|
|
|
|
The 5 Biggest MISTAKES BUYERS Make Buying Austin Texas Real Estate and How To AVOID These!
|
Which of these unfortunate mistakes will you make?
Buying Austin Texas Real Estate is really fun! Your new Austin home purchase represents a big investment in time, money and "emotionally" energy - plus you have to move! And that's very stressful too.
To the uninformed and inexperienced Austin home buyers, this "normally fun" buying process can become overly expensive, emotionally draining, and frustrating beyond belief. After closing nearly $100 million in real estate transactions, I've written this article to "remind you" that many of these common and costly buyer mistakes can be AVOIDED for the following situations:
- Buying a 'wrong' Austin home which doesn’t meet your needs
- Over paying for a home
- Not buying - or being out bid on your dream home
Here's my "5 Biggest MISTAKES BUYERS Make in Austin and How To AVOID Them" to help you out:
Buyer Mistake #1 - Not Developing a “Home Purchase Strategy” First
As silly as it sounds, many Austin real estate shoppers are "not sure" about what they really want to buy and what the 'absolute' items and features must include. You spend 2 weekends looking at homes, only to discover and decide that you MUST have a 4th bedroom (for a home office), or you look at 2-story homes when you really need a ranch or single floor plan, or you don't look enough into the future - so you should be buying a slightly larger or smaller Austin home (are the kids leaving home, or are you planning kids in a few years.)
Why waste all your energy looking at homes that don't match what you really NEED? Areas to search for houses include Austin Texas Real Estate, Cedar Park Texas Real Estate to the northwest, Round Rock Texas Real Estate, Leander Texas Real Estate above Cedar Park, Georgetown Texas Real Estate or out east on Hwy 290 there's Manor Texas Real Estate.
As a seasoned Realtor, it's my job to make sure you "think" before we even start! Also, when you do find your dream home, I'll make sure you're getting the best deal on whatever Austin home you decide to purchase. I'll make sure you see the "comp's" for other similar homes that SOLD in the neighborhood and you'll know you got a good deal too.
Develop a home purchase strategy today. At the end of this report, you can learn some more "tricks of the trade" too.
Buyer Mistake #2 - Not Getting Your Mortgage Pre-Approved First
In some high demand areas around the Austin Texas Real Estate market, many sellers may not consider your Contract until they can verify in writing that you'll even qualify and can really afford to buy their home! Why would they take their Austin home "off the market" for 2-3 weeks only to learn you can't qualify, and they have to change their moving plans and re-list their home! To them and you, getting Pre-Approved makes the whole buying process easier.
Once you get a Pre-Approval, you can begin seriously looking at Austin real estate with confidence - you'll know that when you discover your perfect dream home, getting a mortgage loan will not be much of an issue!
However, many Austin Texas homes for sale and neighborhoods are in HIGH DEMAND, so you will now be competing against other buyers to find your dream house. One of the smartest ways to combat this problem is to sign-up for my exclusive VIP BUYER Instant Access program. This way, you'll be notified "within 14 seconds" of when a new listing hits the market (in a neighborhood, town, price range, and features) that you want! Read how I can help you 'beat out' 99.9% of the other competing buyers to find your Austin dream home without getting in a bidding war for it!!!
Buyer Mistake #3 - Hidden Inspection and Repair Costs
Obviously, even though they are required by Texas Law, not every Austin home seller will be 100% truthful to point out problems or potential future repair jobs. It's human nature to "not be completely truthful." That's why you absolutely need an Inspection by a competent inspector.
It's important to find any potential problems before you purchase your home, so you can "bail" on that particular house and buy another (if something is really bad) - or so I can help you negotiate to have the problems fixed prior to closing, or to get you a cash at closing to "cover" the repair costs. No one wants a bad surprise - a hidden repair costs shortly after buying Austin Texas Real Estate and moving into your new Austin home?
More Advice: Call me if you are thinking about buying an Austin home for sale near or east of I-35!!! I must warn you of a tremendous disaster that could be waiting for you, that many Austin Realtors don't know about, or are too afraid to tell you about...
Buyer Mistake #4 - Survey and Clouded Title Issues?
Once we have a home go under contract, then you'll get a property survey completed (which notates and marks the property boundaries on your lot,) and we'll get a full title search on your new home. The title search is very important now as it's very common to have sellers to have "unknown" liens against their property that they didn't know were even there - meaning that they COULDN'T sell you the house if they wanted too!
We had one seller with a $4,200 VISA dispute that by a court order was allowed to 'attach' to the title of their home, and my buyers "luckily" discovered that prior to doing any inspections or appraisals! Federal and state tax liens are very common issues too, as those MUST be paid at closing by the sellers - or we can't close and buy these homes! Foreclosure and HUD homes can have these issues too when looking at Austin Texas Real Estate, Cedar Park Texas Real Estate - and homes in the Round Rock Texas Real Estate maket! A Title search will help to ensure you that no liens, no easements, or no undisclosed owners (mechanic liens) can be attached to the property.
Also, a property survey should show you any building modifications, home additions (like swimming pools) or fences or anything near your property line. If these are out of regulation, these will need to be corrected.
Make sure you hire a really good Austin Realtor to ensure you are explained your "legal rights" provided to you per the Texas Real Estate Commission.
Buyer Mistake #5 - Undisclosed or “Hidden” Costs
How well do you "trust" your lender? Unfortunately, there are still many poor ones out there, who 'prey' on unsuspecting borrowers. Texas Law states that you are to be provided a Good Faith Estimate and a Truth in Lending Disclosure notifying you of your interest rates, closing fees, and escrows to be added. Are you getting a "prepayment penalty"?
If ANY changes are made on your loan prior to closing, the lender MUST re-disclose to you in writing again these changes, including: rates, loan terms and fees.
UNFORTUNATELY, many poor homebuyers are "shocked" to learn that the loan they 'thought' they were getting - is now COMPLETELY different!!! This is a dirty internet mortgage lender trick too - beware!
So what do you do if the loan is 1% higher, the fees are $2,000 higher, they added a pre-payment penalty without "telling" you about it, or if your estimate of total closing costs exceeds what you have in your checking account! What are your "legal rights"? What can you do if its 2 days before closing?
As a the owner of Mortgage Specialists since 1998, I will guarantee this will NOT happen to you if I'm you're lender. If you choose another lender and I'm your Realtor, I'll ensure they obide by the Texas State Lending Laws so that you don't get "screwed-over"! I will discuss all these with you during the home buying process, and keep you well informed. As a lender and a Realtor since 1998, I've NEVER had these problems happen to any of my clients - because I represented them correctly.
TIP! - Ask me "if you get your earnest money back from the sellers" if a lender 'lies' and you can't get your loan done correctly on the terms you were told and received in writing by your lender?
These are my Top 5 Biggest Mistakes I see most Austin buyers making. Areas to search for houses include Austin Texas Real Estate, Cedar Park Texas Real Estate, homes in Round Rock Texas Real Estate, Leander Texas Real Estate, buying property in Georgetown Texas Real Estate or Manor Texas Real Estate.
When you hire me, I'll ensure they don't happen to you - you will AVOID them with my expertise! With nearly $100 million of real estate transactions closed, you can be confident you are hiring "one damn smart Realtor!"
Thanks, ready to get going?
Call me at (512) 289-9900 or shoot me an email.
Jeff
P.S. A year from now, you’ll be looking back on this as one of the best decisions you’ve ever made.
|
|
|
|