1. Trusting tax assessments
Some people think that tax assessments are a way of evaluating a home. There is all types of criteria used in a tax assessment that does not reveal a homes actual value, so the tax assessment is not reliable for home valuation purposes.
2. Bidding without knowing
What terms should you offer when you bid on a home? Is the seller's asking price too high? Are you in front of a real deal? Before fashioning one the biggest purchases of a lifetime, you should take a very close look at the real estate market in the area you're thinking of purchasing. Without the knowledge of the real market value of the homes you intend to visit, and ultimately purchase, your are more than likely to make a blind bid.
3. Getting the wrong home
Simple questions, like what do you want in a house, can have pretty complex answers. A lot of buyers get all excited at the prospect of finally owning their house. So excited and emotional, that sometimes they end up being the possessor of a home that does not answer their needs. The home may be too big, or too little, or it's too far from work, or what looked like just a few small renovations is much more then likely. Take time now, before the buying process, and delineate what you really want in your house. Write it down.
4. Unclear house title
Having a free and clear title is an important part of the home buying process. Get started on the title search when you start negotiating your new house. One
of the last things you want to learn later in the process is that there are taxes, leases or other liens on the property you are about to own.
5. Incorrect survey
When you make your offer to purchase, you have to make sure you request an up to date property survey that defines very clearly the boundaries of the property. You never know what type of changes may have occurred since the last survey (i.e. swimming pool, extension to the house, fence, etc.)
6. Surprise fix-ups
You just can't expect every seller to sell their home in perfect condition. Remember the old saying: Buyer beware! Get a house inspection completed before you sign anything. Or if you do sign, make sure it is conditional to your entire satisfaction after a home inspection. An independent inspector will check the home inside and out and give you a report outlining the items that needs to be fixed with the attached costs.
7. No pre-approval
Get pre-approved before searching for a house. Once you have a pre-approved Fresno mortgage, your home shopping is much easier. You will feel free and secure because you will know that the money you need to purchase your dream home will be there when you need it.
8. Seller nonperformance
If the home seller fails to do some repairs or to abide by to any part of the purchase contract you will feel very disappointed. One way to avoid this is to agree, in the purchase contract, to put a fixed sum of money in an escrow fund that will cover the items the seller was supposed to attend to.
9. Hidden charges
Before you make your offer, make sure you made a list of all the costs associated with the purchase. The typical "forgotten" cost is usually a forgotten loan disbursement charge of some sort of underwriting fee. One way to avoid any hidden charges is to have the lender give you the total charges in writing.
10. Close too fast
This is a critical part of the whole buying process. Take your time, read all the paperwork a day or two before you sign. Have a lawyer go through it and make perfectly sure that all the paperwork reflects the transaction your are about to do. Double check everything, it's the best way to avoid a forgotten clause or to notice, too late, that something has been added or subtracted. If there is a problem, you will have a few hours to solve it before the finale day.
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