Seven Deadly Mistakes

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Seven Deadly Mistakes to Avoid When Buying a
House.
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Buying your own house can be exciting yet
intimidating at the same time. It is a work that
requires complete focus and attention to minute
details. Purchasing a decent home can be an
awesome monetary investment. To achieve this
goal, certain blunders that buyers usually make
need to be avoided. There are seven deadly
mistakes that first-time buyers usually make when
they land into the real estate market to buy a
house of their own.
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1. Insufficient Research
First and foremost, you need to do your homework
thoroughly. Prior to investing in a property, you
need to systematically research at its market
value. This detailed research is also known as a
comparative market analysis. With this analysis
in hand, you have the authority to negotiate the
best deal for yourself.
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2. Agents Loyalty
Dont fool yourself. Call a spade a spade. An
agents loyalties are always for the seller. It
means he wont keep your secret. If the mediator
is aware of your maximum limit, then he/she has
an obligation to share this information with the
seller. An experienced agent will employ all
his/her tactics to persuade you to buy the
property the seller is offering. To negotiate a
fair deal with him/her, you need to ask some
specific questions to find out all the important
details about the house you are planning to buy.
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3. Wrong Estimate of Finances
One of the most common mistakes that a buyer
makes is negotiating a deal without working out
his/her finances. The foremost action that you
need to take is arranging a meeting with a
mortgage broker or your bank. So, before you
start trying to find a house, make sure what your
ideal budget is.
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4. Overlooking Keen Inspection of the House
According to many seasoned dealers in the
business, only a small percentage of buyers
actually get their properties examined to the
core. It would be wise for you to get every nook
and cranny examined for termites, dangerous
electrical wirings and various other problems
which are not visible on the surface. It is best
to be safe than sorry.
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6. Incomplete Paperwork
Nothing can be more damaging to the buyer than
accepting unwritten agreements. It is always a
shaky deal when you agree upon specified terms
and conditions while negotiating, but you fail to
get it in writing at the closing time. Make sure,
all the important aspects that youve agreed upon
with the seller are on the paper. Dont even
leave out a single clause.
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7. Too Many Cooks Spoil the Broth
Keep your eyes and ears open, but at the end of
the day, make your own decisions. There is
nothing wrong in taking advice from your family
or friends or even your realtor, but you should
have the veto power. Calm down, and remind
yourself that it is you who have to live in the
house, not your well-wishers.
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