This is a Buyers Market in most parts of the country. Buyers have started looking at homes and are eager to buy a home to take advantage of the low rates and low prices but in their eagerness to buy a home they may make mistakes .Here are top Ten Mistakes buyers make when buying a home.
1. Not being prequalified for a Mortgage. This is important .When you find a home you fall in love with you do not want find out that you do not qualify for a mortgage.
2. Not knowing all the costs of buying a home. There are closing costs associated with it. The loan officer as well as the real esate agent can explain this to you. You want to make sure you have enough for down payment and closing costs and see if your family can give you Gift money if you do not have enough.
3. Choosing the wrong agent. You want to hire a Buyer's Agent to represent you. Please read agency law for your State and make sure you are represented. The agent can help you negotiate a good price and show you comparable sales in the area so that you do not offer more than what it is worth.
4. Not having a home inspection
5. Not buying a home warranty. You should buy a warranty if the seller is not offering one.
6. Working with many agents and not telling the other agent that you have already seen the house. If you have signed agency contract with more than one agent and both show you the house and you decide to buy it, you could be in trouble and might need an attorney.
7.Not having some savings for major repairs that might be needed immediately after buying. When you get a home inspection you will have an idea of what needs to be done. You may get a good deal on the home but do you have money to take care of something major like if the heater does not work.?
8.Not reading by laws of the home owner's association. You will get the rules in advance. You usually have a few days, specified in the contract to read them . Please read them carefully. You might want to put up a fence and find out that a fence is not allowed . You might have a pick- up truck and read that you are not allowed to park it there.
9.Waiting for the perfect house. You should make a "must have' list and a wish list. If you wait for everything on the lists , you should consider building your own home and make sure you have enough money for it.
10.Once you find a house you like , waiting too long to make an offer. I have seen multiple offers even in this market.
If you live in Bucks or Montgomery County and would like to buy a home call Gita Bantwal at reMax Centre Realtors 215-343-8200x124
visit www.gitabantwal.com and look up 1000s of listings.
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Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email firstname.lastname@example.org
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.