The Absolute Worst
Case Scenario
for
Every Homebuyer
Mistakes buyers make when they are purchasing a home - and how to avoid those mistakes.
Jeff Bucholtz
Newsletter
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Mistakes are Not Mistakes if you Learn.
Buying a home is one of the biggest financial decisions you’ll ever make. It’s exciting, stressful, and, unfortunately, full of potential pitfalls. If you’re not careful, simple missteps can cost you time, money, and even your dream home.
Stacy Was on her Own
Stacy was on her own after divorcing a wealthy professor who needed a place to buy with cash for her and her children.
She found a place on 1642 Park and we quickly made an offer, recently the buyers market has become more competitive, and sellers typically receive multiple offers within a week or so of listing so the completion is fierce. This buyer is paying in cash and wants to get a discount for cash, like we used to in the old days, the seller doesn’t have to worry about an appraisal or financing to go through so a cash offer is better and she wants to lowball but there are 3 other offers and the sellers end up taking a higher offer.
Guess it wasn’t meant to be”.
The mistake she made was not putting her best offer forward in a competitive situation.
Now it is important to not compound the mistakes you make as a buyer, because this loss, loosing that property devastated Stacy, that was the house she had looked at online for days, there was something she really liked about that house, the location near her tap dance teacher, whatever that is irreparable, real estate is so fixed and unique you can’t duplicate it.
She regretted it everyday she’d ask me , will the deal go through?
And she found another place and guess what the same thing happened there were multiple offers and it was competitive and she lowballed and then the sellers went with a better offer.
She became gunshy.
“I don’t want to be under the pressure, I want to get a good deal”. Stacy had become a broken individual who lost her power in the market of real estate by grabbing the short end of the stick in a negotiation.
Her situation changed after a while she had got engaged to a stand up comedian in the area who and they spent too much of her cash Scandanvian Cruises so now six months latter, the comedy circuit leaves town so she needs a place to live.
“I have a good job, I have mortgage offers in my inbox all the time my credit is good”. I don’t need a pre- approval. “ and I say ok and we find this great little mid century ranch in Harbor County and she makes an offer 2K over ask with Conventional Financing and the offer gets accepted without a pre-approval.
Pre approval wtithin 72 hrs. Turns out she is still married to her ex husband and the bank won’t give her the money and the sellers go with another offer- so she had made one mistake after another combined with bad luck left her on the verge of despondency, when she got the call from her realtor,
“Are you still interested in the house at 1642 Park?”
The Buyers backed out because they found a place they liked better- And it all came back full circle for Stacy she got the home of her dreams because she learned from her mistakes.
Jeff Bucholtz
Jeff Bucholtz is a Real Estate Broker based in Three Oaks MI.
He has sold more than 100 Million Dollars in Real Estate.
He is the Broker and owner of Freedom Realty.
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