Buying the right home takes time and research, making it essential for buyers to exercise patience until they find the right home. As a first-time homebuyer in Rhode Island, making a mistake or falling into a homebuyer trap could cost you thousands.
Doing your research and working with a trusted realtor company will prevent you from losing money or agreeing to a bargain-basement deal. Recognizing common home buyer traps allows you to cut costs and buy the best home for you.
Bling bidding is making an offer on a home without knowing what other buyers are offering for the same property.
For example, if a home goes for $350,000, one potential buyer may offer $400,000 while a second buyer offers $500,000. Buyers can overbid a home beyond the original advertised price without knowing other bids. Blind bidding can drive up the real estate market and leave homebuyers overpaying in Rhode Island and surrounding areas.
What Price Should You Offer When You Bid on a Home in Rhode Island?
If the seller’s asking price seems too high or does not represent a good deal, you have the right to counter-offer. Doing research beforehand will allow you to make offers based on your budget and what’s fair for market value. Blind bidding may cost you thousands of dollars in the long run. Speak to your realtor about making bids in Rhode Island at a fair and competitive value.
Searching Before a Mortgage Pre Approval
Mortgage Pre Approval ensures you have the credit history and finances to afford a home without an official contract in place. Your lender will validate the funds you claim to have and offer a letter of approval for you to start house hunting.
A Mortgage Pre Approval is simple and free. Once approved, you can house shop with a sense of security and confidence. Avoid attempting to search for a home-based on pre-qualification. There’s a chance that realtors will begin to show you homes if you pre-qualify. Still, pre-qualification is an introductory examination of finances and doesn’t guarantee the amount you can borrow.
Poor Home Inspection
Like you, the seller is looking to get the best deal possible, meaning some will be dishonest about the condition of their home. Some homes may have undergone significant repairs or are still in need of some. Be cautious about liking a home based on first glance. Ensure you hire someone to conduct a thorough inspection of the house as soon as possible. An inspector will look for any damages and needs for repairs with electrical, plumbing, appliances, and more. Get in touch with a Rhode Island home inspector to give you a report of any item that needs to be fixed with an associated approximate cost.
Reach Out to A Trusted Real Estate Agency in Rhode Island Before You Buy
At Your Home Sold Guaranteed Realty-The Nathan Clark Team, we care about your investment. We work to get you the best home deals possible while protecting you from common home buyer traps to avoid a financial hole. We take care of everything from the home search to consultation, guiding you every step of the way. Call us at 401-288-3557, or contact us here to start searching for your new dream home.
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