about home
prices and amenities in the area.
Get a market analysis before you buy that dream home. Before you make an offer to
buy, you need to know what the market value of the home is to make sure you’re not
overpaying for it. Ask your REALTOR® to prepare a Comparative Market Analysis,
which shows what similar homes have recently sold for. A CMA can give you the
difference between the asking and selling prices.
Have a complete home inspection done well before you buy. Buying a home is the
biggest purchase you’ll probably make, and it’s a decision that’s usually made after
spending maybe 30 minutes looking at the home. That’s why an inspection is crucial,
whether the home is brand new or whether it’s 100 years old. Your REALTOR® can
recommend several inspectors and will help negotiate if any repairs need to be made
as part of closing.
Follow these tips, and the dream of home ownership — or moving up to a
larger home — will be yours in no time. All it takes is a little common sense and
being aware of potential pitfalls when it comes to buying and selling real estate.
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