One of the things that we do is coach clients through the process of buying a home. Whether it is the first time, a condo or a house; some things apply to everyone. As common-sense as most of these will seem, we still see them happen.
Just a few mistakes to avoid:
1. Not understanding the local market
Try to understand the local market and all that is available. We can help you with this.
2. Not being selective:
BE selective - trying to see everything in your price range is a bad idea. This can mean trying to see too many places. Believe it or not, it's best to see no more than 4-5 houses at one go. Additionally, try not to see more than a dozen houses before you write an offer.
3. Not understanding pricing:
Look deeper in the pricing, it's important to understand pricing vis-à-vis the value of certain amenities.
4. Weak negotiating:
We are expert negotiators, and do this for a living. Be sure to work with someone who knows how to negotiate. Sometimes it’s as simple as knowing when to be quiet when speaking with the seller’s agent. This mistake alone can cost the buyer thousands of dollars.
5. Not requiring the proper inspections:
This can be a simple, visual, inspection or it can get as complicated as a full structural engineering review and/or sewer scope. Not all are required all the time.
6. Making other big-ticket purchases:
Do NOT make any other major purchases until we complete your home purchase. This includes financed CAR LOANS, major electronics that require financing etc. This prohibition runs all the way through the day of closing. Your lender WILL pull your credit on closing day and if there is a new 'line', or debt, of ANY kind, your home purchase can be in jeopardy. Even after it's all signed; it's not 'closed' until title has transferred to you on closing day.
7. Not understanding all available financing options:
There are many financing options available to you today. A professional & reputable lender can walk you through all those you qualify for. Look for responsiveness, and whether they listen to you. Also, be sure they can close in +/- 30ish days.
8. Looking for the perfect home:
The perfect home does not exist; the perfect home is the one you make. NO home will feel like home yet because it's devoid of your belongings & memories etc. Many people want to hold out looking for the 'perfect' place. This does not mean settling, just that 'perfect' doesn't exist.
9. Not previewing schools, shopping, and other neighborhood characteristics/amenities:
One of the tools we use for our Seattle buyers is the Seattle Police Department website. On it, you can enter an address or neighborhood and also the sorts of crimes you're wondering about and a timeframe. It will search and return all of the police reports that fit the criteria you've chosen.