You've scoured the new home listings, been to all the open houses and have finally found the home of your dreams. It is now time to draft an offer and begin the negotiation process. Below we'll share four mistakes that you will want to avoid when making an offer on your dream home.
Mistake #1 – Not Working With A Professional
The first mistake that home buyers make is trying to buy a home without using the services of a real estate professional. Buying a home is a significant financial transaction and one where the seller and their agent are working hard to ensure they come out ahead. Having experienced representation on your side of the table ensures that you won't be taken advantage of.
Mistake #2 – Skipping The Home Inspection
The second mistake – and one that is more common than you think – is skipping the home inspection. There are countless instances of home buyers thinking that the house looks great on the outside without realizing that there are issues with the roof, the foundation, the plumbing, inside the walls or some other area that's tough to see. Having the house professionally inspected before tabling an offer ensures that issues are fixed up before the transaction is complete. Alternately, if you're willing to move ahead regardless, you can ask for the price to be reduced as compensation.
Mistake #3 – Not Being Pre-Approved For Financing
The third mistake in our list is making an offer on a home without being pre-approved for the amount of mortgage financing you will need. Regardless of how good your credit is, the mortgage application process is one that can present challenges. Also, many home sellers will require evidence of financing pre-approval before accepting an offer, so it's best to come prepared.
Mistake #4 – Taking On Other Debts
Once you've decided on the home you want to purchase, you will want to avoid taking on any other debts which can affect your credit score. Don't buy a car, open any new credit cards or do anything else which will show up on your credit report. Once you are pre-approved for your mortgage, you'll want to keep your credit as spotless as possible to ensure that nothing goes wrong.
If you're prepared and clear-headed, the offer process will go smoothly and you'll soon be moving into your dream home. When you're ready to explore local real estate options, contact our team and we'll be happy to show you around.
About the Blogger - Peta-Gay Lewis, ABR®, CMR®, MRP®, PSA® is Founder & Principal of Property Locators, LLC™. She is a licensed Property Manager & REALTOR in DC, MD, and VA with Douglas Realty, LLC (8585 Fort Smallwood Road Pasadena, MD 21122). Her contact information is 202 683-0158 (c), 410 255-3690 (o) or firstname.lastname@example.org