How To Avoid Traps When Buying Real Estate
As the premier Real Estate Agent serving the Greater Toronto Areas in Ontario, Canada we are pleased to share with you these nine traps to avoid which home buyers can fall into. Especially considering that buying a home is a major investment, for many it will be the biggest ticket item purchase and investment in their life to date and therefore stands to reason to be prudent and be prepared. For many home buyers buying a home can be more expensive that one might have originally thought the process would be. When it comes to buying real estate and or selling real estate you will want the Mike Donia Difference representing you for all your real estate transactions.
Mike’s skills and knowledge based on 25+ years of successful results-oriented experience can help ensure that when buying a real estate his Clients don’t pay too much for the home and or that they lose out on purchasing their dream home to another buyer or worst of all buying the wrong home for their needs. With Mike’s proven prowess in the real estate industry (he has been a member of Mensa for over 25 years) you can’t afford not to have him representing you for your real estate dealings.
Mike Donia offers a systemized approach to the home buying process and can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that’s best for you. (This also applies to commercial real estate opportunities.)
Beware Of These Nine Buyer Traps.
Here are some thoughts as to how as a home buyer you can avoid these and what can be done to avoid them:
Bidding Blind means presenting an offer on a home without doing your homework and therein not exercising due diligence.
One of the most challenging questions when buying real estate for sale: What price should you offer when you bid on a home? In doing research information can be assembled to help determine if you believe the seller’s price is too high, too low or is it accurately priced? Mike Donia knows how to conduct this research and has his Team available to provide you with reports that will empower you to justify your position (if only to yourself). Mike can help you understand what comparable homes are selling for. Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value and as such you would be Bidding Blind. With Mike as your Real Estate Agent you can rest assured that he would advise you if he saw this happening yet as mentioned above since market value reports would be presented home buyers that Mike represents become educated to the level they want. Of course being the Premier Luxury Real Estate Agent in the GTA (Greater Toronto Area) able to serve knowledge globally Mike does have Clients that tell him what they want and rely totally for Mike to bring it to them.
Buying the Wrong Home
While determining what features you want in the home that you will buy is a simple enough question, the answers might be quite complex. As a home buyer you should strive not to get caught up in the emotion and excitement of the buying process, You don’t want that you just bought a home that was either too big or too small. With Mike Donia as your Real Estate Agent he’ll help keep you in check and by learning about your needs and wants for the new home will make certain to highlight features that are not compatible with your home buying goals: e.g. longer than desired commute to work, or a dozen more fix-ups than they really want to deal with. As your Real Estate Agent take the time upfront to help you clearly define your wants and needs. Put it in writing and then use it as a yard stick with which to measure every home you look at.
Unclear Property Title
At the beginning of your negotiations when proposing to buy a home it is critical to ensure that you will own your new home free and clear by having a title search completed. With Mike as your agent he’ll attend to all this for you and present the legalities in a systematic and orderly way. Mike knows exactly what to look for. The last thing we want to discover as we are finalising / finalizing the transaction’s successful closing that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or the like. Mike has 25+ years of proven real estate success and as such is very skilled at crossing the t’s and dotting the i’s. With his Mensa mind Mike is astute and as such his Clients believe they can not afford to have Mike not representing them when it comes to managing the sales process of their real estate related transactions.
Inaccurate Property Survey
Many feuds throughout history have been fought over the boundary line of land ownership. As part of your offer to purchase, make sure you request an updated property survey which clearly marks your boundaries. If the survey is not current, you may find that there are structural changes that are not shown (e.g. additions to the house, a neighbours new fence which is extending a boundary line, a new swimming pool, a shared driveway etc.). Be very clear on these issues. Again another reason why you can not afford not to have Mike representing you as your agent
When it comes to determining the required fix-ups you will have to be astute at spotting it yourself. Don’t expect every seller to own up to every physical detail that will need to be attended to. Both you and the seller are out to maximize your investment. With Mike managing the sales process he will ensure that you have a thorough inspection of the home done early in the process. Mike can network you to an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector’s report. This inspection report will provide a list of any item that needs to be fixed along with an approximate cost.
Not Getting Mortgage Pre-approval
Pre-approval is fast, easy and FREE! HAVING THIS MAKES HOME BUYING AND HOME SELLING SO MUCH EASIER – Bing-Bang-Boom! … Successful Real Estate Transaction! When you have a pre-approved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find the home of your dreams.
Managing the sales process means keeping the transaction on track to the successful closing: something Mike Donia and his RE/MAX Team are very skilled at. If a seller fails to comply to the letter of the contract by neglecting to attend to some repair issues, or changing the spirit of the agreement in some way, this could delay the final closing and settlement. Mike can encourage that a dollar amount for an escrow fund be agreed upon ahead of time to cover items that the seller fails to follow through on. Mike is experienced at listing the issues to be in agreement on and will check them off one at a time to provide you with confidence that no Contract Misses will delay nor hinder the transaction.
Beware of Hidden Costs
This is especially where 25+ Years of proven real estate experience pays dividends. Mike has great real estate knowledge captained by his Mensa mind. He knows exactly what to look for to avoid those hidden costs. Especially that he is well versed in luxury real estate in the Greater Toronto Areas (and consulting internationally) his savings for his Clients are significant with purchases of mansions and estates priced in the millions. Mike will ensure that you identify and uncover all costs – large and small – far enough ahead of time. When a transaction closes, many home buyers find that sometimes fees for this or that sneaking through after the sub-total fees such as loan disbursement charges, underwriting fees etc. Mike will ensure you understand these in advance and can have Mortgage Specialist & Lender Ron Gallo with Royal Bank project the total anticipated charges for you in writing.
Rushing the Closing
The closing is the most important part of the home buying process (and the home selling process too) and as such you should take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign. The documentation should accurately reflect your understanding of the transaction, and it is important that nothing has been added or subtracted. Is everything covered? Is the interest rate right? If you rush this process on the day of closing, you may run into a last minute snag that you can’t fix without compromising the terms of the deal, the financing, or even the sale itself.
Mike Donia is the professional real estate agent that professionals recommend.
Contact Mike: Email: email@example.com
Tel: 905.456.3232 or 416 233- 9000