Buying or selling: the 10 most common mistakes
Published on August 05, 2019 by MultiPrêts MR
- Not knowing how much they can afford to pay for a house before they make an offer:Get pre-qualified for a mortgage from a Lender, so you know in advance exactly how much you can afford.
- Not finding out in advance whom the real estate agent represents: Asking your Realtor. Most people think their agent is working for them. But unless the agent is working as your buyer representative, he/she represents the seller.
- Not realizing that the wrong mortgage can cost thousands of dollars in unnecessary interest and taxes: Consulting with a mortgage consultant, before making a final decision on which mortgage to choose. CPAs can tell you the long-term effects on your income.
- Not discovering hidden defects before buying a home: Hiring a professional to conduct a pre-purchase home inspection.
- Not knowing how debt can affect their ability to buy or refinance a home: Asking your mortgage professional to help you review and repair your credit file in advance.
- Setting their asking price too high because of personal need or emotion rather than fair market value: Consulting with a professional real estate agent. He/she can assist you in pricing your home correctly.
- Failing to “showcase” their home by highlighting the best features: Thoroughly cleaning, repairing, and readying your home for showing before you put it on the market.
- Signing a listing contract with no way out: Asking your real estate agent if you can cancel your listing agreement at any time, no questions asked, prior to signing the contract or agreement.
- Choosing an agent for the wrong reasons. (For example, listing a home with the agent who works for the most popular company.): Selecting a listing agent with the best marketing plan and track record.
- Not knowing their legal rights and obligations: Consulting a knowledgeable, trustworthy professional who understands the technical and legal aspects of a real estate transaction. Contracts are legally binding. Neglected details can wind up costing sellers thousands of dollars.