Assumptions to Avoid When Buying Real Estate

Buying a San Antonio home can have its problems and there are many things to remember. However, here are 6 important things one should always maintain at the top list of those things to remember.

1. Making an offer on another property when I have not received an offer on mine.

There is no reason to make an offer on another property if you do not have a solid buyer on yours. Unless you can afford to carry two mortgages, stay away from this predicament. The truth is, even if can afford both mortgages- why would you want to?

2. Everything I see in the house will still be there when I move in.

This is not always the case, those surround sound speakers may not convey, make sure they are written into the contract if you expect to see them there after closing! Items such as pot racks, designer bathroom mirrors, and shelves are attached to the property. Bottom line… if in doubt ask; and if conveyance is agreed to, have those items written in your contract.

3. I do not need a survey

The purchase of a real estate is probably the largest financial transaction of your life and it is important that professional advice is obtained from a surveyor regarding property lines. Many people make two common errors when it comes to surveys. First, if they do not need a mortgage they assume that a survey is not needed. Second, if a mortgage is needed they opt for the cheapest option, which is the basic valuation survey. The basic valuation survey is just for the mortgage lender's requirements and usually does not have any details at all about the state of the property. Therefore, it is important that you at least have the Homebuyers Report. This is a survey commissioned directly by you with the surveyor which means there is a contractual relationship and the surveyor is under an obligation to provide advice regarding beginning and ending point of the property. Professional indemnity insurance supports the advice given, meaning that even if any problems are missed, you will still be covered. Your conveyance solicitor will be able to recommend an experienced surveyor to carry out a survey.

4. The house looks fine; I won't waste money on an inspection.

Caution! Always get an inspection – even if the house is new. One would be surprised at the number of things that can be found at an inspection. Know what you are buying; never assume that a “Visual” look is sufficient. After all, a doctor doesn't stop at the physical aspect of an ill person and say, “you look fine,” they inspect further by way of an MRI, CAT scan, or X-ray. Have a professional evaluate the condition of your next home.

5. I do not need to prove I'm a qualified buyer.

If you were selling your home, would you entertain an offer from someone who isn't willing to prove to you that they qualify for a loan? A letter from a lender informing the seller and their real estate agent that the buyer is approved for a loan is golden, especially in this market. A qualification letter is the difference between making a deal happen or simply being told to try again. The next best thing to an approval letter is a pre-approval letter, or cash!

6. Forgetting to let the service providers know about your move.

Before moving into a property, it is important to find out who the service providers are. Your REALTOR® should be able to provide you with all of the important numbers to call for services such as utilities, gas, water, cable, and trash companies. The last thing you need is to move into a home that has no service. You can provide them with a date you would like for services to be started under your name with enough notice to avoid interruption and ensure a smooth transition from the previous owner.

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