Today I found a great article from Bankrate.com about 10 Real Estate mistakes that we should avoid in 2006. I found this informative article through fivecentnickel.com. I’m learning how to invest in real estate, so I think it is better for me to put a record of this 10 real estates mistakes on my blog for further reference.
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- Not Understanding the length of the buying/selling process - Give yourself a few months extra to complete the deal.
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- Exposing your hand - contain our enthusiasm and don’t let he seller know you’ve been hooked.
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- Skipping the loan preapproval step - Preapproval gives you an idea of how much you can borrow and show seller that you are serious.
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- Assuming the appraisal equals actual value - Appraisals should be an objective estimate of your home’s value, but it’s critical that your agent do a comparative market analysis to get a reliable estimate of your home’s value just to be sure. And if you’re buying, be sure you get similar “comps†from your agent before making an offer.
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- Timing the bubble “burst†- Bubbles don’t burst but slow deflate. Your best bet is treat real estate as a long-term investment, rather than a way to make quick buck.
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- Hiring the wrong agent - Buyers and sellers should interview several agents. Friends or family member who is an agent doesn’t assure you of results.
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- Missing the big picture - Make sure your dream house is surrounded by common facilities such as school.
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- Not Knowing what you’re signing - Review the sales contract before you sign.
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- Poor Timing - Use the concept of “buying one and selling one scenarioâ€Â.
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- Not completing your due diligence with a criminal search - Do you own research about the criminal activities in your neighborhood.
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Source : Bankrate.com
Via : fivecentnickel.com
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