Home buying Mistakes after my offer has been Accepted

I wrote a blog yesterday outlining some of the common mistakes first time home buyers make when looking for a home and how to try and avoid them. Well yesterday I came across a first time buyer who had put an offer on my listings and now cannot close. The buyer's agent never fully explained the whole process to the buyer and now the buyer is backing out of the transaction. No real big deal accept we have had the house off the market for four weeks right now.

So, you have an offer that has been accepted by the seller, now what? Well, your agent should have informed you that you need to do a home inspection on the property. A good Real Estate agent will not say call Joe I use him all the time. I give each of my clients brochures on three home inspectors that I or fellow colleagues have used. And only ones that I feel are completely competent in what they do. This is a huge part of the home buying experience. When you and your Realtor are looking at a home you may know cosmetic items wrong or things you can see with the naked eye. However; a good home inspector will tell you what is wrong in the hidden spots not easily seen or sometimes overlooked by a buyer. Once the home inspection is done and you get a copy of it go over it with you Real Estate agent. You should have a contingency clause in the contract that allows for "necessary repairs" to the home. Make sure you are either completely comfortable with the home after the inspection, or ask for the seller to do the repairs to the home. If you can not come to agreeable terms walk away....trust me it is best for both parties at that point.

Okay you have cleared the home inspection process, what is next. I ask the listing agent to get me up front after the offer has been accepted a breakdown of the average costs of utilities to run that home. I want to know what there average electric bill is, gas bill, water bill, and any other abnormal fluctuating charges they may have on a monthly basis. A lot of times when you are buying your first home you are upgrading in size from where you are living now. With that upgrade comes increase in your utilities. Every single one of my buyers has told me I never thought of that. make sure you are 100% comfortable not only with the mortgage payment but the increase in your utilities. No one wants to be eating Ramen noodles so they can pay the utilities because you did not know.

Last thing I tell each and every one of my buyers is to order a survey of the property. You do not want to move into the new home to find out your neighbor has been encroaching on your property lines. These are issues that can usually be cleared up before closing. Besides if you want to do any improvements to the yard; better makes sure you know where you can go before you start.

Dave diCecco

Realtor/Agent

www.davedicecco.com