Homebuyer Mistakes: Homes For Sale: Homes For Rent

A recent article entitled "Five Common Mistakes Homebuyers Make" in the Sun-Sentinel caught my eye.  The article started out stating that housing market  has enjoyed a resurgence during the past few months.  We talked about this in a few recent posts.  Because of the change in the market, some homebuyers are making common mistakes, the article argues.  I think it is worth discussing these "common five mistakes."

1) Sticking with low-ball offers- given the current state of the market, a "steal" is no longer in the works.

2) Taking too long to "sleep on it"- the article states what we have been discussing as well, which is "properites prices appropriately in desirable neighborhoods tend to go under contract within days or weeks or sometimes hours."

3) Littering the contract with contingencies- a 30 day inspection period or being contingent on a relative touring the property won't "fly" in the current market.  It is recommended that the contract come in "clean."

4) Failing to make a personal impression on the seller- some homes get two or three bids and the article states the winning bid is not only about money.  The article suggests buyers should  meet the seller's agent, strike up a conversation with the listing agent because they have input with the owner as to who will ultimately have the winning bid.

5) Waiting to get pre-approved for a mortgage before starting the search - I couldn't agree more.  Getting financing in place is important in the market, which the article states is about 50% cash buyers in South Florida.  Some sellers even require a pre-approval letter before an offer is made.

The article talks about what is a "pre-approved" buyer-- the article states, " a pre-approved buyers has submitted pay stubs, bank statements and other paper-work and received a commitment for a specific mortage amount from a lender."

As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.


For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550

http://MYsouthFLrealestate.com

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