Avoid the 3 Critical Mistakes Buyer’s Make!

Not being prequalified!

Buyers must realize that prequalification for a mortgage is paramount.  An unqualified Buyer can waste the time of their Realtor, the seller and of course, themselves. It may send a message that the Buyer is not serious in the purchasing process! A Buyer who gets their ducks in a row early in the pre-approval process by submitting required documents and filling out a mortgage application is vital. To get the wheels in motion, the Buyer needs to contact a reliable Mortgage Broker.

 

Not putting their best foot forward in an offer!

It’s human nature to want to offer a lower than asking price. Certainly, this is a prudent strategy in a Buyer’s Market. However, in a Seller’s Market when a buyer doesn’t step up with a strong enough offer, it can often backfire on the Buyer. Coming in with a strong opening offer is always attractive to a Seller. However, there are times to negotiate but there are times not to! 

 

Not using a licensed Home Inspector!

The Buyer has found the perfect property! Not using a licensed Home Inspector may be a tempting dilemma for some Buyers!  The Brits caution us: Don’t be penny wise, and pound foolish!  Simple translation; a Buyer should not make decisions that land up costing them a fortune! It is always the best decision for a Buyer to hire a professional Home Inspector. After all, the Buyer is purchasing the most significant investment in his/her life.  So avoid making a grave mistake!

There is a lesson to be learned from one Buyer who decided to do his own Home Inspection. He simply forgot one thing; to check the Air Conditioning unit! This Buyer thought he was saving $450, but the reality was he had to SPEND $1,500 in the long-term!

So bottom line, early on get pre-approved for a mortgage, put your best foot forward when making your offer, especially in a Seller’s Market and always get the property inspected by a licensed Inspector.