SlideShare a Scribd company logo
Don’t Miss Out on
How to Handle Common
Home Buying Pitfalls
www.ImagineYourHouse.com
T h e S t o r i e s I ' v e h e a r d !
How best to handle and
dodge pitfalls at all costs.
What are some
common home
buying pitfalls?
Let’s uncover
them now.
C a n ’ t a f f o r d t h e h o m e01
N o t h i n g w o r s e w h e n y o u f i n d t h e p e r f e c t
h o m e y o u l o v e .
Y o u r c r e d i t w a s n ’ t w h a t y o u t h o u g h t i t t o
b e , a s y o u n e v e r b o t h e r e d t o c h e c k y o u r
c r e d i t r e p o r t .
Y o u d i d n ’ t s a v e e n o u g h m o n e y , a s y o u
t h o u g h t $ 2 0 0 0 w a s e n o u g h t o b u y a h o m e .
R e m e m b e r , t h o s e c o l l e c t i o n a c c o u n t s f r o m
y e a r s a g o t h a t y o u d i d n ' t t a k e c a r e ?
Y o u r c r e d i t i s v e r y t h i n w i t h b a s i c a l l y n o
c r e d i t .
H o m e w a s n ’ t t h e b e s t
f i t f o r y o u02
Y o u s t e p p e d a c r o s s t h e f r o n t d o o r
w e l c o m e m a t a n d w e r e b l o w n a w a y b y t h e
h o m e ’ s s t y l e ; w i t h g r a y w a l l s a n d a b i t o f
i n d u s t r i a l , c h i c , m i d c e n t u r y , c o m f o r t a b l e
f u r n i t u r e a l l m i x e d i n , A p p l e C o m p u t e r s ,
a n i m p o r t e d c o f f e e m a c h i n e a n d a s l e e k
T o a s t e r o v e n . A d e d i c a t e d e x e r c i s e r o o m
w i t h t o p o f t h e l i n e e x e r c i s e e q u i p m e n t .
A n d t h e o f f i c e s e t u p j u s t h o w y o u ’ d l i k e
i t , m i n i m a l , s i m p l e d e s i g n s .
I t c l o u d e d y o u r v i s i o n , y o u m o v e d i n a n d
t h e c r a m p e d h o m e d i d n ' t f i t y o u r
l i f e s t y l e .
D o n ’ t g e t a l l g i d d y f r o m t h e f u r n i s h i n g s ,
u n l e s s t h e y ’ r e p a r t o f y o u r R e a l E s t a t e
p u r c h a s e .
H o m e t o o k f o r e v e r
t o c l o s e o n03
Y o u k n o w t h e e x p r e s s i o n ; a w a t c h e d p o t
n e v e r b o i l s . H a v e y o u e v e r e x p e r i e n c e d
t h a t w h e n t r y i n g t o b u y a h o m e ?
W h y i s t h i s h o m e b u y i n g p r o c e s s t a k i n g s o
l o n g , y o u w o n d e r ?
U n d e r s t a n d t h e r i s k s o f b u y i n g a d i s t r e s s e d
p r o p e r t y . A d i s t r e s s e d p r o p e r t y c a n b e
e i t h e r a R E O ( R e a l E s t a t e O w n e d h o m e ,
u s u a l l y b y a B a n k ) o r a S h o r t S a l e a n d t h e y
t a k e l o n g e r t h a n a t r a d i t i o n a l h o m e s a l e .
E v e r y t h i n g j u s t s e e m s t o t a k e l o n g e r w h e n
d e a l i n g w i t h a B a n k a n d n o t a h o m e S e l l e r .
N e v e r g o b l i n d l y i n t o s o m e t h i n g ,
u n d e r s t a n d w h a t y o u ' r e g e t t i n g i n t o .
D i s c o v e r e d u n d e r l y i n g
i s s u e s t o y o u r h o m e04
D i d y o u d e c i d e a g a i n s t a h o m e i n s p e c t i o n
o r h i r e y o u r f r i e n d ’ s u n c l e B i l l y w h o
d a b b l e s i n h o m e r e p a i r w h e n h e ’ s n o t
t e a c h i n g y o g a a t t h e l o c a l Y M C A ?
