Buying a home? 4 Common mistakes people make and how to avoid themApr 20 2021
1. Rushing your offer in a hot market
The Abbotsford housing market is hot, which can put buyers in a panic. Prices are rising so fast many buyers worry home-ownership may soon be out of reach. With so little time between when a home is listed and sold, decisions have to made quickly.
If you rush over important details, you may end up with costly headaches down the road. Organizing as much paperwork as you can before you start looking can reduce the time crunch.
2. Sweetening your offer by removing subjects
It’s important to give sellers a tempting offer, and your realtor may suggest offering more than the asking price or removing items like ‘subject to home inspection’ or ‘subject to financing.’ Having a good offer will definitely improve your chances of getting a home, but you may not like what you buy.
Risk is like a dial on the stereo – you’re always going to have some risk, but with legal advice your lawyer can help you turn down the volume. If you keep all the subjects in your offer you risk losing the house, but if you remove them altogether you risk losing a lot of money on things like repairs and nonrefundable deposits. Lawyers can help you understand what risks you are taking so that you can weigh the options and make decisions that best protect your interests.
3. Skipping the home inspection
These days in Abbotsford it’s not uncommon to see offers accepted just an hour after the open house finishes. That doesn’t give buyers much time to consult with experts.
One thing buyers can do is pay a home inspector upfront and have them do a walk-through during the open house. This will not be as thorough as a designated house inspection but it is better than skipping it altogether.
4. Only calling your lawyer when you’re in trouble
The best time to talk to a lawyer about your real estate deal is before it’s signed, but many buyers wait until after.
Once a contract is signed, your options are limited. Beforehand we can walk you through your risks to allow you to make an informed decision when entering into that contract or negotiating it.
Buying or selling a home?
Get legal assistance from the real estate team at RDM Lawyers LLP. You can reach out at rdmlawyers.com/contact or call 604-853-0774.