Tucson Real Estate News

As Home Buyers you have read, heard and digested everything available about what to do. What about what NOT to do? This is a humorous approach to serious issues.

Here's 7 Things Not To Do As A Home Buyer:

1.       Buy a house on emotion. Who cares that the one across the street sold for $200,000 less. This is your dream home and you are never going to leave.

·         Paying too much for a home can be a costly mistake. Especially if circumstances change in a few months and you have to sell.

·         I always advise my clients to buy with the thought of resale in mind.

·         Right behind location, location location is price, price, price. Get a value report from your REALTOR®. Know the value before putting pen to paper.

2.       Don't insult the seller by asking for an inspection. You're sure that they took great care of the home and nothing is going to happen. Ignore the water stains in the ceiling, they are probably nothing. The shiny shingles must mean that the roof can reflect water faster.

·         The cost of an inspection is minimal to the unsuspecting costs that could be lurking.

·         Any good REALTOR® will convince you to get a home inspection.

·         The money you save will be your own.

3.       Go out and buy a home on your own without a REALTOR®. Home Sellers would never take advantage of an unsuspecting Buyer. They would never think about asking more than what their home is really worth.

·         Not every home seller is out to take advantage of you. There are lots of honest home owners trying to sell their homes. The problem is, which ones are they? Is it worth the risk?

·         Working with a qualified REALTOR® is important. There are those who can go out and buy a home on their own. They are few and far between.

·         What are the disclosures Sellers must provide?

·         What is the value of the neighborhood?

·         What protections do you have as a Buyer?

·         What rights do you have as a Buyer?

4.       Ignore the appearance of the neighborhood. The chemical factory behind you doesn’t mean anything. The home next door with the rusting cars and blue tarp carport can’t possibly affect the value of your home.

·         Knowing the neighborhood is important. Driving around the neighborhood different times of the day can give you a better inclination of what kind of neighborhood it is.

·         Communities with effective HOA’s (Home Owner Associations) can help to keep the value as high as reasonably possible for that neighborhood. A weak HOA won’t care about weeds, discarded couches in the front yard, of broken down cars in the driveway.

·         Keep resale in mind. If the neighborhood is unattractive to you, won’t it be unattractive to a Buyer looking at your home?

·         Working with a REALTOR® to find the right neighborhood for your needs will take a lot of pressure off of you.

5.       Don’t read information your REALTOR® gives you. It’s all a bunch of garbage meant to confuse you. There couldn’t possibly be any good information in there.

·         I always give Buyers a Buyer Advisory right after we first meet. Within which is lots of information about buying a home, getting inspections, SPDS, HOA’s, swimming pools, LBP disclosure, water wells, etc. Lots of unexplained acronyms? Ahah, that’s so you will contact me if you want to know.

·         I like to give Buyers forms they will be signing before the time comes. That gives them a chance to understand what they are signing and what the risks are.

·         There are timelines for disclosures and Buyer’s need to take action. Miss a timeline and you bought the house As-Is. The more you know, the better you are protected.

6.       Ignore your lender. He or she couldn’t possibly be right. A higher credit score couldn’t possibly help you get a better interest rate. You know you can afford more than what they say.

·         The one critical thing you need to buy a home is money. Your lender is one of three critical people you will be working with. The other two are me and the Escrow Officer. I can explain in person.

·         Part of the cause of the current housing market came from Buyers who bought outside their means. Champaign diet on a beer budget so to speak.

·         If you need time to repair credit, stay in touch with your loan officer and keep them updated.

·         Whatever documents or proof you loan officer needs get it to them. I tell Buyers if they ask you Monday morning to have it to them by Wednesday, get it to them by Monday afternoon.

·         I tell Buyers, if you are approved for a $100,000 loan let’s start looking at $75,000 homes. After all, you’re buying a home to live in, not to give back to the bank.

7.       Spend baby spend. You found the house you like, before buying it get that big TV you’ve wanted, buy a new car, buy lots of jewelry for your wife, and don’t forget a new set of golf clubs.

·         Once you have been pre-approved for a loan be disciplined with your spending and payments. Paying more on credit cards will not help. Those payments may not show up in time.

·         The lender will do a last minute check on your credit. Don’t be like one buyer who went out and bought a Mercedes before closing. The wife blamed the Realtor until she responded, “What Mercedes?” He got the car, lost the house, no clue whether the wife kept him.