If you plan to buy your first home, this is an exciting yet terrifying time in your life. Here is a list of home-buying mistakes that people often make that are possible to avoid. I want to see you move into a great home. One that will not cause you to feel buyer’s remorse. My team and I compiled a list of the top 11 home-buying mistakes so you can avoid them when you work with a buyer’s agent.
Are you worried about paying extra agents’ fees? We all know how tricky the home buying process is. Hiring an agent is the best option. The truth is, YOU DONT NEED TO PAY YOUR AGENT EVEN A SINGLE CENT. The seller of the property will be responsible for paying commissions to both agents.
- Are you getting overwhelmed by the sheer number of options on the market? Maybe not enough on the market?
Having multiple options is good. Having too many is a different story. It can lead to unnecessary nerve-racking decision-making, even paralysis by analysis. It’s a lot easier to have a buyer’s agent on your side so she/he can do the searching and you relax. Plus, its never fun doing it alone. An experienced real estate professional will peruse listings with a trained eye. An agent’s reason for prioritizing your preferences, requirements, and interests will help you find the best match.
- You are choosing the wrong house.
Even luxury buyers who can afford to spend eight-digit sums of money don’t want to overpay for a lousy investment. Irresistibly attractive, distinctly prestigious, that’s how luxury homes can be. You are about to make an impractical decision. Who will be there to point you in the right direction? The agent. YES!
Your dream home
Suppose missing out on exclusive, off-market properties for sale. Selling homes off the market is common practice in luxury housing markets. You will likely miss out on great opportunities from private sellers if you are buying on your own. A piece of advice, to know if there is an exclusive listing that matches your check-list, you should hire yourself a buyers’ agent.
- I am making a quick offer.
Consulting an agent will help you understand what motivates local sellers to accept offers. Together, you can craft a strategic and practical offer package. Creating a firm proposal that will not only catch a seller’s attention is not enough. It would be best if you kept them interested enough to pursue the deal. Remember, competing for highly coveted real estate and acting fast is not enough. We are in a seller’s market.
- I was pitching an offer to the listing (seller’s) agent.
Did you know in Florida, it’s illegal to practice dual agency? I’m sure you are saying what is dual agency. It means buyers and sellers shouldn’t have the same agent representing both parties. It’s not that that listing agent is un honest or unfair. She could be fantastic, but when it all boils down, you need proper representation.
True story. A lovely woman contacted me and wanted to view a property I had listed, so I said sure. I showed her the home, but it was not for her. We went out three more times looking at different places but she was not in love. As soon as I left our last showing 15 minutes later, she called me and said, ” come to this address, turn around this is the one” I looked up the property, and it was not listed, so I thought that was strange because its illegal to put a sign in a yard as an agent and not put on the MLS ( realtors list).
I called the agent and asked him what is going on, but I didn’t get a straight answer. So I said to him I am representing my buyer in this transaction, and he said that was fine. So the next day, they made the offer without me because the agent said to my client it’s better like this. I will give you a discount.
I was distraught. I couldn’t believe this agent. At this point, I left it alone and moved on. Ten days later, I get a call from her saying, please help me. I’m begging you. ” They are keeping my deposit because I did not tell them I wanted to cancel the contract yesterday. I was not informed and missed the timeline. I asked her, ” who has your escrow deposit money?’ She said, ” I was using his attorney because I would get credit if we use the same person. There was nothing I could do. I couldn’t believe this. I gave her my attorneys’ number, and she’s fighting to get the deposit back. If she does not get her deposit back, it will go to the agent. I hate to say this, but if she listened to me, this would have never happened. For your protection as a buyer, hire your own buyer’s agent. IT’S FREE! A buyer’s agent will make sure you’re protected.
- Negotiations with the seller with NO experience. For sale by owner
Negotiating toward mutually agreeable final sale terms is typically a tense and stressful process. You can lose thousands of dollars if you are unable to handle this crucial stage. https://www.laurenhershey.com/buyers/preparing-to-buy/
- Wasting time with local service providers
To complete your purchase, you will need specific services. Mortgage lenders, if you can’t pay cash, Home inspectors and Appraisers for your due diligence. If you’re working alone, finding these professionals will require a substantial amount of your time, energy, and money. Therefore Having a buyer’s agent will spare you from these extra steps. Established local agents have an extensive local network of trusted professional partners.I use Mike Toth from clever inspections.
- I am losing track of necessary appointments and schedules.
For you not to miss the home of your dreams, make sure that you won’t miss any meetings and property viewings. Don’t miss any deadlines too. Even worse, you can lose your entire deposit if you miss important due dates. Dates include a home inspection, finalizing your mortgage, and other necessary contingency measures outlined in your purchase agreement. Hire an agent to keep you organized and focused. Your agent will write you a timeline to keep you on track.
Example of a buyer’s timeline.
- 10. Signing forms and documents you don’t understand.
Real estate transactions involve plenty of paperwork. Many of these involve technical terms and confusing language. Lack of familiarity with these can result in unexpected concessions in the sale or worse – serious legal liabilities. Work with an agent to assess and complete essential documents. Ask for clear explanations on every crucial contract provision to make sure that all your decisions are well-founded.
11. Making impulsive, emotion-driven decisions.
Your success in the home buying process depends on how well you make decisions. You must never allow fleeting emotions and impulses to influence your choices. Most importantly stress and pressure can begin to mount. Use a dedicated agent’s expert guidance to your advantage. Equipped with an in-depth industry and market knowledge, your agent will keep you objective and level-headed as you navigate the home buying process.
So the bottom line find a buyers agent you like and use them,
Ready to buy the home of your dreams in South Florida? Call Miami luxury real estate expert Lauren Hershey today.
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