At Blooming Sky, we know that purchasing a home is one of your biggest investments. That's why we believe in treating a potential purchasing decision with the same level of rigor that a financial advisor would treat your stock portfolio investments. We don't lead clients with flashy listings. We lead with sound guidance and advice.
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We were recently asked to submit some of the biggest mistakes homebuyers make to a syndicated real estate news publication.
Here they are:
Mistake #1: Avoiding the use of a buyer's broker.
Most first-time buyers assume that the seller's broker represents their interests. This completely false and will take any leverage to negotiate away from the potential buyers. By sharing their motivation, financial situation and other personal information, the seller's agent will be able to squeeze the potential buyers for a deal that favors the seller. A buyer's broker adds a buffer and creates leverage for negotiation. Even something as simple as a buyer's broker saying that their client is gone for the weekend can help make the sellers sweat the deal and blink first when terms like price are being negotiated.
Mistake #2: Not shopping for mortgage rates.
The majority of buyers will not shop for interest rates. Instead they'll go to one mortgage broker and go with the flow. This can cost the buyers dearly. When you go with at least 2 mortgage companies, you can work them against each other to get the most favorable financing terms. Consider the fact that people will drive an extra mile to save a few pennies on a gallon of gas, yet on something which could potentially set them up for 30 years of payments, the majority of people won't do their best to get the most competitive rates.
Mistake #3: Looking for perfect.
When potential homebuyers look for perfect, they ultimately delay their purchasing decision. While they delay their purchase, the cost of housing continues to climb, making perfect that much more difficult to find.
Mistake #4: Not ordering a home inspection.
Many homebuyers do not order a home inspection, which can result in a litany of surprises once the home is acquired. Home inspections are beneficial because they add leverage for the buyer at the closing table. For instance if there is a clear $3,000 repair that needs to be made, the buyer can demand the seller pay for all or part of it.