The 10 Dumbest Mistakes Smart People Make

The 10 Dumbest Mistakes
Smart People Make
When Buying or Selling
A Home...
And How To Avoid Them

Home Buyers:
Mistake #1: Not knowing how much they can afford before they make an offer. The easiest way to avoid this mistake is to get pre-approved for a mortgage by a lender so you know in advance exactly how much you can afford.

Mistake #2: Not realizing in advance whom the real estate agent represents. Most people think that the agent they are working with is working for them. But unless they are working as your buyer representative, they represent the seller.

Mistake #3: Not realizing that the wrong mortgage can cost thousands of dollars in needless interest and fees. Check with your accountant before you make your final decision on which mortgage you are going to choose. Your CPA will be able to tell you what the long-term effects will be on your income and taxes.

Mistake #4: Not discovering hidden defects before they buy a home. One of the most expensive mistakes is also one of the easiest to avoid, by having a professional pre-purchase home inspection. Inspections such as Radon, Well, Septic and Lead Based Paint Content should also be considered. Ask your Estate Consultant for information.

Mistake #5: Not knowing how much their credit can affect their ability to buy or refinance a home. Before you buy a home, many of the clouds on your credit history can be cleared up or even eliminated. Your mortgage professional can help you review and prepare your credit file in advance.

Home Sellers:
Mistake # 6: Basing their asking price on needs or emotions rather than market value. Many times, people make their pricing decisions based on how much they paid for or invested into their home. This can be an expensive mistake. Overpriced homes take longer to sell and eventually net the seller less money. Consult with a professional real estate agent. They can assist you in pricing your home correctly from the beginning.

Mistake # 7: Failing to "Show Case" their home. You only get one time to make a first impression! That first showing is the most important. Experience shows that on average, for every $100 in repairs that your home needs, a buyer will deduct $300 - $500 from their offer. Thoroughly clean and prepare your home before you put it on the market if you want top dollar.

Mistake # 8: Signing a listing contract with no way out. Most traditional real estate agents want you to sign a listing contract with no way out. When you list your home with me, you can cancel your listing agreement any time, no questions asked.

Mistake # 9: Choosing the wrong agent or choosing them for the wrong reasons. Many homeowners list their home with the agent who tells them the highest price, has the lowest commission, or who works for the biggest company. You need to choose the agent with the best marketing plan and track record to sell your home.

Mistake # 10: Not knowing all of their legal rights and obligations. Real estate law is complex. The contract that you sign when selling your home is legally binding. Small items that are neglected in the contract can wind up costing you thousands of dollars. You need to consult a knowledgeable professional who understands the ins and outs of a real estate transaction.

To get a Free Mortgage Pre-Approval, A Free List of Properties Available In Your Price Range, Or A Free Market Analysis Of Your Home, E-mail Jim @ jim@jimblaney.com Or Call Jim Blaney at 410-795-3000 ext. #121