DIGITAL UPDATE Nine Common Buyer Traps To Watch Out For


stressful event for everyone. Listed below are nine of the most common traps buyers need to watch out for. 1. Not Getting Mortgage Pre-approval Pre-approval is fast, easy and free. When you have a pre-approved mortgage, you can shop for your home with a greater sense of freedom and security, knowing the money will be there when you find the home of your dreams. Being pre-approved for a mortgage is also a valuable negotiating tool as it shows the seller you are 'ready to go' with no expected financing hiccups. The seller is more likely to strongly consider your offer. 2. Bidding Blind What price should you offer when you bid on a home? Is the seller's asking price too high, or does it represent a great deal? If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bidding blind. Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value. Rick Horsland has the knowledge and experience necessary to ensure you get the best value with your next home. 3. Digging the heels in when negotiating “Let's say it's a $500,000 home; the buyer wants $483,000 the seller wants $484,500,” I've seen people say, 'No, I want to win.' Negotiating isn't about winning; it's about compromise. People might be 20 days apart on completion date, and one will say 'I'm not willing to wait.' It can be a deal-breaker but shouldn't be. In the grand scheme of things, it's nothing worth sinking a deal over. 4. Leaving home insurance until the last minute Most people for some reason forget about it and leave home insurance until the day before they're closing. However you need to make sure the property is insurable, especially if it's a rural property. Maybe it's heated with oil or has old wiring. If you can't get insurance, the bank will not advance funds on closing. 5. Being swayed by bling Granite countertops and stainless-steel appliances are appealing, but you need to focus on the floor plan. You can change everything else: cabinetry, lighting, wallpaper, carpet, and flooring. But you can't change the floor plan. Look for efficiency in your floor plan, especially if you're buying a condo. 6. Closing Rush Insist on seeing the settlement sheets the day before closing from your lawyer or notary. That way, you will avoid last-minute problems – such as an interest rate or point other than you agreed to showing up on the paperwork. Sometimes missing the settlement date because of an eleventh-hour snag endangers the locked-in interest rate or the entire sale. Don't get trapped by a too-close closing. Get a 60-day lock-in for your loan interest rate, if possible, and give yourself that much time to close the sale. 7. Undisclosed Fix-ups Don't expect every seller to own up to every physical detail that will need to be attended to. Both you and the seller are out to maximize your investment. Ensure that you conduct a thorough inspection of the home early in the process. Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector's report. This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost. 8. Not using professional help Sure, it's possible to go out and buy a home without the aid of a professional real estate agent. But think about how much time and stress a good agent can save you. For starters, REALTORS® have access to all the homes on the market through the multiple listing service, or MLS®, plus all the ones that are under contract and have been sold. A specialist has time to sift through all of these listings and make the appointments to show you the houses, create comparative market analyses to determine proper pricing, and meet with necessary inspectors. Real estate agents also can help buyers traverse a taxing, 5-8 legal contract. 9. Picking the right Real Estate Agent One of the mistakes a lot of buyers make is finding a REALTOR® they aren't comfortable with. You want someone who is going to look out for your interests first and foremost. Someone who knows the contracts, who has experience negotiating, extensive market knowledge and who can walk you through the entire process smoothly - step by step - and make sure you get the house that's right for you. A good real estate agent will be friendly and accommodating, show only homes that fit your parameters, and help you with strategies during the bidding process - but never pressure you into something you're not comfortable with.


B The perfect end result: getting the keys!


uying a home can be a complex and sometimes scary (especially for first time home buyers) experience. But by taking a few simple steps, the entire event can become a far less


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