Buyers Beware of these Home Buying Hazards
When you finally find your dream home,
the worst thing that can happen is the deal falling through at the last minute.
It’s more common than you might think, and the reasons are often surprisingly
small. Fortunately, a little attention to detail and thorough planning can save
you from the heartbreak of a buy gone bad. Here are some pitfalls for buyers:
1. Last-minute shopping sprees. Until
your home loan has been funded, big purchases are flat out dangerous to closing
the deal. Your credit matters and so does your bank balance. Every time they
take a hit (say for new furniture, appliances, or even a big pickup truck for
moving day), you risk skewing your financial picture in a foul direction. Lay
off the buying until you’re in the clear.
2. Not drilling down deep on seller
disclosures. Nobody likes surprises, so ask all the questions you have about
condition issues in the home or on the lot. Sellers must disclose, so you’re
well within your rights to ask after anything which seems unreasonably
unexplained. Finding out late can sour the deal or stick you with costly
repairs post-closing.
3. Failing to clarify which “fixtures”
are included with the house. Fixture can be one of those words open to
interpretation. Get clarity on what is an appliance, what is a part of the
home, and what remains the seller’s personal property. An early understanding
of what’s excluded will prevent sour feelings later on.
4. Not securing a preliminary title
report ASAP. Great surprises lurk in the title search, so you’ll want to know
in advance if there’s anything which might complicate the deal. You never know
when someone might have an interest in the property (like an ex-husband), and
you can’t be 100% sure about the property boundaries until you’ve defined them,
can you? A misplaced fence or disputed driveway can foul things up in a hurry.
5. Insurance surprises. Is the home in
a flood plain? Will your rates be through the roof for hurricane or earthquake
risks? It’s worth investigating early on in the process. You may still decide
to buy the home, but you’ll at least be able to budget accordingly.
I like to help buyers navigate the home
buying process smoothly, armed with all of the knowledge they need in order to
find the right home at the right price. Let me guide you to a smooth closing
this year!
This post has been authored by Eric Slifkin, REALTOR® serving South
Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site.
As your resource for information on new or resale homes throughout the
Treasure Coast, please be sure to contact me about any home you may find
on the Web, yard sign or ad and I will research the property, arrange
showings and handle all the details.
