It is all too common when buyers fail to secure the home of their dreams. If you’re thinking of moving, there are 4 common traps to avoid in reducing the risk of losing a property to another buyer:
1. Waiting until you have found the perfect home before you place your own home on the market for sale.
Unless you are prepared to run the risk of having to take out expensive bridging finance, it is important to be ready to buy if you’re serious about securing the perfect home. This means having your own home inspected by your agent and a plan in place so you will have ready access to the open market place for instant activity.
2. Procrastination & over-shopping
Some people have a tendency to procrastinate when it comes to making a decision. They will say something like, “We love it! But we’d better keep looking just in case there’s something better out there” Unfortunately these people often miss out on the property they love because they’ve failed to make a decision, resulting in another buyer securing it.
3. Failing to secure finance
With the number of lenders out there, shopping around for finance and obtaining finance approval can take a considerable amount of time to organise. Some people are also disappointed to learn that they aren’t eligible for the amount of finance they require which puts the home they love out of reach. Make sure you secure finance early if you’re serious about buying.
4. Not registering your details with an agent.
An increasing number of homes these days are listed for sale without the property being advertised for sale. Registering your details with an agent, including what you are looking for in a property, allows the agent to alert you to all the properties (advertised and non-advertised) that match what you’re looking for.