If you are planning 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 is possible to avoid. I want to see you move into a great home. One that will not cause you to feel buyer’s remorse. The reason as to why I and my team compiled a list of top 11 home-buying mistakes you can avoid when you work with a buyer’s agent. May this come in handy.
1. Worrying about paying extra agents’ fees?
We all know how tricky the home buying process is. Hiring an agent is the best option. Truth is, YOU DONT NEED TO PAY YOUR AGENT EVEN A SINGLE CENT. The seller of the property successfully sold should be the one responsible for paying a commission for the agent. Hiring a buyer’s agent right from the start protects you from making bigger and costlier mistakes as you move forward in the home buying process.
2. Getting overwhelmed by the sheer number of options on the market.
Having multiple options is good. Having too many options are a different story. It can lead to unnecessary nerve-racking decision-making, even paralysis by analysis. Search for options quicker and more confidently with a buyer’s agent by your side. 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.
3. Choosing the wrong house.
Even luxury buyers who can afford to spend eight-digit sums of money don’t want to overpay for a bad 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
4. 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.
5. 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 effective offer package. Creating a strong offer that will not only catch a seller’s attention is not enough. You need to keep them interested enough to pursue the deal. Remember, competing for highly coveted real estate and acting fast is not enough.
6. Pitching an offer to the listing (seller’s) agent.
Did you know in Florida, listing agents are prohibited from practicing dual agency? That being said, buyers and sellers shouldn’t have the same listing agent to represent them. Not everyone follows the rule, you might fall victim to those agents who want twice as much commission working both sides. In most scenarios, you will be working at the mercy of the listing agent. You are not legally covered, and if you think the listing agent cares about you. Remember this. The listing agent works for the seller’s best interests, not yours. I guarantee you will not receive a property disclosure statement. That statement will show all hidden issues with the property. Their only concern is to complete the sale.
For your protection as a buyer, hire your own buyer’s agent. IT’S FREE! A buyers agent will make sure you’re protected.
7. 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. This is where a trained and experienced real estate professional plays a key role. Strategic and level-headed buyer representation is one of the services you’ll appreciate most from your agent. https://www.laurenhershey.com/buyers/preparing-to-buy/
8. Wasting time with local service providers
To complete your purchase, you will need certain services. Mortgage lenders if you can’t pay cash. Home inspectors. 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.
9. Losing track of important 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.
Lauren Hershey’s Timeline.
You miss a date, YOU LOOSE YOUR DEPOSIT
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.
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