Common Buyer Traps - Beware
Wise up, be smart, find a good Realtor, and do good due diligence. Find out how you can keep more money in your pocket and buy homes in Manitowoc correctly from the start. Ask your Realtor BOLD questions! Ask your Realtor to EXPLAIN why, how, & when! Use an honest Realtor who will help YOU, the person paying for the mortgage!
For Sale by Owner
Buyer beware! Often times FSBO's are traps relative to price. FSBO's often are listed at unrealistic prices. Worthington Realty has seen numerous times how buyers were unaware they were overpaying for the sellers property. Buyers should hire a top local real estate expert to represent them. It's often worth it's weight in gold.
Hidden Costs
Buying a new home is costly in itself. Consumers often forget the costs associated with purchasing real estate in Manitowoc, Wisconsin and with real estate in Two Rivers, Wisconsin. Click Here to educate and protect your family from common yet costly mistakes that are made to often when purchasing houses in Manitowoc County, WI.
Not getting pre approved from a lender
The best way to start out the home buying process is meeting with your lender to find out what you can afford! Why waste your time or the Realtors time looking at properties that are out of your price range. Buyers should be aware that more and more Realtors are requiring a mortgage pre approval before any homes will be shown. At Worthington Realty, this is a standard, non negotiable practice that has kept several deals together because our clients were in a stronger position with a pre approval letter.
Not getting a survey
An encumbrance to a property can have costly consequences. For example a detached garage without the proper setbacks per the zoning code. The surveyor will draw the poperty lines and perimeter of all buildings and fence posts if necessary. A savvy buyer and Realtor would work together to double check all possibilities of potential headaches post closing.
Not getting a Gap Endorsement
Simply put, a gap endorsement is when the buyer purchases an additional policy that is very inexpensive the cover the "Gap" between when the Title Search was performed (ex. 01/01/2055) (Here's the Gap) and between (01/15/2055). If ABC general contractor files a construction lien on work that he was not paid for, many gap policies would cover that expense if not found before hand. However, be aware that not all gap endorsements are the same and do have restrictions on coverage. Home buyers would need to contact the insurer with whom they would be purchasing the Gap endorsement policy with to discuss more details in depth. The fee for a gap endorsement is commonly $75, however will increase depending on the dollar amount of the transaction.
Buying the wrong home
Worthington Realty recommends you buy the home you want and can afford. The best way to eliminate buyers remorse is to purchase the home that makes the most sense for you, not always the best bang for the buck square footage wise. Robert Worthington has consulted many homes buyers, choose the home that makes the most sense for them long or short term.
Buyer Agency
Per the Wisconsin law, a Realtor must represent either the buyer or the seller. The seller is always represented by default if the buyer is not represented. Click the above link as this is a must read article. Do you want two Realtors negotiating against you, or a Realtor on your side of the equation? Worthington Realty explains this in more detail.
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