HOW TO AVOID THE MOST COMMON BUYER MISTAKES
It can feel like watching a car accident in slow motion: Our buyers are happily cruising along until — bam! They make an error that kills the deal. They think “well, OK, let’s find another” and then never finds the perfect place again and end up having to “settle”; never forgetting the one that got away. As agents, we see the train coming but we can’t save them from themselves. Although we do our best to set them up for success by sharing our expertise and years of experience to help them avoid these types of mistakes, there are always well meaning friends and family who lead them astray. The silver lining is that they likely won’t make the same mistake again. The downside is there are more mistakes to be made. One thing we do know, if a buyer listens and takes our advice, they are always grateful – and successful.
1.THE DEVIL IS IN THE DETAILS AND THE DEADLINES
There are THREE important people in your life when you purchase property (other than your family) – your Mortgage Broker/Lender, your Realtor and your Closing Agent. Choose wisely; follow their advice and heed their warnings. If you are not comfortable with any or all of the above – HIRE SOMEONE ELSE! If you have hired and fired more than two – it is YOU and not them. Also, when it comes time for the inspection, the appraisal and if necessary a condo or HOA approval, you definitely need to listen to professionals. Missed deadlines and unrealistic expectations derail deals.
The nitty-gritty details of buying a home, like disclosures, inspections, and loan documents are not nearly as much fun as actually having your offer accepted. But they are ALL IMPORTANT to your pocketbook and peace of mind. Yes, we will review everything because we know what to look for, but we do not always know what is most important to you, so we need to work closely together. If you feel lost with the paperwork or a procedure, TELL us. It is our job to make sure you are knowledgeable about each step of the process so we can work together to make the right decisions. “There is no such thing as a stupid question” is never truer when you are spending thousands of dollars on a place you will be spending a good portion of your life living in.
3.ASK UP FRONT ABOUT THE MAJOR “DON’TS”
Not everyone knows NOT to buy anything major between the day you start looking and the day you close; not a car, not furniture, not a washer/dryer. Do not do anything that necessitates a credit check. This is a red flag for lenders. Do not quit your job or change jobs, even if you will be making more money. Lenders want to see continuity in your past employment and income. Other mistakes include increasing credit card debt or paying bills late. Be prepared to prove where any cash you use for a down payment comes from. The old “safe deposit box” explanation doesn’t cut it. If a relative is helping you with the down payment, tell your lender so they can document it honestly. TALK to your lender and/or realtor about the costs associated with a purchase BEFORE you make the offer. No matter how long it takes us to find you a property, always consult with us BEFORE you make major financial or career changes.
4.DO NOT WAIT TO MAKE AN OFFER
When you find the perfect house, you can bet that there are several other buyers thinking the same thing. You need to be ready to go. That is why we will nag you about giving us a copy of your bank statement (with the acct # blacked out) to prove you have the cash to put down and pay closing costs. If you are getting a mortgage, we need proof from your lender that they are willing to lend you that amount of money. When a listing comes on the market we will call you and insist that you be available to see it within 24 hours. When we find a house that you feel is a “10” we will scurry back to the office and immediately make up the offer. We will show you our strategies that get our offer accepted over others but you will need to implement them. Once the offer is accepted, our real work begins. From contract to close is a whole other adventure! Let us be your guide. At A Team Florida, teamwork makes the dream work. We want to work with you to make sure you are going to LOVE WHERE YOU LIVE!