Buyer Beware, how to avoid it.

8 Buyer Traps

1) Blind Offer
At what price should you offer? Is the asking price too high, or does it represent the current transacted price. Never fail to do a market research on, what is the Comparable Transacted Price. Failing which you will be offering blind and fail to make a competitive offer at all for an excellent value.

2) Buying the Wrong Homes
a) Location, location, location.
b) Too Big or Too Small.
c)Nearer to your work place.
d)Write it down what are your wants and needs, use it as a yard stick to search for your home.

3) Title
Must be free from all encumbrances. Freehold or Leasehold

4) Inaccurate Information
Never make an offer to purchase without knowing of e.g. renovation of extention come with town council aproval, any structure changes. Be very clear with these issues.

5) Undisclosed Damages
Not all seller disclose all defects. Make sure you conduct a thorough inspection of the subject home before put an earnest deposit.
Consider having an expert inspect the home inside and out, so that the inspector or contractor can give you an extimation of any item that need to be repair or fixed and the cost.

6) Not getting your home loan pre-approve
Pre-approved mortgage, can give a greater freedom and security in choosing and finding your dream home.

7) Hidden Cost
Identify and uncover all cost.
a) Sale and Purchase Legal fees.
b) Renovation.
c)Mortgage fees (legal fees, try to get the finance institution to absorb it).

8) Sealing up the Deal
Make sure you get the Real Estate Agent to explain the document, terms and conditions before you sign on the dotted line.

As I see it. Without Prejudiced.

until my next post.

Eugene Oon view