Buying a home isn't always a straight-forward task. If you want to get the home you desire, at the price you want, in the timeframe you need, you must avoid the deal killers that could adversely affect the transaction. Here's a list of the top 10 deal killers that can damage your chances at buying your dream home.
1. Don't Go Without Financing
If you're thinking of buying a home, go to a lender now and get preapproved for a mortgage loan. You'll know exactly how much home you can afford, and your purchase offer will carry more weight with home sellers. If you need lender recommendations, contact us today.
2. Don't Dismiss
Just because a house doesn't show well online doesn't mean it should be dismissed. If the home meets your requirement for size and price, take the time to visit it in person. You might be surprised to learn it's the home of your dreams.
3. Don't Keep Talking
Remember, silence can be golden. If the seller's real estate agent—or the sellers themselves—are present during your home tour, let them talk. Just listen and nod. You might learn something about the home that will make you jump to put in a purchase offer—or run in the opposite direction.
4. Don't Blather About The Deal
It's a small world. Keep the details (price, terms, condition, etc.) of the sale to yourself, at least until closing/settlement. You might post something unkind, untrue or something that the sellers just don't like on social media—and a friend of a friend of the sellers could see it and share it. Then the sellers could decide to cancel the purchase offer.
5. Don't Lowball
We're here to advise you on the value of a home you're considering purchasing. Don't ask us to submit a purchase offer significantly under the home's value. You're wasting your time, our time and the seller's time. Realize that a seller is not required to counteroffer, and may choose to ignore your offer completely.
6. Don't Nitpick
Yes, the inspection report comes back and a faucet drips here and a door knob is squeaky there. No one's house is perfect, including the one you're about to buy. Don't be difficult and unbending in dealing with sellers. They could walk away from your purchase offer because of your attitude and select another buyer.
7. Don't Be Greedy
Don't ask for too much. If you had to work to win the house over other purchase offers, it's best to keep your financial requests to a minimum. Don't expect closing costs to be covered, antique furniture to be "thrown in" or other costly additions. Remember, you're getting the house.
8. Don't Be Slow
If you're looking to buy a home in today's market, you have to move fast. You don't have to make rash decisions, but taking too long can mean losing a house. Additionally, don't drag your feet in submitting documents and information to your lender. Your delays may postpone closing/settlement or even cause the cancelation of the sale entirely.
9. Don't Forgo Final Walk-Through
Make sure the home is substantially the same as when you put in the purchase offer. We can tour the home before closing/settlement to ensure nothing is amiss. Skipping the walk-through could cause problems after closing/settlement that may only be rectified by a lawsuit.
10. Don't Forget To Work With Professionals
As a homebuyer, make sure you have a real estate professional on your side to represent your interests in the transaction. The home seller's real estate pros are working for the seller and anything you tell them in relation to the home purchase can be reported to the seller, and potentially work to their advantage. Additionally, if you work with attorneys, ensure they are well versed in real estate law so that they will not hold up the closing/settlement.