8 HUGE mistakes that cost buyers THOUSANDS of Dollars!

1. Wasting time: Homes magazines and news paper ads can send you on a wild goose chase. Ads are by definition designed to attract attention, but seldom tell the whole story. Information is almost always left out to get you to call. Using an agent with access to the Multiple Listing Service (MLS), a computer database of the listings use to share such information among REALTORS®, as well as other sources of information about properties that could be for sale, such as For sale by owners, and corporate transferees that have not yet placed their homes on the open market, is a much better way to fine the right property and a much better use of your time. Not chasing ads all over town and going from agent to agent is a good thing! It is certainly less frustrating.
   
   
2. Problems with their lender: When times are good, lenders are on every corner, but knowing which one is right for you takes knowing what kind of lenders are out there and what kind of loans they make along with what your specific needs may be. An agent will have lenders that they work with on a regular basis, a lender with whom they have some pull, a lender that will take their call when a call is needed. Unless you are talking to lenders everyday, an agent who works well with and has a good working relationship with a lender is VERY valuable.
   
   
3. Prepayment penalties: Knowing the details of your current mortgage are critical. Prepayment penalties can be assessed for a number of reasons including failing to notify the lender of your intent to sell and payoff the mortgage within a certain time frame, in addition to simply paying off the loan before it’s normal maturation date. Some agents are familiar with standard terminology in many mortgages and can assist you in getting answers to any questions you may have.
   
   
4. Failure to obtain good title: Deeds come in many forms and knowing the type of deed you are getting can be a clue to the “condition” of the title. TITLE INSURANCE is a MUST. It is a one time fee, paid at closing that covers you for the items contained in the policy, for as long as you hold title to the property. There can be valid liens on a property that can “cloud” your title that are “NOT of record” and therefore would not and in fact could not be found by a title examination. Again, Title insurance is a must! A good agent will have a reputable attorney or Title Company that will not only check the title, but also make available quality title insurance.
   
   
5. Failure to pick a good inspector: There are a number of national organizations to which Home Inspectors could belong. They each have different criteria for membership and carry a different designation, but generally these organizations provide a level of training that is intended to assure the consumer that the Inspector has a certain level of expertise. While this may not always be true, it is certainly better that nothing. In addition, Inspectors in many states are required to be licensed and regulated by a state agency. Ask for the license number for verification. Agents are familiar with inspectors in their area and have seen different types of reports and have worked with different Inspectors. Using an agent for a referral to a good home inspector is crucial.
   
   
6. Buying the wrong type of home: Consider the area to which you are moving. A structure that is significantly different from the others in the area may be hard to resell. It may have been build by someone form another area, like the area you are coming from and may only appeal to persons from a particular region for instance. Buying a property that is typical to the area is always a safer move. An agent can help you better understand what sells well in the new area and help you avoid making this mistake.
   
   
7. Not Planning: Turning off the electricity in one place and on in the other at the appropriate time; Timing the move with the closing to avoid storage fees or delays in delivery of your belongings; Getting the children registered in school, and for a host of other things an agent would remind you to do.
   
   
8. Walkthrough: Sellers sometimes hire movers. Movers sometimes damage a house when moving the seller out. Check the house just before you sign the papers. Your agent can and should facilitate this walkthrough and negotiate any problems noted in that walk through.
   
   
9. Not using an agent: See items 1-8!
   

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