In a recent survey, the biggest and most costly error home buyers make is how they start the process of buying a home in London.
Usually the first step is deciding you want to move, to stop renting or downsizing from a larger house. All good so far.
Then, most will go and talk to a good mortgage lender( this is a major and crucial step and be careful whom you talk to, I cover that in another report) to see if you qualify and for how much. How much of a down payment and what would your average payments be. Again, you are on the right track.
Yup, most start searching the MLS listings, Kijiji, real estate websites and real estate magazines (that are usually a month late) and what do they do? Call 4 or 5 real estate sales people who have listings they want to see and set up an appointment.
While making those appointments you hear the same thing:
- Are you preapproved for a mortgage?
- Are you working with an agent?
- Do you have a house to sell?
- Perhaps a few more personal questions or the name of your cat or dog!
Then you go see a few homes, if you like one you may put in an offer with the listing sales person without any research or thought of the long term consequences.
Or, the homes you have seen are not to your liking, but you like the sales person and they convince you that they can help you look for something else, again, without any research of that agent or thought of the long term consequences!
The wisest thing you can do after you have made the decision you want to move, is to research and contact the real estate sales person who has the skills and experience and whom you will entrust your hard earned money to!
Maybe interview two or three.
Then when you have confidence in the sales person you have chosen, that good real estate person will research properties on your behalf, make appointments to match your time table, protect you in the buying and offer process and be there if any challenges come up.
Do you not think that having that type of representation would be better for you than just entrusting that binding faith with just anyone? A friend of a friend, Uncle Joe’s distant cousin who just got her license and needs some money, or your co-worker who’s husband ‘does’ real estate on the side!