The current Real Estate market we're in across the country is on fire! Make sure when you're ready to pull the trigger on your purchase, avoid these detrimental mistakes.
1. Timing: In today's market, you must act fast. Great houses on the market rarely last more than a week, especially if the seller is really motivated. I understand it's a huge decision, but when you know, you'll just know.
2. Lowball offers: Again, with the market so hot, don't waste your time, your agents time, nor the sellers time. They usually won't even consider giving you a counter offer. Just make sure you give them your best offer at this pint in time. Unless your agent does some deep research and finds comparable properties that you can justify that price. Then it's your agents job to sell that.
3. Pre-approved: If you're working with a smart agent, they already had you get a pre-approval letter from a lender. This shows the sellers you are ready, willing, and able. Although this is great, be careful for making offers that hit your max budget. Although you may be approved for that, things can change. Say the interest rates go up and now you can't afford to add that little extra because you're already maxed out. Leave yourself with some wiggle room. Get with your real estate agent and lender to figure out the best course of action for your situation.
4. Don't buy anything: I'm talking about large purchases. Don't buy furniture for the house you haven't got yet, don't get a new car, or make any large purchases. This can affect your loan and in the end may be the reason you will no longer be approved for the amount you're asking for. Hold off on all large purchases until the house is yours.
There are a few other things to consider. Please consult a professional before making any decisions. If you want to get ready to buy, Contact me and I'll get you set up on a solid game plan.
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