Thursday, September 09, 2010

Ways Buyers Sabotage Themselves

I have written about how sellers can mess up their home sale. What about buyers? How can buyers mess up their home purchase?

Yes, as a buyer, you definitely can sabotage your home purchase.  Read on.

Lender Issues
Have you spoken to a lender? Often the answer to this question is, "I'll have no problems getting a loan." That is not the issue. In today's lending environment even highly qualified individuals are having problems getting a loan that works for them. Buyers need to talk to a lender to see what will be required of them to get a loan. In addition, most of today's sellers (banks) will not look at your offer until they have a pre-approval letter. Often, they want desk top underwriter approval. That takes more time. It isn't about your credit worthiness, its about saving time and headaches. Talk to a lender.

Don't delay in getting paperwork signed and back to your agent.  If you want to make an offer then get it in writing.  Your agent cannot make an offer without the purchase agreement signed by all parties.  A call to the listing agent saying, "my client is going to make an offer,"  is not enough.  Often a listing agent will get many of these calls and these "offers" never come through.  So, get the offer signed and to your agent.  If not, your offer may not be presented in time to the seller.

The majority of the available homes for sale can easily be found on the web.  Don't waste time looking at homes that will not work for you.  Do some research on the web and get a feel for home prices and types of homes.

I know that you have to go out and look at homes.  However, often you can look at the pictures in a listing and know if a home will work or not.  We offer an emailed listing service to our clients that sends an email immediately when a listing (which matches your general criteria) is uploaded to the Las Vegas MLS.  This has been an invaluable resource to our clients. 

Also, use resources such as Google maps or Bing to get an idea of the neighborhood and lot layout.  When you are looking at homes you should be looking at homes that you would consider.  If not, you will end up confused and frustrated with your home search.

You have to keep the lines of communication open with your real estate agent and lender.  We cannot read your mind.  If you don't like something then say so.  If you don't like a home then tell your agent why you don't like a home.  The beds are too small, the back yard is not private, the home is not open enough.  All of these items are relevant and will help you agent find homes that will work for you.

Is there something wrong?  Did something change in your circumstances your lender and agent need to know?  Tell them.  They may be able to assist you.

Inconsistent Behavior
This one goes with silence, but deserves its own section.  You tell your agent you only want to look at homes with golf course views. Then you start looking at homes that don't have any view at all.  Huh?  I'll ask, has your criteria changed?  Often the answer is, hum, well, maybe, hum, we just wanted to see this home

That tells me, not serious.  So, I put you on the back burner and focus on my clients who are pretty clear about what they want.  Sure, I'll keep sending you listings. But, I'm not keeping my eyes open for the winner home for you.  There is only so much time in a day and I need to take care of my clients who do know what they want.  Sorry, your inconsistent behavior (coupled with your silence) could cost you the perfect home.

That is it.  A few ways in which a buyer can sabotage their home search.

Looking for a Vegas home?  Contact me.  Let's get your home search started!

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Homes for Sale Bothell Washington said...

Thanks for the piece of reminders. A good advice absolutely.

Ginger Sanches said...

Very competently written is your article, it shows what can happen during the sale and how to avoid it.