Buying a Hill Country home can be more work than expected in certain cases.
I’ve compiled a list of the top ten mistakes that new buyers make – in hopes of helping you avoid them.
- Working with multiple agents: It can seem like a good idea to work with multiple agents in order to find the best homes for the best prices, however this practice is usually a waste of the buyers time. All agents will be working from the same listings and you won’t get better offers from different agents.
- Not understanding agent relationships: It is important to understand that listing agents work directly for the seller of the property listed – not for you, the buyer. A buyer’s agent will work directly for you and not have to worry about entering into a dual representation, where one agent represents both the buyer and seller.
- Not getting pre-approved: When making an offer for a home, having a letter from your lender stating that you have the financial stability to purchase can make all the difference in your offer and others.
- Not signing a Buyer Representation Agreement: Without signing a Buyer Representation agreement, you are considered a customer instead of a client. Most reputable agents will not work with buyers without this agreement.
- Using inexperienced agents: Taking the time to do your research and verify the credentials of your real estate agent can help make your real estate transaction go more smoothly.
- Using a friend or relative as an agent: There is much personal and financial information involved with real estate transactions. Dealing with friends or family can lead to hostile and uncomfortable transactions.
- Not having a home inspection: Even if the home you are purchasing looks like it is in the best condition possible, there are several hidden and unanticipated aspects that a home inspector can rule out before final transactions are made.
- Lowball offers: Making an extremely low offer in anticipation of a counter offer can work in a buyers market. However, using this technique can also ensure that the property is sold to another offer.
- Contingent offers: It can be difficult, but you should consider selling your home before making an offer on another one. Most sellers are cautious about accepting offers that are contingent on you selling your home first.
- Not knowing the seller’s motivation: Knowing why the seller is selling can help you to make a more appropriate offer and even include extra incentive.
Make sure to contact your real estate agent for more tips on what to do and not to do when making an offer on your Hill Country home.