Video: Dodging Common Home Buying Pitfalls.

There’s an advisable procedure for buying a home and no matter how many times you’ve been a home buyer, no matter where you’re buying or in what price range, there are certain steps that it just isn’t smart to skip.

I agree with the advice in the video below but I might add a couple additional details:

When hunting for a low mortgage interest rate be aware of fees, for origination (not all lenders charge an origination fee), points and pre-paids, and other fees. Look at and compare the APR not just the interest rate. Most fees charged by a lender will be included in the APR or Annual Percentage Rate.

Shop for the best insurance rate! Home Insurance rates can vary widely and believe it or not your mortgage approval can depend on this. A high insurance rate can skew your debt to income ratio and reduce the amount of mortgage a lender will allow.

Regarding the inspection period – Don’t just schedule a Home Inspector then sit back and think you’re done.

• Measure rooms if that’s important to you.
• Carefully check out the neighborhood and drive your commute.
• Pools and spas may not be included in your home inspection, ask.
• Check out schools and nearby medical facilities.
• Permits and zoning if there have been any additions or structural changes to the home.

And for goodness sake, READ your home inspection report. 

One other thing. The title company will be sending you a packet of paperwork. It will make clear, things like property lines, deed restrictions, easements and/or encroachments, liens (some run with the property), and details on your title insurance. Often people feel they don’t need to take the time to read all this. You should! You’re spending hundreds of thousands of dollars and you need to know what you’re buying.

For your convenience we’ve placed a transcript directly below this video.

Video Transcript: Dodging Common Home Buying Pitfalls.

When buying a home beware of common blunders.

Welcome to RIS Media News everyone, I’m Jenny Dunn.

Real Estate expert Robert Jensen of Las Vegas cautions to not wait to find the perfect home before having your credit pulled. Getting pre-approved allows you time to catch any inaccurate information and fix it.

Having unclear goals can also be troublesome. Make a list of home features you can not live without and a second list of features that you’d simply enjoy. Refine both lists as the home search progresses.

Foregoing home inspections is another blunder to avoid. Make your offer contingent on a thorough home inspection to uncover any hidden problems in areas such as the roof, foundation, plumbing and electrical.

Not shopping for the best mortgage can also be a costly mistake. A difference of even a half point can spell considerable savings over the life of the loan.

Not using a Buyer’s Agent is another pitfall. Instead of going it alone, they can help you navigate the legal and financial paperwork, saving you a lot of time, hassle, and potentially a lot of money.

From all of us at RIS Media News, thank you for watching, we look forward to seeing you next time.

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Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management

Founder: AZVHV Veterans Helping Veterans    ⋅    MEMBER: Heroes Home Advantage
Voted East Valley Tribune’s: Best Gilbert Realtor

While you’re deciding if it’s time to make a move, let us help with our Moving On Advantage Discount! When you list your home with us, and buy another, we’ll contribute $2,000 toward your closing costs!

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More Resources for Home Sellers and Home Buyers

Our Buyer’s FAQ page has 9 of the most frequently asked questions from Home Buyers, along with 10 additional resources for Home Buyers at the bottom of the page.

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Thinking of Selling your home? First check out our 9 FAQs for Sellers. Then read on, there are 9 additional resources for Home Sellers at the bottom of the page.

Home Buyer’s Frequently Asked Questions

Home Seller’s Frequently Asked Questions