Realtor Cedar Park Reveals Tips To Save You Money When Selling Your Home

Buying a home is usually one of the biggest purchases you'll make in your lifetime. So it makes sense to avoid some common mistakes that as a Cedar Park Realtor I see quite often.

Here are 3 Mistakes you can avoid:

1. Not using an attorney.

I know, I know, not everyone has a good opinion of lawyers. But sometimes, as much as people dislike them, they are necessary and a good idea.

Since most parties involved in the buying of a home (the seller, the seller's real estate agent, the buyer's agent and the mortgage broker) have a vested interest in getting the transaction complete there will be times when your best interest (as the buyer) are not being served. The reason for this is because unless the transaction gets done the other parties involved don't get paid.

So to counter this dynamic, especially when making such an expensive purchase is to hire a qualified real estate attorney. They should charge you a flat fee and since they have no vested interest in the outcome of the deal they will provide you with unbiased advise that might just save you from making a purchase you'll regret later.

2. Not allowing for contingencies.

It's common for buyers that are signing a sales contract to have to put up earnest money of 1 to 3 percent, which they do not get back if they pull out of the deal, unless the conditions are itemized in the contract.

Normally it's common practice for the seller to try and limit the grounds for canceling a sales contract, while at the same time many buyers will sign contracts that don't allow for common exceptions.

So if a buyer is unable to get the financing they require to purchase the home and this was not stipulated in the sales contract they will not get their earnest money back.

And with lenders being much more strict then in the past this is a real possibility that as a buyer you should spell out in the sales contract before moving forward.

If you find a seller who will not accept your contingency clauses then it may be a good idea to pass on the deal.

3. Not factoring in the cost of insurance.

Seems like everything we do has insurance tied to it. When it comes to a house you better have this cost budgeted or you could be in for a rude surprise.

Turns out that most people don't have a good idea of what is covered and what is not covered. A standard home owners insurance policy will cover things like fire, hail, lightning, theft... but it won't cover earthquakes, flooding or things caused from basic maintenance neglect.

So before you buy that dream house you need to find out exactly what your insurance will cost and factor that into the overall cost of buying and owning the house.

One thing to check on is if the home you're considering is in a flood plain. If so you will need flood insurance, which can be very expensive.

If you found this information helpful you may enjoy some additional tips from the same Cedar Park Realtor here.