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Buying a Home: The 5 Biggest Mistakes that a Home Buyer Makes
As a Professional Real Estate Inspector I get to see and hear the right and wrong things people do when buying a home. These 5 tips will help you choose the right Real Estate Agent the first time. Mistake #1: Not using an agent at all or using the Listing Agent as your 'Agent'. Not smart at all. By law, the listing agent is required to keep the Sellers best interest at stake, not yours! Why would anyone enter into a relationship handicapped like this? I'm not aware of any state that makes a Buyer pay for their Agent. The Buyers agent normally gets paid from a cut of the Listing fees or the commissions are split. If you choose wisely, you can put a trained real estate professional on your side for free! A true Buyers agent can help you negotiate a contract, fly through the mountain of paperwork, help you find the right home and help you schedule the needed inspections and appointments necessary when you do find your dream home. Mistake #2: Relying on the Home Inspector your Agent recommends: I'm still amazed at how many people will blindly take the advice and recommendation of their Agent, or of the Listing Agent, when choosing an Inspector. The agents have a financial stake in seeing the deal go through. Why risk the conflict of interest by solely relying on their choice of Inspectors? With a little research you can find your own home inspector who will have your best interest at stake. Don't know where to start? The American Society of Home Inspectors (ASHI) has an easy to use search tool on their web site. You can choose by zip code or by state and city. You can find it here: http://www.ashi.org Mistake #3: Putting up "Non-Refundable" earnest money. This is like giving the Sellers a check and saying, "Here, you keep this. Even if we don't buy your home, you can keep our money". That's just plain stupid. If your Agent recommends it, find another agent because they don't have your best interest at stake. I've seen Sellers request up to a $20,000 non-refundable earnest money check. Luckily my Client had a good agent and she told the Listing Agent "That is the most ridiculous thing I've ever heard. We'll give you the standard $1000 refundable earnest check. Take it or find another Buyer." The Seller accepted rather quickly since her home had been sitting on the market for 5 months. Mistake #4: Falling in love with the home: "Earth to love struck home Buyer, they're building more homes every day!" The one group of consumers I see getting taken advantage of the most are those that "fall in love" with a home. They will accept any terms set by a Seller. They will buy the home and tell themselves "It just needs a little work, I can do that myself." Even though they have never picked up a hammer in their life. They let their "love" cloud their vision and Judgement and end up paying hefty 'stupid tax'. Mistake #5: Buying more home than what they can afford. There is a rule of thumb that says you should not buy a home that cost you more per month that 20 to 25% of your take home pay. I rarely see anyone following that rule of thumb today. What I do see is consumers buying homes that take a large part of their monthly income. This leaves little room in their finances for emergency's, furniture, vacations, investing, etc. With the relaxed lending requirements, people are buying way more home than what they can realistically afford. If you go down this road, chances are that you'll grow to hate this home. You should own a home, the home should not own you. I'm not a real estate agent, broker or attorney, nor am I a financial consultant nor do I claim to be an expert in any of these fields. The above views are my own and have been obtained from experiences in the Home Inspection field. Always consult with your financial planner and/or Real Estate Agent before making any decisions. Donald Lawson is a Professional Real Estate Inspector licensed in Oklahoma (454) and Texas (#5824) and currently owns V.I.P. Home Inspections in Houston Texas. V.I.P. Home Inspections is a multi-inspector firm that inspects both commercial and residential inspections. You can find out more by clicking on this link to his site: http://www.best2inspect.com
