Thursday, April 20, 2017

Number One Rule When Buying or Selling a Home

There has been tons of information written about how to buy a home as well as how to sell a home.  At the bottom of this article are posts to even more!

So what is the number one rule when buying or selling a home?  Short and succinctly put...

Buyers are liars and sellers too!

No, I am not calling everyone a liar but rather trying to make a very important point.

The point is.... due diligence.

Due diligence is defined as the care a reasonable person should take before entering into an agreement or a transaction with another party.

Sellers need to make sure prospective buyers are qualified buyers.  Unless a prospective buyer has the ability to buy your home they should never be allowed in your home.

Sellers do not assume the buyer's agent has asked for proof of ability to purchase.  Sure it seems most of the time a prospective buyer's agent would be professional enough to work with real qualified buyers.  

And when the offer comes make sure the offer is accompanied by a mortgage pre-approval letter.  Some offers may come with only a pre-qualification letter off the Internet.  Anyone can get a pre-qual letter, serious home buyers get a pre-approval letter from a quality lender.

Another area of reasonable care a seller should not skip - safety and security.  Almost all buyer prospects are strangers - even to their own real estate agent.   Protect yourself by hiding/removing valuables, personal documents, medications, firearms and other similar items that can grow legs!

Buyers make sure you have inspections conducted.   There is a requirement in Florida that sellers disclose issues that affect the value of property which are not readily visible.  But sellers forget issues - especially if they have lived in a house for 30 years!  Sometimes sellers intentionally "forget." 

Buyers should remember this little rule... sellers disclose, buyers verify!

The above comments regarding due diligence are not all inclusive but rather submitted to make the point.... use care. 

Whether seller or buyer your Florida real estate agent should guide you in the direction/process when it comes to due diligence.

Below are some additional articles on buying and selling a home in Florida.
 Ready to buy a home in Florida? Call or text me at 321-693-3850 for assistance!