Y o u r h o m e h a s a s t r u c t u r a l i s s u e t h a t t h e
S e l l e r h a d h i d a n d n o w a f t e r s e v e r a l
m o n t h s y o u d i s c o v e r t h a t o n e s i d e o f y o u r
h o m e a n d i t ’ s 3 b e d r o o m s a r e a l l t i l t i n g .
N e v e r e v e r , e v e r s k i p a h o m e i n s p e c t i o n
a n d a l w a y s h i r e a s k i l l e d h o m e I n s p e c t o r .
W i t h a n i n s p e c t i o n y o u ’ r e a b l e t o m a k e a n
e d u c a t e d d e c i s i o n o n w h e t h e r o r n o t y o u ’ l l
c o n t i n u e w i t h t h e h o m e p u r c h a s e .
H o m e a p p r a i s e s l e s s
t h a n p u r c h a s e p r i c e05
U n d e r s t a n d t h e o p t i o n s w h e n t h i s i s a
p o s s i b i l i t y , p a r t i c u l a r l y w h e n f o l d i n g
c l o s i n g c o s t s i n t o t h e h o m e ’ s s a l e s p r i c e .
A p p r a i s a l c o m e s b a c k l o w e r t h a n t h e
p u r c h a s e p r i c e .
Y o u w i l l h a v e 3 o p t i o n s ; p a y d i f f e r e n c e
b e t w e e n h o m e ’ s v a l u e ( a p p r a i s a l ) &
p u r c h a s e p r i c e , S e l l e r r e d u c e s s a l e s p r i c e
o r y o u c a n c e l t h e h o m e p u r c h a s e . A L e n d e r
w i l l n o t l e n d y o u m o n e y f o r m o r e t h a n t h e
v a l u e o f t h e h o m e , s o c o n s i d e r w h a t y o u ’ l l
d o a h e a d o f t i m e .
Y o u s h o u l d p l a n o n y o u r R e a l E s t a t e A g e n t ’ s
d i r e c t i o n o n a h o m e p u r c h a s e p r i c e , s o y o u
k n o w h o w y o u r o f f e r p r i c e w i l l l i k e l y p a n
o u t .
L o w e r t a x e s p a i d a f f e c t
h o m e p u r c h a s i n g p o w e r06
W h a t , y o u ’ r e o n l y a p p r o v e d f o r t h a t
a m o u n t ; y e t , y o u e a r n s o m u c h m o r e
m o n e y ! H o w m u c h d o y o u r w r i t e o f f f r o m
y o u r t a x e s e a c h y e a r ?
W h e n a L e n d e r c o n s i d e r s y o u r l o a n v a l u e ,
t h e y l o o k a t y o u r n e t e a r n i n g s a n d n o t y o u r
g r o s s i n c o m e .
I f y o u h a v e a w a y i n t w i d d l i n g t h e n u m b e r s
d o w n s o y o u h a v e t o p a y l e s s t a x e s , y o u ’ r e
a l s o t w i d d l i n g a w a y y o u r h o m e p u r c h a s i n g
p o w e r .
I f y o u ' r e a b u s i n e s s o w n e r , s e l f e m p l o y e d
o r u t i l i z e a l o t o f t a x s a v i n g d e d u c t i o n s ,
t h i n k o f l e s s e n i n g t h o s e d e d u c t i o n s i f y o u
h a v e y o u r e y e s s e t o n q u a l i f y i n g f o r a
l a r g e r h o m e l o a n .
W a n t e d a g o o d d e a l s o
y o u l o s t t h e h o m e07
K n o w i n g y o u r l o c a l R e a l E s t a t e m a r k e t , w i l l
d e t e r m i n e h o w m u c h o f a g o o d d e a l y o u ’ l l
b e a b l e t o s e c u r e . S i m p l y c o m i n g i n w i t h a
l o w b a l l o f f e r w h e n t h e m a r k e t w o n ’ t b e a r
i t , w i l l r e s u l t i n g r e a t d i s a p p o i n t m e n t .
V a r i o u s m a r k e t s , w h e t h e r a S e l l e r ’ s ,
B a l a n c e d o r B u y e r ’ s w i l l h a v e s t r a t e g i e s
t h a t w o r k i n e a c h m a r k e t . D i s c u s s t h i s
w i t h y o u r R e a l E s t a t e A g e n t w h o c a n d i r e c t
y o u i n p r e s e n t i n g a n o f f e r o n t h e h o m e y o u
l o v e .
