Three Ways Buyers Sabotage Their Home Purchase | Rock-n-Roll ...

Buying a home can be both stressful and exhilarating. It?s a little like planning a wedding with all of the attendant hopes and dreams and likely, more than a few bumps along the road to bliss. Knowing where others have faltered before can guide you on the path. Realtor? Karen Highland of The Highland Real Estate Group In Frederick, Maryland shows three ways that buyers might accidentally hurt their own home buying process:

Today?s Frederick real estate market may be considered a ?Buyer?s Market?, but that doesn?t mean that sometimes buyers don?t sometimes unwittingly blow up their own real estate deals. Here are three unfortunate circumstances we see all too often:

1. Extended House Hunting.
In the Frederick Real Estate market, as much as 25% of the homes listed for sale are distressed sales, foreclosures and short sales. These homes tend toward two extremes, terrible condition, or so nice that they receive multiple offers.

Traditional sale homes can end up in multiple offers due to problems with appraisals and other lending-related issues. It?s not unusual to hear of buyers who have been looking for a year or more. In a complicated market, buyers can also get into ?paralysis of analysis?.

These buyers find themselves susceptible to buyer?s fatigue, and can end up buying something out of frustration, and settling for something that is not really what they want. It?s important to work with a seasoned, professional agent to help you keep your expectations realistic, and that way, make strategic decisions the entire time.

2. Buyers Lose By Making Lowball Offers.
Buyers who think they can operate strictly on the basis of buyer?s market dynamics are in for disappointment. They must realize that most sellers will need to make enough to pay off their mortgage or at least receive the fair market value for their home. In a short sale or a foreclosure, the banks are trying to get as close to market value as possible. In our experience, they will turn down any lowball offer, waiting for an offer that will net them no less than 15% to 20% below market value.

3. Buyer?s Drama.
We?ve seen the stress and mayhem up close, and not just with first-time buyers. The information overload, the fear of further declines in value, and the stress of going through the tight lending process is something today?s buyers must face. Add to that the short sale process difficulties, and the difficulty of having correct expectations.

Again, working with a trusted agent will go a long way in helping you manage your expectations as you are able to rely on their knowledge of the process and the market. Every market is different and the success of your transaction depends on the forces at play. Downgrading the role that your emotions play in the process is important to successful decision-making, leading to a smoother process.

Click here to read more blog posts by Karen Highland.

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Source: http://rock-n-rollrealestateagent.com/three-ways-buyers-sabotage-their-home-purchase/

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