We’ve put together a list of the 5 most common mistakes people make when buying a home in Topeka. Save yourself thousands of dollars by avoiding them.
1. Making a “Low Ball” offer
Buyers think they can always come up. The worst thing you can do to hurt your chances of buying at a good price is to upset the seller by coming in at a low price. If they don’t come back with a counter offer you are then in a position to come back with another offer which puts the seller in control. Have your real estate agent show you comparable sales so you are informed as to what the value is. Then make your offer accordingly. Trust your agent who is working for you to use the best strategy when trying to negotiate the purchase price.
2. Thinking A “By Owner” Is A Better Deal
Buyers often think if I purchase a “By Owner” I will get a better deal. The reason sellers go by owner is to save the commission. They are not going to price the home cheaper so the buyer can save the commission. Many times the “By Owner” has their home overpriced because they didn’t have a real estate agent help them price it. If you’ve found a home that is for sale by owner let you real estate agent help you with the transaction and help you determine its value. Most sellers will pay your agent the buyers side of the commission.
3. Getting Advice From Uninformed Relatives
Although we all want a friend or relative, especially a parent, who we can rely on for advice, they may not have current experience buying a home. This pertains specifically when it comes to value and what to offer for a home. You probably have been viewing homes online and your agent has been showing you houses. These experiences should give you a better feel for value than someone who only sees the house you have chosen. It’s still best to let you and your agent’s experiences guide you in what you should pay for a home.
4. Using An Online Lender
It’s quick and easy to get pre-approved from an online lender but it can be a costly mistake. Unknown lenders will advertise lower interest rates but make that up with higher closing costs. Often times they work at their own pace without regards to the contract and can cause delays in the closing. It’s always better to ask your real estate agent what lender or lenders they recommend. Because of their past experiences they are the best resource to get the best lender for your individual needs.
5. Planning On Sellers Paying Buyer’s Closing Costs
Closing costs are a normal fees associated with your home purchase. Most of the buyer’s closing costs are a result of their financing. They can run between $3,000 to $6,000 depending on the size of the loan and other factors. Often times during the pre approval process lenders will suggest that sellers can play these closing costs for you. Don’t automatically assume that will happen. A seller has closing costs of their own and have not built into their price the buyer’s closing costs. Ask your real estate professional the best way to handle closing costs.
About the Author:
The above article Top 5 Mistakes Home Buyers Make In Topeka & How To Avoid Them was written by Justin Armbruster of the Armbruster Team at Genesis REALTORS®, local leaders in Topeka Real Estate, Marketing, and Social Media. You can contact the Armbruster Team at (785) 260-4384 or through this form. They have helped hundreds of people buy and sell homes in the Topeka area for years, and would love the opportunity to help you as well.
Are you thinking about selling your home? They have a passion for listing and selling homes in Topeka and would love the chance to use their expertise in Real Estate, Marketing, and Social Media to help you sell or buy yours! Are you interested in buying a home? Give the Armbruster Team a call. They have helped people buy and sell real estate in the all of the following Topeka School Districts:
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