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 | BIDDING BLIND |  |
- offering a contract above the true market value
- failing to bid on a great value because you don't know the market
- avoid this trap by asking for a comparative market analysis
- get some help to avoid overpaying or underbidding
| CHOOSING THE WRONG HOUSE | |
- too big or small for future needs
- a fixer-upper needing too much work
- too far from work or too close to traffic
- in the wrong price range
- avoid this trap by defining your present and future needs
- know what location is most suitable
- what level of fixing up is most comfortable
- how much you can afford for everyday life after moving in
| CLOSING RUSH | |
- some last-minute problems can delay closing
- such as interest rate or points other than you agreed to
- can endanger the locked-in interest rate or entire sale
- avoid this trap by staying away from a too-close closing
- get a 60-day lock-in for your interest rate
- give yourself as much time as possible to close the sale
| HIDDEN JUNK FEES | |
- some lenders add questionable charges at closing
- items that were not show on the "truth-in-lending" form
- "underwriting fee," "loan disbursement charges," "courier fees", etc.
- markups on court documentation fees
- avoid this trap by asking for a list of charges at application
- some fees can be negotiated down or waived if you complain
| LAST-MINUTE DEFECTS | |
- during final walk-through, some serious defects may surface
- avoid this trap by doing a careful inspection of the house
- consider an independent home inspector to check inside and out
- have the inspector report any items needing attention
- also ask the cost of fixing them and repercussions if left undone
- contract settlement should be contingent upon inspector's report
| PRE-PAID SHOCKERS | |
- some items prorated at settlement (taxes and association dues)
- some have to be paid a few months ahead (hazard insurance)
- avoid this trap by asking for figures a day or two in advance
- double-check the charges and ask any questions
- if settlement date changes, so do some of these pre-paid costs
| SELLER SLIP-UPS | |
- contractual hang-ups can delay settlement
- repairs not made, items that fail to convey, etc.
- to avoid this trap, walk through with the list of agreed-upon items
- check them off one by one
- set up an escrow fund for items that fall through the cracks
| SURVEY SURPRISES | |
- a survey may show lot boundaries that differ from the property plat
- a survey may show a neighbor's fence is over the line
- a survey may show that zoning regulations have been violated
- avoid this trap by asking to see the seller's original survey
- go over any additions or variations with your real estate agent
- have your new survey done as early as possible
| TITLE TROUBLE TRAPS | |
- a title search may reveal encumbrances on the property title
- tax liens, easements, leases, or an undisclosed co-owner
- avoid this trap by having the title search done early
- buy owner's title insurance to protect your investment
Kent Gipson is a realtor with Keller Williams. For more information, go to the Keller Williams website at www.kellerwilliams.com.
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