Today, I want to expand on my previous message addressing common misinformation about the home buying process that many people believe to be true. Here are even more examples of terrible home buying advice:
- Make a lowball offer and negotiate up from there. Sometimes beginning with a low offer can kill your opportunity to negotiate a reasonable price. Some sellers may be insulted by a lowball offer and actually counter you at a higher price than they would have, had you made an offer closer to their list price.
- Never pay full price for a home. The only time that this is good advice is if the property is overpriced. Otherwise, if a property is priced well or listed under market value, it’s likely that you will have to pay full price in order to get that home. In some cases, you may even have to pay more than full price. Be sure to listen to your Realtor’s recommendations on pricing.
- Remove contingencies to make your offer stronger. This can be a really bad decision, especially if you’re removing inspections or investigations contingencies. If issues like mold, broken plumbing lines, or a faulty electrical system come up, you’ve removed your ability to negotiate and remedy those issues.
- Don’t bother hiring a home inspector. As the saying goes, “You don’t know what you don’t know.” Choosing not to inspect the home can cost you a lot of money down the road, especially if there are major issues with the property you’re purchasing. Don’t skimp on a $400 home inspection when it could potentially cost you thousands on the back end.
Being aware of these rumors will help ensure a smooth home purchase and give you more peace of mind. If you have any other questions about the home buying process or anything else related to real estate, give me a call or send me an email. We’d love to hear from you.