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Avoid Buyer Traps When you Purchase your Home

"A systemized approach to the home
buying process can help you steer clear ofAs part of your offer to purchase, make sure
these common traps, allowing you to not onlyyou request an updated property survey which
cut costs, but also secure the homeclearly marks your boundaries. If the survey
that’s  best  for  you."is not current, you may find that there are
structural changes that are not shown (e.g.
No matter which way you look at it, buying aadditions to the house, a new swimming pool,
home is a major investment. But for manya neighbor’s new fence which is
homebuyers, it can be an even more expensiveextending a boundary line, etc.). Be very
process than it needs to be since they fallclear  on  these  issues.
prey to at least a few of the many common and
costly mistakes which trap them into5.  Undisclosed  Fix-ups
either:paying too much for the home they
want, orlosing their dream home to anotherDon’t expect every seller to own up to
buyer  or,every physical detail that will need to be
attended to. Both you and the seller are out
(worse) buying the wrong home for theirto maximize your investment. Ensure that you
needs.conduct a thorough inspection of the home
early in the process. Consider hiring an
A systemized approach to the home buyingindependent inspector to objectively view the
process can help you steer clear of thesehome inside and out, and make the final
common traps, allowing you to not only cutcontract contingent upon this
costs, but also secure the home that’sinspector’s report. This inspector
best  for  you.should be able to give you a report of any
item that needs to be fixed with associated,
9  Buyer  Trapsapproximate  cost.
This important report discusses the 9 most6.  Not  Getting  Mortgage  Pre-approval
common and costly homebuyer traps, how to
identify them, and what you can do to avoidPre-approval is fast, easy and free. When you
them:have a pre-approved mortgage, you can shop
for your home with a greater sense of freedom
1.  Bidding  Blindand security, knowing that the money will be
there  when you find the home of your dreams.
What price should you offer when you bid on a
home? Is the seller’s asking price too7.  Contract  Misses
high, or does it represent a great deal. If
you fail to research the market in order toIf a seller fails to comply to the letter of
understand what comparable homes are sellingthe contract by neglecting to attend to some
for, making your offer would be like biddingrepair issues, or changing the spirit of the
blind. Without this knowledge of marketagreement in some way, this could delay the
value, you could easily bid too much, or failfinal closing and settlement. Agree ahead of
to make a competitive offer at all on antime on a dollar amount for an escrow fund to
excellent  value.cover items that the seller fails to follow
through on. Prepare a list of agreed issues,
2.  Buying  the  Wrong  Homewalk through them, and check them off one by
one.
What are you looking for in a home? A simple
enough question, but the answer can be quite8.  Hidden  Costs
complex. More often than not, buyers have
been swept up in the emotion and excitementMake sure you identify and uncover all costs
of the buying process only to find themselves- large and small - far enough ahead of time.
the owner of a home that is either too big orWhen a transaction closes, you will sometimes
too small. Maybe they’re stuck with afind fees for this or that sneaking through
longer than desired commute to work, or aafter the “sub”-total fees such
dozen more fix-ups than they really want toas loan disbursement charges, underwriting
deal with now that the excitement has diedfees etc. Understand these in advance by
down. Take the time upfront to clearly definehaving your lender project total charges for
your wants and needs. Put it in writing andyou  in  writing.
then use it as a yard stick with which to
measure  every  home  you  look  at.9.  Rushing  the  Closing
3.  Unclear  TitleTake your time during this critical part of
the process, and insist on seeing all
Make sure very early on in the negotiationpaperwork the day before you sign. Make sure
that you will own your new home free andthis documentation perfectly reflects your
clear by having a title search completed. Theunderstanding of the transaction, and that
last thing you want to discover whennothing has been added or subtracted. Is the
you’re in the back stretch of ainterest rate right? Is everything covered?
transaction is that there are encumbrances onIf you rush this process on the day of
the property such as tax liens, undisclosedclosing, you may run into a last minute snag
owners,  easements,  leases  or  the  like.that you can’t fix without compromising
the terms of the deal, the financing, or even
4.  Inaccurate  Surveythe sale itself.



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