Use the services of an experienced Realtor.
Many times buyers avoid using the services of a Realtor under the mistaken belief that it costs them money - or that they will be able to negotiate a better deal directly with the seller or seller's agent. This can be an expensive mistake. If you are negotiating directly with the seller or seller's agent, you may not be taking advantage of the best deal available in the marketplace today! You can have your own Realtor, who will use the experience gained through hundreds of successful negotiations for your benefit - at no charge to you!
The seller pays the commission to your agent and for their own. Real Estate is a unique business, where an agent with one day's experience and no sales experience gets paid the same as an agent with several years experience and hundreds of successful sales. An experienced agent can help you avoid many pitfalls, and make your home buying an enjoyable, stress-free adventure!
Recognize different negotiating styles and strategies.
Many buyers think the way to achieve a fair purchase price is by offering low. This is the strategy of the buyer who is not in possession of all the facts essential to negotiating the best possible deal. Many times that type of strategy will polarize negotiations and lead to inflexibility on part of the seller - or worse yet - failed negotiations. If you have chosen your Realtor wisely, the most effective strategies for this particular situation will be revealed to you. Experience can mean a better deal at the negotiating table with a minimum amount of hassle.
Have the home inspected by a competent home inspection company.
Buying a home is a major purchase usually made after spending just half an hour looking at the home. Isn't it worth ensuring you will not be surprised later with deficiencies costing thousands? Your Realtor can recommend a company to you and will ensure the appropriate clause is part of the offer.
Knowing and understanding your rights and obligations
It is important to understand completely the terms of the Contract to Purchase. Wrong assumptions, poorly written or missing clauses and not understanding how the clauses affect the purchase can lead to increased costs or a void contract. An experienced Realtor can explain the agreement to you and help you to fulfill your contractual obligations.
Don't let emotion blind reason.
Buying a home is an exciting time and while usually an emotional decision, it's important that they be validated by facts and reason. An experienced agent will help remove the emotion from the negotiating process and provide you with the information you need to make sound decisions.
Take the steps to be financially pre-qualified, and have an interest rate guarantee before looking at homes.
Knowing how much you can comfortably afford will ensure you are looking in the right price range and prevent you from buying a home that will strain you financially and emotionally. Having an interest rate guarantee will protect you in times of fluctuating rates and ensure that your initial projected payments do not suddenly escalate, resulting in extra interest charges. An experienced Realtor can help you initiate this process and can also recommend alternative sources of financing. Being aware of these mistakes will help ensure you receive best value for your dollar when the time comes to buy your home!