I f y o u ’ r e r e a l l y n o t s e r i o u s a b o u t b u y i n g a
h o m e a n d a r e m o r e i n t e r e s t e d i n g e t t i n g a
b a r g a i n b a s e m e n t d e a l , t h e n y o u s i m p l y
w a n t e d a g o o d d e a l a n d g a m b l i n g i n a
S e l l e r ’ s M a r k e t w i l l p r o v e f u t i l e .
Y o u n o w l i v e n e x t t o
t h e n e i g h b o r f r o m h e l l08
N o , n o t t h i s n e i g h b o r , t e l l m e i t i s n ’ t
s o ! W e ’ v e a l l h e a r d t h e s t o r i e s o f t h e
n e i g h b o r f r o m h e l l . R u n .
D o y o u r n e i g h b o r h o o d h o m e w o r k b e f o r e
b u y i n g a h o m e . D r i v e b y d u r i n g t h e
e v e n i n g h o u r a n d w e e k e n d h o u r s i f y o u
c a n , t o s e e w h a t t h e n e i g h b o r s a r e u p
t o . O f c o u r s e , t h e y ’ r e f a r a n d f e w
b e t w e e n , b u t w o u l d n ’ t y o u l i k e t o k n o w
b e f o r e y o u m o v e i n a n d d i s c o v e r t h a t
y o u r n e i g h b o r l o v e s t o b l a s t l o u d m u s i c
f r o m h i s b a c k y a r d ?
It all boils
down to:
Know what you
can afford and . . .
Choose your
new home with
your head &
not your heart
Understand
timelines
involved in the
home you
choose
Have a home
inspection
Understand the
affects of an
appraisal
Know your
purchasing
power
Don’t over
deal
And find out
about the
neighbors
H a p p y H o m e B u y i n g !
Of course, this doesn’t cover all
potential home buying pitfalls,
but it will get you started.
R e a d t h e c o m p l e t e
H o m e B u y i n g a r t i c l e
b e l o w :
Don't Miss Out on How to Handle
Common Home Buying Pitfalls
www.ImagineYourHouse.com
http://www.imagineyourhouse.com/2015/07/10/dont-miss-
out-on-how-to-handle-common-home-buying-pitfalls/
Avoiding common home buying pitfalls

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Avoiding common home buying pitfalls

  • 1. Don’t Miss Out on How to Handle Common Home Buying Pitfalls www.ImagineYourHouse.com
  • 2. T h e S t o r i e s I ' v e h e a r d ! How best to handle and dodge pitfalls at all costs.
  • 3. What are some common home buying pitfalls? Let’s uncover them now.
  • 4. C a n ’ t a f f o r d t h e h o m e01
  • 5. N o t h i n g w o r s e w h e n y o u f i n d t h e p e r f e c t h o m e y o u l o v e . Y o u r c r e d i t w a s n ’ t w h a t y o u t h o u g h t i t t o b e , a s y o u n e v e r b o t h e r e d t o c h e c k y o u r c r e d i t r e p o r t . Y o u d i d n ’ t s a v e e n o u g h m o n e y , a s y o u t h o u g h t $ 2 0 0 0 w a s e n o u g h t o b u y a h o m e . R e m e m b e r , t h o s e c o l l e c t i o n a c c o u n t s f r o m y e a r s a g o t h a t y o u d i d n ' t t a k e c a r e ? Y o u r c r e d i t i s v e r y t h i n w i t h b a s i c a l l y n o c r e d i t .
  • 6. H o m e w a s n ’ t t h e b e s t f i t f o r y o u02
  • 7. Y o u s t e p p e d a c r o s s t h e f r o n t d o o r w e l c o m e m a t a n d w e r e b l o w n a w a y b y t h e h o m e ’ s s t y l e ; w i t h g r a y w a l l s a n d a b i t o f i n d u s t r i a l , c h i c , m i d c e n t u r y , c o m f o r t a b l e f u r n i t u r e a l l m i x e d i n , A p p l e C o m p u t e r s , a n i m p o r t e d c o f f e e m a c h i n e a n d a s l e e k T o a s t e r o v e n . A d e d i c a t e d e x e r c i s e r o o m w i t h t o p o f t h e l i n e e x e r c i s e e q u i p m e n t . A n d t h e o f f i c e s e t u p j u s t h o w y o u ’ d l i k e i t , m i n i m a l , s i m p l e d e s i g n s . I t c l o u d e d y o u r v i s i o n , y o u m o v e d i n a n d t h e c r a m p e d h o m e d i d n ' t f i t y o u r l i f e s t y l e . D o n ’ t g e t a l l g i d d y f r o m t h e f u r n i s h i n g s , u n l e s s t h e y ’ r e p a r t o f y o u r R e a l E s t a t e p u r c h a s e .
