It’s easy and even costly for some people to fall into traps when buying or selling a home. Louise, Marshall and Rhonda will help you identify those costly mistakes and take proper action to avoid them.

1. Making a major purchase

If you just found out you have an A+ credit rating that is good news. But it’s best to wait till after you move in to buy that new car. An increase in your debt to income ratio will reduce the amount of monthly income available and could prevent you from qualifying for a loan.

2. Paying too much

Not knowing the market can cause you to fall for an over priced home. Louise, Marshall and Rhonda, as professional agents, will help you with the MLS and prepare a CMA (comparable market analysis) on a home before you make an offer.

3. Legal problems

Confer with your professional agents to identify any legal issues such as past ownership issues, tax liens, easements, and encroachments that could affect your ownership.

4. Undisclosed Repairs

An ASHI or NSHI approved home inspector should be hired to thoroughly review the condition of your home inside and out. An inspection report will help you make an informed decision whether to complete the home purchase.

5. Hidden Costs

Not all costs related to purchasing a home are included in the selling price. Be sure to get an estimate from your agent that includes costs from the mortgage company, attorney, title company, insurance, survey, taxes, escrow, pest control, and maybe some old required payoffs. These can add up to a considerable amount.

6. Changing Jobs

Lenders can get nervous if they see an irregular employment history. Consistency is a plus on your financial application. Don’t change your job until you get the keys in your hand.

7. Emotional Buying

Don’t wear rose-colored glasses to a walk-through. It’s easy to overlook flaws in a home when your focus is on the gourmet kitchen and the bathroom is leaking profusely. Be realistic. Do not buy no matter what needs to be done unless you are prepared to handle it emotionally and financially. Also, don’t let a seller’s refusal to do minor repairs, kill the deal on a home you truly love.