Buying a house is a major purchase. Be careful so that you don’t become trapped by expensive mistakes. You want to avoid:
- Paying more than necessary for the house you want
- Letting that dream house slip away to someone else
- Purchase a house that does not suit your needs
With the right information in your hand, you can avoid the common traps that occur when buying a house.
Don’t bid without all the information. Know what price you should offer. Know if the seller is asking too much. Do your research so that you will know the market you are shopping in. If you don’t know the market you are shopping in If you don’t know the market you will be bidding without the necessary information.
Don’t buy the wrong house. Make sure you know what you want in a house. You want to make sure you don’t end up in a house that does not meet your needs. Write down what you want in a house. As you are looking for a house, use your written criteria to see if the house you are viewing measures up.
Make sure the title is clear. Do a complete title search on the house you are interested in purchasing.
Make sure you get an updated survey and inspection on the house. The survey is necessary to know where the property lines are, if any additions have been made to the house or whether the neighbor’s fence is on your property. Enlist an inspector to view the house thoroughly. Make sure the seller makes all repairs that have been agreed upon in the contract.
Get pre-approved for a mortgage. This gives you more freedom when shopping for a house. This gives you the freedom of mind to know that the money is already there when you find the house you desire.
Avoid hidden cost. Make sure you know all of the cost, big and small so that there won’t be surprises at the time of closing.
Closing the deal. Make sure you get a copy of all the paperwork in advance so that you can review it before the closing date. You want to avoid any glitches on the day of closing.
Check about the things that need to be fixed-up. Check on the things in the house that need to be repaired because the owner might forget to mention them. Inspect the house very carefully. If necessary hire a professional inspector.
Read the contract. If the seller does not comply with all of the terms of the contract, this could delay the closing. Make sure there is money in escrow to cover any costs that the seller fails to repair. Do a final walk through with the seller.
The Striegel Team will be behind you every step of the way so that you are well aware of these buyer traps. Contact the Jim Striegel Team today, so you do not fall into one of these traps.