Common Buyer Traps - Beware
Wise up, be smart, find a good Realtor, and do good due diligence. Find out how you can keep more money in your pocket and buy homes in Palm Beach County correctly from the start. Ask your Realtor BOLD questions! Ask your Realtor to EXPLAIN why, how, & when! Use an honest Realtor who will help YOU, the person paying for the mortgage!
For Sale by Owner
Buyer beware! Often times FSBO's are traps relative to price. FSBO's often are listed at unrealistic prices. Worthington Realty International has seen numerous times how buyers were unaware they were overpaying for the fsbo's property. Buyers should hire a local real estate expert to represent them. It's often worth it's weight in gold.
Hidden Costs
Buying a new home is costly in itself. Consumers often forget the costs associated with purchasing real estate in Palm Beach County, Florida and with real estate in Boca Raton, Florida. Click Here to educate and protect your family from common yet costly mistakes that are made too often when purchasing houses in Palm Beach County, FL.
Not getting pre approved from a lender
The best way to start out the home buying process is meeting with your lender to find out what you can afford! Why waste your time or the Realtors time looking at properties that are out of your price range. Buyers should be aware that more and more Realtors are requiring a mortgage pre approval before any homes will be shown. At Worthington Realty International, this is a standard, non negotiable practice that has kept several deals together because our clients were in a stronger position with a pre approval letter.
Not getting a survey
An encumbrance to a property can have costly consequences. For example a detached garage without the proper setbacks per the zoning code. The surveyor will draw the poperty lines and perimeter of all buildings and fence posts if necessary. A savvy buyer and Realtor would work together to double check all possibilities of potential headaches pre closing.
Not getting a Gap Endorsement
Simply put, a gap endorsement is when the buyer or seller purchases an additional policy that is inexpensive to cover the "Gap" between when the Title Search was performed (ex. 01/01/2055) (Here's the Gap) and between (01/15/2055). If ABC general contractor files a construction lien on work that he was not paid for, many gap policies would cover that expense if not found before hand. However, be aware that not all gap endorsements are the same and do have restrictions on coverage. Home buyers would need to contact the insurer with whom they would be purchasing the Gap endorsement policy with to discuss more details in depth. The fee for a gap endorsement is commonly $125, however will increase depending on the dollar amount of the transaction.
Buying the wrong home
Worthington Realty International recommends you buy the home you want and can afford. The best way to eliminate buyers remorse is to purchase the home that makes the most sense for you, not always the best bang for the buck square footage wise. Robert Worthington has consulted many homes buyers; choose the home that makes the most sense for the long or short term.
