Not getting pre-approved before house hunting.
Why get your hopes up looking at $400,000 homes, when you can really only afford a $200,000 home? Before you start house hunting, narrow down your price range by getting pre-approved from a local mortgage lender. Asking your Realtor for a referral to a good local mortgage Lender here in southwest Florida with local mortgage knowledge is your best move. they will work you up a good faith estimate hat spells out the likely terms of your loan, including the interest rate and closing costs in dollars amounts per line item and a grand total ( No surprises at the closing table ! ) Now you know how much of house you can afford, it also lets the sellers know that you're serious about buying. Now it's time to go house hunting with an experienced guide!
Waiting for the market to improve or not buying at all.
No matter how much research you do online, no one person or website can predict where the market is going specially here in southwest Florida, so trying to time your home purchase with the bottom of the real estate market is a waste of your time and in the long run could cost you a lot more money. If you're financially and emotionally ready to be a homeowner, you should proceed with purchasing a home. Remember, You could be building equity, getting tax deductions and enjoying the many other benefits of home ownership right now! Besides it's your life don't you want to be living it under your own control and decisions?
Making an offer without contingencies.
You need to have a back-out plan as a home buyer . If the home doesn't appraise for the purchase price, or your lender refuses to fund your loan, having contingencies on your contract gives you the right to cancel the contract and return your good faith escrow deposit. I always explain it this way, would you spend a couple hundred dollars in a store that doesn't have a 30-day return policy? Then why would you put hundreds of thousands of dollars on the line without the right to walk away? When your Interviewing Realtors to work with ask the agent "How do they protect you the home buyer and you're best interest? "
Turning down a home inspection option?
All homes have defects -- including brand new construction homes, so getting a professional inspection done as a contingency before making the commitment to move forward with financing the home. Be sure to attend the inspection and go with the inspector on a grand tour of the condition of the home. This should be a 2 to 2 1/2 hour inspection of the complete home and it's components. You always have a home inspection, there is never a good reason not to have one ! Have you ever heard of Chinese Drywall ?
Buying a foreclosure without doing your Homework.
Cape Coral , Fort Myers and Lehigh Acres have leading the country over the last few years in foreclosures, but working with a real estate professional will help you sort all the information out . Many home buyers get stressed out and confused as they are so set on finding a bargain, they overlook that buying a home that needs repairs can be a stressful and expensive repairs continue on and on beyond the surface. Before buying a foreclosure that needs repairs make sure you have the knowledge of costs, skilled licensed professionals to do the work and have the reserve funds to pay the cost of repairs. ( I can help you with licensed professionals ) The foreclosure market is full of great opportunities, but many need repairs done before occupying the property.
I author this information as an encouragement to you as a home buyer to clearly undersatnd the importance of with working with an experienced real estate professionial. There has never been a better time to "Buy a Home" in southwest Florida.
Sign up for full access from the Fort Myers Area MLS here
Visit my other website's :
Joe's Youtube JoeSellsFlorida
Joe's Local Wordpress Blog View Southwest Florida
Joe Kendall, Broker Associate
Sandals Realty, Fort Myers & Naples Florida.
Waterfront, Residential Communities, Short Sale Expert
Direct Line/Cell Phone 239-560-0726
Joe's Email can be accessed by clicking here
(1) I have tried talking to my Lender, but they are saying there is nothing they will do, other then ask me when will I be making my next mortgage payment? What's next for me?
Joe Kendall, Broker Associate with Sandals Realty Delivers Maximum Exposure and brings over 13 years of Experience and Knowledge to Every Transaction !