  • 8. H o m e t o o k f o r e v e r t o c l o s e o n03
  • 9. Y o u k n o w t h e e x p r e s s i o n ; a w a t c h e d p o t n e v e r b o i l s . H a v e y o u e v e r e x p e r i e n c e d t h a t w h e n t r y i n g t o b u y a h o m e ? W h y i s t h i s h o m e b u y i n g p r o c e s s t a k i n g s o l o n g , y o u w o n d e r ? U n d e r s t a n d t h e r i s k s o f b u y i n g a d i s t r e s s e d p r o p e r t y . A d i s t r e s s e d p r o p e r t y c a n b e e i t h e r a R E O ( R e a l E s t a t e O w n e d h o m e , u s u a l l y b y a B a n k ) o r a S h o r t S a l e a n d t h e y t a k e l o n g e r t h a n a t r a d i t i o n a l h o m e s a l e . E v e r y t h i n g j u s t s e e m s t o t a k e l o n g e r w h e n d e a l i n g w i t h a B a n k a n d n o t a h o m e S e l l e r . N e v e r g o b l i n d l y i n t o s o m e t h i n g , u n d e r s t a n d w h a t y o u ' r e g e t t i n g i n t o .
  • 10. D i s c o v e r e d u n d e r l y i n g i s s u e s t o y o u r h o m e04
  • 11. D i d y o u d e c i d e a g a i n s t a h o m e i n s p e c t i o n o r h i r e y o u r f r i e n d ’ s u n c l e B i l l y w h o d a b b l e s i n h o m e r e p a i r w h e n h e ’ s n o t t e a c h i n g y o g a a t t h e l o c a l Y M C A ? Y o u r h o m e h a s a s t r u c t u r a l i s s u e t h a t t h e S e l l e r h a d h i d a n d n o w a f t e r s e v e r a l m o n t h s y o u d i s c o v e r t h a t o n e s i d e o f y o u r h o m e a n d i t ’ s 3 b e d r o o m s a r e a l l t i l t i n g . N e v e r e v e r , e v e r s k i p a h o m e i n s p e c t i o n a n d a l w a y s h i r e a s k i l l e d h o m e I n s p e c t o r . W i t h a n i n s p e c t i o n y o u ’ r e a b l e t o m a k e a n e d u c a t e d d e c i s i o n o n w h e t h e r o r n o t y o u ’ l l c o n t i n u e w i t h t h e h o m e p u r c h a s e .
  • 12. H o m e a p p r a i s e s l e s s t h a n p u r c h a s e p r i c e05
  • 13. U n d e r s t a n d t h e o p t i o n s w h e n t h i s i s a p o s s i b i l i t y , p a r t i c u l a r l y w h e n f o l d i n g c l o s i n g c o s t s i n t o t h e h o m e ’ s s a l e s p r i c e . A p p r a i s a l c o m e s b a c k l o w e r t h a n t h e p u r c h a s e p r i c e . Y o u w i l l h a v e 3 o p t i o n s ; p a y d i f f e r e n c e b e t w e e n h o m e ’ s v a l u e ( a p p r a i s a l ) & p u r c h a s e p r i c e , S e l l e r r e d u c e s s a l e s p r i c e o r y o u c a n c e l t h e h o m e p u r c h a s e . A L e n d e r w i l l n o t l e n d y o u m o n e y f o r m o r e t h a n t h e v a l u e o f t h e h o m e , s o c o n s i d e r w h a t y o u ’ l l d o a h e a d o f t i m e . Y o u s h o u l d p l a n o n y o u r R e a l E s t a t e A g e n t ’ s d i r e c t i o n o n a h o m e p u r c h a s e p r i c e , s o y o u k n o w h o w y o u r o f f e r p r i c e w i l l l i k e l y p a n o u t .
