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What to expect as a buyer with MBM Real Estate Solutions
-We help you find your Arizona home.
-We will provide you a Full Buyer Report for the selected property.
-We set up private showings for the home you want to preview.
-If you want to making an offer we will provide you with a Comparative Market Analysis of similar Arizona properties to help you determine a reasonable offer.
-We help you write an offer.
-We walk you through mortgage pre-approval, inspection phase, contingency phase and the closing of your new Arizona home or condo.
-We will lead you through the Arizona home buying process from beginning to end!
Common Real Estate Mistakes
1. Thinking that you can get a better price on a home by not using a realtor.
Basically negotiating the price down based on the lack of commissions being paid by seller. This is good in theory however it is a flawed plan due to the way real estate in works in Arizona. The commission is negotiated at the point that the property is listed for sale. At this point the seller and their Agent agree on a commission for that agent to help sell the house. Typically the seller and the agent agree on 6% of the purchase price. The Listing agent now can expect to receive 6% of the sales price when the property sells. The listing agent then in turn lists the property and offers typically 3% to any agent who brings them a buyer who successfully buys the house. If by chance someone buys the house without an agent, the 3% that would have gone the the buyers agent is legally kept by the listing agent per the listing agents contract with the seller. Either way the commission is still 6%.
It is easy to get swept up in the excitement of buying a new home. One common home buying mistake is to make an offer on a house that will over-extend you financially. Even though you may qualify for the mortgage, it might put too much financial pressure on you. You do not want your new home purchase to add stress to your life. You should make sure that the monthly payment is something that you can comfortably afford. If you are thinking of getting an adjustable rate mortgage to keep your payments low, make sure you “stress test” your mortgage so you will be able to afford the highest possible payment, should interest rates rise.
Another common home buying mistake is to make some sort of financial change before closing. The approval for your mortgage is based on the financial information that you provided to the lender. Buying a new car, changing jobs, or even adding to your credit card debt can affect your ability to qualify for the loan that you need. Avoid making any big purchases or job changes until after you close on your home.
4. Not planning for resale
In today’s mobile society, relatively few people stay in the same home for the full term of the mortgage. You may be selling the house yourself some day. A common home buying mistake is to forget to buy with resale of the home in mind. Be sure that the house you make an offer on is one that other people will like, too. Make sure that it is not too close to major roads or that it does not have an awkward floor plan. Buy a house that you are confident will be easy to sell when the time comes.
5. Not having a final walk-through
One of the last steps before closing is the final walk-through. Many buyers make the mistake of thinking that this is not necessary. It is important that all contingencies from the inspection have been taken care of and that you make sure that the home is in move-in condition. Make the time to have a final walk-through so you’ll be sure the home is ready prior to closing.
6. Forgetting to take care of the little details
There is so much to do when buying a home. Don’t make the common home buying mistake of forgetting to take care of the details. You need to have your utilities changed over to your new address. Also, your phone, cable, newspaper, mail – all of these must be changed. Make a list of all of the services at your current residence and check them off as you make the change to avoid this common home buying mistake.
By being aware of these common home buying mistakes, you can avoid them and make sure your home buying experience goes as smoothly as possible.
MBM Real Estate Solutions
*“Home buying mistakes.” Lending Tree (2007): n. pag. Web. 12 Nov 2009.