There are a few must knows when buying a home that any serious buyer should know. These things aren’t top secret industry knowledge, but they’re actually just real estate basics anyone can have access to. Realtor Lorraine Valdes shares some of these must knows in a short interview below!
How can someone identify when a home is overpriced?
A good realtor will know the local market, that is why it is so important to work with someone that is experienced. Days on the market is an indicator… most sellers feel their home is better than the rest and tend to ignore market values and overprice their home, which leads to a home sitting for months. Your realtor’s research is of utmost importance!
I research every home sold in the area before recommending offer price to my buyers.
Research tells me the price per square feet and the financing obtained by other buyers in the area. Once I have that information, I can ascertain what appraisals would have been based on the mortgage type. Current market analysis is performed for every one of my buyers.
What are three things that may usually go wrong when buying a home?
Inspection, finance, and COLD FEET.
Common issues with inspections are faulty wiring, leaking roofs, plumbing issues, heating/cooling system malfunctions. Some serious problems in Florida are traces of mold throughout the structure of the home.
Financing issues usually involve a buyer not being approved for having too low of a credit score, buyer recently lost his/her job, buyer income is not sufficient, the information provided wasn’t consistent, too much debt is being taken on, or because the home appraisal was low.
Cold feet. It just happens. The buyer or the seller just has a change of heart, and that means the deal is off. There are possible penalties to either party depending on the established contract.
What kind of “first-time homebuyer programs” are available?
Many areas in Central Florida are considered for USDA loans, which is a great program. An experienced realtor working with a good lender can place you in the perfect finance program that fits the needs.
Some parting words of advice.
When buying a home, be sure to work with an experienced realtor… A good realtor places ethics first!