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Searching to buy without a Realtor
A Realtor is a Real Estate licensed who has knowledge and experience in Real Estate. He can assist, advice and represent you during and after the real estate transaction.
Some buyers mistaken belief that it will cost them more money or that they can get a better deal if they negotiate directly with the seller. That is a big mistake!
Realtors get paid by the seller, unless you agree otherwise. Also a Realtor is trained to negotiate. He/she has access to current data of the housing market that can help you decide what price to pay for a property.
Buying in the wrong location.
The most important aspect when buying real estate is locatation, location, location. You need to be sure where you want to live.
Some of the factor you should consider when choosing a location:
Fail to get financially pre-approved.
You need to know how much you can afford, so you can narrow your search.
Ask your Realtor about lenders. Avoid internet lenders, they typically fail to fund the loan at the time of the closing or come up with more fees at the end.
Buying a new car or making a big item spenditure.
Do not buy a new car or spend money in big items. If you use your credit before buying your a home your purchasing power will decrease. Now you migth not qualify to buy your dream home. Also do not move money around, that does not look good in your credit.
Fail to obtain a Comparative Market Analysis (CMA) before making and offer.
Before you make an offer you need to know that market value of that property to make sure you do not overpay. This is one of the biggest reason why you need a Realtor. Your Realtor show you competitive properties
Not using effective negotiation skills
Many buyers think that by offering low that will lead them to the best deal. The best deal is offering market value for the property. You need to sit down with your Realtor and study the area you are planning to buy, and what are the sold prices of properties. Example: Suppose that a seller is asking $200,000 for his property and you offer him $ 150,000. You might think you are getting a good deal. Not really, if comparative properties in the area have been sold for $130,000 you are actually paying more than what the property is worth in the market.
Not having the home inspected by a professional home inspector
You do not want to buy a home and find out later that there are problems that cost thousands to be repaired.
A home inspector can detect those problems at the right time so you can go back and have the seller to fix them for you, or give you the money to do it later.
If the seller do not want to fix the problems you have the obtion to get out of the contract and find another property, but once you bought it, it is to late. A couple hundred dollars can save you thousands down the road.
Buying without a home warranty
Typically a home warranty will cover appliances, Heater and Air Conditioning, Plumbing, Electrical etc. Some get you a better cover. Your Realtor can ask the seller to pay for the home warranty during the negotiation. It is a good move to have it, in case a major appliance breaks down in the future.
Florida Real Estate Licensed