MORE RESOURCES: L.A.’s Real Estate Upfronts Reveal Penthouse A at Rosewood Residences Beverly Hills Hollywood Reporter Real estate mogul cautions about avoidable mistake when buying a home, explains how to avoid 'drowning' Fox Business Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties May 19, 2024 edition MassLive.com Real estate transfers: May 17, 2024 RiverheadLOCAL London Real Estate Is About to Get the ‘Selling Sunset’ Treatment Hollywood Reporter Real Estate Newsletter Articles this Week: Housing Starts Increased to 1.360 million Annual Rate in April Calculated Risk Mid-May Greenwich Real Estate Market Report Greenwich Sentinel Should I Buy a House Now or Wait Until 2025: Expert Forecast Norada Real Estate Investments Dodge County Real Estate Transfers Fremont Tribune The Michael Houck Real Estate Guide for May 19 Oil City News Washington state ahead of the game as lawsuit rewrites real estate commission rules The Business Journals MCB Real Estate Revives Long-Awaited Viva White Oak Mixed-Use Project Source of the Spring STAR resource center Department of Taxation and Finance Yes, there are other coastal Delaware towns besides Rehoboth Washington Blade Dutchess County, NY real estate 2024: What's on the market for $579K Poughkeepsie Journal Baltimore real estate: 4 waterfront condos for sale The Baltimore Banner Revolution in real estate: How the NAR settlement is changing the game Eden Prairie Local News Real Estate Briefs: Lakeside homes, news condos, and more news Rough Draft Atlanta Home Prices Hit Record Highs in April 2024: Trends & Forecast Norada Real Estate Investments REAL ESTATE | UPDATE | Johnson Bus selling lot for new West Bend Fire Department No. 1 washingtoncountyinsider.com VIDEO | REAL ESTATE | Construction finally underway for Taco John's in West Bend, WI washingtoncountyinsider.com Coloradans negotiating lower fees for real estate agents with new law on horizon Colorado Public Radio Innovative Leaders Vanderstraaten and Rohrman Inducted into North Texas Commercial Real Estate Hall of Fame ... dallasinnovates.com James Quinn's Data Center Advisory Expertise at JLL Drives Innovative Real Estate Solutions for Global Corporations Markets Insider Oceanport's Denholtz recognized by commercial real estate organization themonmouthjournaleastern.com Here are recent property transfers up to $1.28 million St. Albans Messenger Westmoreland County Real Estate Transfers | Real Estate | latrobebulletinnews.com latrobebulletinnews.com Real Estate Mogul Grant Cardone Closes Largest All-Cash Multifamily Deal In South Florida This Year Yahoo Finance Routt County real estate sales at $17.6M for May 9-15 Steamboat Pilot & Today China Says It Will Start Buying Apartments as Housing Slump Worsens The New York Times OT Real Estate Spotlight of the Week: 2115 Sheridan Place The Owensboro Times Robert Willett may be targeting female Realtors in Northeast Ohio Akron Beacon Journal Refined Real Estate: Unique Leschi home with lake views lists for $1,395,000 seattlerefined.com Number of homes for sale in Metro Atlanta increased significantly, real estate brokerage says – WABE WABE 90.1 FM Billy Joel spends over $10M for sprawling East Hampton pad with horse farm, neighbors other A-listers New York Post What's real estate wellness? Fortune Billionaire Frank McCourt raises his hand to buy TikTok Business Insider Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Connecticut real estate law changed after MV Realty investigation Eyewitness News 3 Ellison sues real estate broker Chad Banken over alleged schemes involving contracts for deed Star Tribune My Co-op Neighbor Never Pays His Maintenance on Time. Can We Make Him? The New York Times Navigating Northern Virginia Real Estate: An Insight Into Rhonda Campbell's Bespoke Approach Grit Daily ACRES 2024 showcases innovative real estate projects focused on enhancing environmental sustainability Malaysia Sun Local couple buys Pat Burrell's former Center City penthouse for 38% under original asking price The Business Journals Letter: Clarifying changes to real estate industry Morgan Hill Times Home listings are on the rise in southern Colorado, while other indicators show a slowing real estate market Colorado Public Radio Sean Bloom Investments Announces $2B Real Estate Project in Las Vegas InvestorsObserver Southern fast-food chain Cook Out buys Tampa real estate The Business Journals Did Fort Worth’s real estate market really ‘bottom out’? | Fort Fort Worth Star-Telegram New Rules for North Texas Real Estate Agents Creates Uncertainty Dallas Observer EG Real Estate: 18 Opens This Weekend – East Greenwich News East Greenwich News KKR Real Estate Finance Trust Inc. (NYSE:KREF) Given Average Recommendation of “Moderate Buy” by Analysts Defense World Busch relative settles squabble with Clayton investors over real estate trust St. Louis Post-Dispatch Real Estate Transactions for May 18-19 | News, Sports, Jobs Nashua Telegraph Edgefront Real Estate Investment Trust (TSE:NXR) Forecasted to Earn FY2024 Earnings of $0.73 Per Share Defense World LOCAL REAL ESTATE TODAY 5.17.24 – KQEN News Radio kqennewsradio.com Shaping the Future of Real Estate Technology RisMedia.com Do starter homes still exist? Here's what NJ realtors said NorthJersey.com Housing Market 2024 Predictions Bankrate.com End of war against property speculators marks new phase in China housing South China Morning Post First Capital Real Estate Investment Trust (TSE:FCR.UN) Share Price Crosses Above Two Hundred Day Moving ... Defense World |
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