Three Things Home Buyers Should Never Do
By PJ Wade
Talk to a home buyer who just lost out in yet another bidding war and you’ll hear genuine disappointment and frustration.
Listen to a buyer who found the perfect starter home, then asked probing questions only to discover undisclosed deal-breaker problems like UFFI, a significant foundation crack or both. You’ll learn how anger and discouragement can go hand in hand.
You’ll never hear me respond to these buyers with platitudes like “It wasn’t meant to be.” I encourage buyers to understand exactly why things didn’t work out in their favor. Buyers determined to act in their own best interest must understand what’s going on so they can make confident decisions.
Misunderstandings, problems, or shortcomings in the buying process many need correction to end negative results. Home buyers will be rewarded by remembering that there are three things never to forget when buying real estate:
#1: Never quit: Real estate values continue to rise — rarely getting cheaper. Give up and you end up with nothing. If you quit, you’ll join the ranks of those who spend the rest of their lives talking about the real estate that got away. I’ve heard so many stories about properties that people almost bought or always wanted to buy. When I ask what happened, they usually don’t know. Many say they just gave up. “I guess it was not meant to be” is a common answer. Don’t let this be you. If you’re losing out on offers, find out exactly why.
#2: Never rely on verbals.: Verbal assurances from sellers, home inspectors, or real estate professionals are worth the paper they are printed on! In real estate, it’s what’s on paper that counts–what you can rove indisputably in a disagreement or in court.
#3: Never think the work is over once the offer is accepted: Having your offer to purchase accepted is terrific! Hurrah! However, until closing, the house belongs to the seller and a lot can happen.
Things can go wrong. I’m not trying to stress you out, but keep in touch with your real estate professional to be sure they are in touch with those finalizing the many details that must be resolved before closing. That’s not calling everyday in a panic. Clarify what details must be taken care of before closing. Then check off that list with your real estate professional, so nothing is left to the last minute. Once you get the keys and move in there may be carryover issues. Remain calm. Document the issues. Never quit until issues are completely resolved.