Mistakes People Make Buying or Selling a Home
The 10 Dumbest Mistakes Smart People Make When Buying or Selling a Home – and How to Avoid Them
Home Buyers
| Mistakes | Prevented By |
| 1. Not knowing how much they can afford to pay for a house before they make an offer. | Get pre-qualified for a mortgage from a Lender, so you know in advance exactly how much you can afford. |
| 2. Not finding out in advance whom the real estate agent represents. | Asking your Realtor. Most people think their agent is working for them. But unless the agent is working as your buyer representative, he/she represents the seller. |
| 3. Not realizing that the wrong mortgage can cost thousands of dollars in unnecessary interest and taxes. | Consulting with a mortgage consultant, accountant, and/or financial planner before making a final decision on which mortgage to choose. CPAs can tell you the long-term effects on your income. |
| 4. Not discovering hidden defects before buying a home. | Hiring a professional to conduct a pre-purchase home inspection. |
| 5. Not knowing how debt can affect their ability to buy or refinance a home. | Asking your mortgage professional to help you review and repair your credit file in advance. |
Home Sellers
| Mistakes | Prevented By |
| 6. Setting their asking price too high because of personal need or emotion rather than fair market value. | Consulting with a professional real estate agent. He/she can assist you in pricing your home correctly. |
| 7. Failing to “showcase” their home by highlighting the best features. | Thoroughly cleaning, repairing, and readying your home for showing before you put it on the market. |
| 8. Signing a listing contract with no way out. | Asking your real estate agent if you can cancel your listing agreement at any time, no questions asked, prior to signing the contract or agreement. |
| 9. Choosing an agent for the wrong reasons. (For example, listing a home with the agent who works for the most popular company.) | Selecting a listing agent with the best marketing plan and track record. |
| 10. Not knowing their legal rights and obligations. | Consulting a knowledgeable, trustworthy professional who understands the technical and legal aspects of a real estate transaction. Contracts are legally binding. Neglected details can wind up costing sellers thousands of dollars. |
In the event a home-owner is pondering in the foreseeable future selling a house eventually, then a home seller’s best first thing to do, would be to an answer to the question what is my home worth?
Mistakes People Make Buying or Selling a Home
This report courtesy of Jason and Heidi Pence
Coldwell Banker Roth Wehrly Graber 260-416-5195