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Johnnie Creel & The Creel Group

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10 Common Buyer Mistakes

I found this article on a blog that I follow on Twitter, written by Tom Ashworth, a realtor in Texas. I wanted to make sure I properly credited him for this information. Whether you are in Texas or Tennessee, these common home buying mistakes can be easily avoided. I wanted to share them with you, for that very purpose!

10 Common Buyer Mistakes to Avoid
  1. Working with multiple agents: It can seem like a good idea to work with multiple agents in order to find the best homes for the best prices, however this practice is usually a waste of the buyers time. All agents will be working from the same listings and you won’t get better offers from different agents.
  2. Not understanding agent relationships: It is important to understand that listing agents work directly for the seller of the property listed – not for you, the buyer. A buyer’s agent (which we have on our team – working exclusively for YOU, even if I am the list agent!) will work directly for you and not have to worry about entering into a dual representation, where one agent represents both the buyer and seller.
  3. When making an offer for a home, having a letter from your lender stating that you are prequalified to purchase can make all the difference in your offer and others.
  4. Not signing a Buyer Representation Agreement: Without signing a Buyer Representation agreement, you are considered a customer instead of a client. Most reputable agents will not work with buyers without this agreement, but what this agreement means for you is that you are personally represented in the transaction. Your best interest will be your agent’s first priority, and your agent is paid by the list agent! **Except in the case of FSBO, etc.
  5. Using inexperienced agents: Taking the time to do your research and verify the credentials of your real estate agent can help make your real estate transaction go more smoothly.
  6. Using a friend or relative as an agent: There is much personal and financial information involved with real estate transactions. Dealing with friends or family can lead to hostile and uncomfortable transactions.
  7. Not having a home inspection: Even if the home you are purchasing looks like it is in the best condition possible, there are several hidden and unanticipated aspects that a home inspector can rule out before final transactions are made.
  8. Low-ball offers: Making an extremely low offer in anticipation of a counter offer can work in a buyers market. However, using this technique can also ensure that the property is sold to another offer. We are still currently in a SELLER’S MARKET, so having a dedicated buyers specialist can help you make the best offer possible.
  9. Contingent offers: It can be difficult, but you should consider selling your home before making an offer on another one. Most sellers are cautious about accepting offers that are contingent on you selling your home first.
  10. Not knowing the seller’s motivation: Knowing why the seller is selling can help you to make a more appropriate offer and even include extra incentive.

If you are looking to buy a home in Knoxville, let one of the top 1% of agents in the region represent you in your transaction. To the Creel Group, every buyer is a personal relationship, and we hope that we can help you buy your Knoxville home!

 

 

 

 

 

10 Common Buyer Mistakes – Hill Country Homes – – Texas Hill Country Homes.

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