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Walter Funk Real Estate Group

Common Errors to Avoid

Trying to do it yourself.

Real Estate is an industry where an agent with very little or no experience will be paid equally to one who has been in the business for 20 years and has hundreds or even thousands of successful transactions to their credit. Buyers are often unaware that the Realtor they choose is paid by the seller therefore there is no expense to them for the services provided to them. It is a mistake to believe that you can negotiate a better deal directly with a seller or even the seller's agent whose loyalties belong the seller. A buyer can and should have their representation.

An experienced Realtor can help you avoid the other costly mistakes outlined below, and make your home buying experience an enjoyable and stress-free.

Not understanding representation.

It is important for buyers to understand who is representing whom in the buying and selling process. This fact should be clearly outlined by your Realtor. If you are not sure, ask the question. Your Realtor must fully explain agency. When negotiating starts, you will want to be sure who is on your side.

Not understanding value when making the offer.

Before making an offer to purchase, your Realtor should present you with the same information that the seller based their asking price on. After all, you need to be certain that you are paying fair market value and this can only be determined by knowing what similar homes in the area have recently sold for.

Offering the wrong price.

Buyers sometimes mistakenly think that best way to a bargain is by making a low offer. The offering price must be carefully chosen based on market value, not on emotions. This often leads to inflexibility and a lack of cooperation and neither party ends up achieving their goals and objectives.

A wise and experienced Realtor will know and be able to explain the most effective method of achieving the best price. I'd rather fly with an experienced 747 pilot than one who is on his inaugural flight.

Failing to use the services of a professional home inspector.

For a comparatively small price, a professional home inspection can provide a valuable service. Buying a home is a significant purchase and most buyers do not have the ability and experience to ensure that the home is sound and free of problems. Your Realtor can recommend several reputable companies for you to choose from, and will ensure the appropriate clause is inserted in the offer. If you doubt this advise, watch a few episodes of Holmes on Homes.

Failing to understand the contract of purchase and sale and it's implications.

It is important to completely understand the terms and conditions of the contract you are signing. An experienced Realtor will thoroughly explain the agreement to you and help you to fulfill your contractual obligations. It is critical that you understand all the aspects of the contract and how they are crafted to achieve your objectives. A poorly written contract could put you at great risk by implicating you in unintended ways.

Letting emotions make the decision.

Buying a home is often a very exciting and emotional decision. This is where an experienced Realtor will be invaluable. They will ensure that you carefully weigh the facts and consider all the implications at a time when many buyers can get caught up in the moment. An experienced Realtor will approach the negotiating process without any of the emotional involvement.

Failing to get pre-qualified financially.

Buyers sometimes get the cart before the horse. Finding that perfect home before getting qualified can be very disappointing when Mr. Banker says you can't qualify for the mortgage to buy your dream house. Knowing how much you can comfortably afford will ensure you are looking in the right price range. Having an interest rate guarantee will protect you from fluctuating rates and ensure that your anticipated payments don't escalate. An experienced Realtor can help get pre-qualified can also suggest alternative sources of financing.

, consistent, timely and cost efficient manner. The website offers complete information and instructions for filing assessment appeals.