MISTAKES BUYERS MAKE
Mistakes Buyer's Make
1) Calling the listing agent. It is against the law in Texas for the listing agent to represent you and not, the seller… they can not give you sales price history of neighborhood properties… they HAVE TO try to get full price for the property… they represent the SELLER… In Texas there is no such thing as saving what would be your agent’s commissions… the seller DOES NOT PAY THOSE COMMISSIONS.
2) Not working with a REALTOR® like Lenny – seriously!!.. it’s like do-it-yourself dentistry … or going to court without a lawyer… etc… “a person who represents himself… has a fool for a client."
3) Not reading all of our information pages.
4) Not understanding just how important it is to use an experienced REALTOR® AND Mortgage person with a great support team. (a bit redundant… but oh so important!)
5) Not getting FULL loan approval (please see the mortgage info page later on in this booklet!) in writing BEFORE starting to look at properties. Submitting an offer on a property REQUIRES written loan approval AND the TERMS of the loan (interest rates…. 1st & 2nd mortgage details) Most listing agents will call the loan officer to confirm your loan approval.
6) Not understanding the nature of inspections. READ our inspection info page!… I still see many deals fall apart because the buyer doesn’t understand the nature of the inspection. Especially in a sellers market… as a buyer you need to understand that no house is perfect… and that the price you are paying (fair market value) includes a “normal” amount of “defects”.
7) Not understanding that the earnest (certified funds ONLY) & option monies need to be in the title companies and sellers hands ASAP… or the buyer will be in legal default! Only exception is getting the earnest money to the title co since they are only open weekdays without holidays.
8) Not setting aside the cash we suggest above and beyond the repair negotiations..… mattress money! Negotiate on the purchase price EXPECTING the seller NOT to agree to repair most items on your inspection report!… And… to help compensate for stuff you find “wrong” after you move in! (inspections are ALL very limited!)
9) Under-estimating the cost of closing and moving and initial repairs that were not expected. We get a lot of calls (especially from first time home buyers) who complain about all sorts of things during their first month in the home… Expect the unexpected!!!
10) Making a ridiculously low offer. Don’t believe the junk you hear on late night TV infomercials!
11) Not understanding the current market (or not believing what we tell you about the market!)
12) Changing jobs and buying things on credit before the closing is over.
13) Not understanding that the MLS is virtually 100% complete... EVERY property listed with EVERY Real Estate Company!!... ...INCLUDING 100% of EVERY Foreclosure, Pre-Foreclosure (Short Sale), REO, Bank-Owned, Estate Sale, Probate Sale, motivated seller, auction property, etc...etc... listed for sale!!!!!!!!!! CLICK HERE TO SEARCH THE MLS (www.EveryAustinHome.com)