THE 10 DUMBEST MISTAKES SMART PEOPLE MAKE WHEN BUYING OR SELLING A HOME ...
AND HOW TO AVOID THEM
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HOME BUYERS MISTAKE #1:                                                                           Not knowing how much you can afford before you make an offer. The easiest way to avoid this mistake is to get pre-approved for a mortgage by a lender so you can know in advance exactly how much you can afford. All offers must be accompanied with a pre-approval letter. MISTAKE #2: Not having your own real estate agent. Pick a good real estate agent and stick with them. They know the pitfalls in today’s market, will do leg work for you and know of deals before they hit the public market.              MISTAKE #3: Not realizing that the wrong mortgage person can cost you the deal. Before you make your decision on which mortgage person/company you are going to choose. Seek out recommendations of others. Choosing the wrong loan person will cost you the deal. MISTAKE #4: Not discovering hidden defects before they buy a home. One of the most expensive mistakes is also one of the easiest to avoid, by having a professional pre-purchase home inspection. MISTAKE #5: Not knowing how much their credit can affect their ability to buy or refinance a home. Before you buy a home, many of the clouds on your credit history can be cleared up or even eliminated. Your mortgage professional can help you review and prepare your credit file in advance.		HOME SELLERS MISTAKE #6: Basing the asking price on needs or emotion rather than market value. Many times, people make their pricing decisions based on how much they paid for or invested into their home. This can be an expensive mistake. Overpriced homes take longer to sell and eventually net the seller less money. Consult with a professional real estate agent. They can assist you in pricing your home correctly from the beginning. MISTAKE #7: Failing to “Show-Case” their home. First impressions are the most important. Experience shows that for every $100 in repairs that your home needs, a buyer will deduct $300-$500 from their offer. Thoroughly clean, stage and prepare your home before you put it on the market if you want top dollar. MISTAKE #8: Testing the market. Never put your property on the market unless you want a sale! Testing the market to see if you can get a certain price usually results in disappointment and frustration for all. MISTAKE #9: Choosing the wrong agent or choosing them for the wrong reason. Many homeowners list their home with the agent who tells them the higher price. Or they list with a relative or friend. You need to choose the agent with the best marketing plan and track record to sell your home. MISTAKE #10: Not knowing all of the legal rights and obligations. Real esate law is complex. The contract that you will sign when selling your home is legally binding. Small items that are neglected in a contact can wind up costing you thousands of dollars. You need to consult a knowledgeable, professional who understands the in’s and out’s of a real estate transaction.