1. Not having a personal Agent
Many Buyers are able to find a home on their own. But what happens after may determine if it is really the best value for them. There are many conditions and contingencies that may become part of a contract to purchase a home. Sitting down face to face with your Buyer's Agent can make a significant difference in the way an offer to purchase is structured.
2. Not understanding representation
On July 1, 2006 the Real Estate laws have been changed in Wisconsin to benefit Buyers significantly. You need to know where you stand as a Buyer and who the Agent represents. Ask about a Buyer Agency Agreement and what one can do for you.
3. Not having a plan
How often do you purchase a home? This is not an everyday occurrence for you and it may look simple from the outside. There are two facts to consider. Purchasing a home may be the largest investment of your life. If this were a business would you be entering into such a large investment without a plan?
4. Using more than one Agent
Often times Buyers will think working with more than one Agent they have less of a chance of missing that one property right for them. Loyalty is a two way street. A dedicated Agent will work for you until the job is successfully done. Looking for a home is only a small part of the overall process. By giving your loyalty you will see many returns throughout the transaction and beyond.
5. Not knowing what they want
This is why a face to face meeting without distractions is necessary. The type of home you need is determined by your lifestyle, your family situation, plans for the future and a host of other questions. After a short interview many of these questions can be answered and in most cases the search time will be greatly shortened. The best part of this is that the quicker you find your home the better chance you have of buying it before anyone else has the opportunity.
6. Waiting to make a decision
Often times in Real Estate, if you wait to make a decision someone will make it for you. It makes sense, you are looking for the best value on the market, just like everyone else in your price range.
7. Not being pre-approved for a loan
Imagine finding that perfect home then losing it because you could not prove your ability to secure a loan. Having a pre-approval letter in advance can eliminate that problem. It will also inform you of the maximum amount you will be able to spend on a home.
8. Not choosing the right lender
This is something that is covered to a great extent in a Buyer Counseling Meeting. Choosing the right Lender is as important as finding the right home.
9. Unreasonable offers
This could happen on either side of the list price. Too low of a price may offend the Seller and make any further negotiations more difficult. Do I need to explain how too high of a price will affect you?
10. Not having an inspection
We recommend that the prospective purchaser PERFORM A THOROUGH INSPECTION of all properties visited. We further recommend that the prospective purchaser have the property inspected by a qualified inspector. The standard language in the Offer To Purchase provides for an inspection by a Wisconsin Registered Inspector.