  • 14. L o w e r t a x e s p a i d a f f e c t h o m e p u r c h a s i n g p o w e r06
  • 15. W h a t , y o u ’ r e o n l y a p p r o v e d f o r t h a t a m o u n t ; y e t , y o u e a r n s o m u c h m o r e m o n e y ! H o w m u c h d o y o u r w r i t e o f f f r o m y o u r t a x e s e a c h y e a r ? W h e n a L e n d e r c o n s i d e r s y o u r l o a n v a l u e , t h e y l o o k a t y o u r n e t e a r n i n g s a n d n o t y o u r g r o s s i n c o m e . I f y o u h a v e a w a y i n t w i d d l i n g t h e n u m b e r s d o w n s o y o u h a v e t o p a y l e s s t a x e s , y o u ’ r e a l s o t w i d d l i n g a w a y y o u r h o m e p u r c h a s i n g p o w e r . I f y o u ' r e a b u s i n e s s o w n e r , s e l f e m p l o y e d o r u t i l i z e a l o t o f t a x s a v i n g d e d u c t i o n s , t h i n k o f l e s s e n i n g t h o s e d e d u c t i o n s i f y o u h a v e y o u r e y e s s e t o n q u a l i f y i n g f o r a l a r g e r h o m e l o a n .
  • 16. W a n t e d a g o o d d e a l s o y o u l o s t t h e h o m e07
  • 17. K n o w i n g y o u r l o c a l R e a l E s t a t e m a r k e t , w i l l d e t e r m i n e h o w m u c h o f a g o o d d e a l y o u ’ l l b e a b l e t o s e c u r e . S i m p l y c o m i n g i n w i t h a l o w b a l l o f f e r w h e n t h e m a r k e t w o n ’ t b e a r i t , w i l l r e s u l t i n g r e a t d i s a p p o i n t m e n t . V a r i o u s m a r k e t s , w h e t h e r a S e l l e r ’ s , B a l a n c e d o r B u y e r ’ s w i l l h a v e s t r a t e g i e s t h a t w o r k i n e a c h m a r k e t . D i s c u s s t h i s w i t h y o u r R e a l E s t a t e A g e n t w h o c a n d i r e c t y o u i n p r e s e n t i n g a n o f f e r o n t h e h o m e y o u l o v e . I f y o u ’ r e r e a l l y n o t s e r i o u s a b o u t b u y i n g a h o m e a n d a r e m o r e i n t e r e s t e d i n g e t t i n g a b a r g a i n b a s e m e n t d e a l , t h e n y o u s i m p l y w a n t e d a g o o d d e a l a n d g a m b l i n g i n a S e l l e r ’ s M a r k e t w i l l p r o v e f u t i l e .
  • 18. Y o u n o w l i v e n e x t t o t h e n e i g h b o r f r o m h e l l08
  • 19. N o , n o t t h i s n e i g h b o r , t e l l m e i t i s n ’ t s o ! W e ’ v e a l l h e a r d t h e s t o r i e s o f t h e n e i g h b o r f r o m h e l l . R u n . D o y o u r n e i g h b o r h o o d h o m e w o r k b e f o r e b u y i n g a h o m e . D r i v e b y d u r i n g t h e e v e n i n g h o u r a n d w e e k e n d h o u r s i f y o u c a n , t o s e e w h a t t h e n e i g h b o r s a r e u p t o . O f c o u r s e , t h e y ’ r e f a r a n d f e w b e t w e e n , b u t w o u l d n ’ t y o u l i k e t o k n o w b e f o r e y o u m o v e i n a n d d i s c o v e r t h a t y o u r n e i g h b o r l o v e s t o b l a s t l o u d m u s i c f r o m h i s b a c k y a r d ?
  • 20. It all boils down to: Know what you can afford and . . .
  • 21. Choose your new home with your head & not your heart
  • 27. And find out about the neighbors
  • 28. H a p p y H o m e B u y i n g ! Of course, this doesn’t cover all potential home buying pitfalls, but it will get you started.
  • 29. R e a d t h e c o m p l e t e H o m e B u y i n g a r t i c l e b e l o w : Don't Miss Out on How to Handle Common Home Buying Pitfalls www.ImagineYourHouse.com http://www.imagineyourhouse.com/2015/07/10/dont-miss- out-on-how-to-handle-common-home-buying-pitfalls/