Friday, August 31, 2012

5 Emotional Mistakes Made By Homebuyers - cont.

Mistake No. 4: Equating 'short sale' with 'deal'

In real estate, a deal is a deal, and the terms "short sale" and "real estate owned," or "REO," are  marketing buzzwords designed to lure bargain-hungry buyers.
All too often buyers run into the trap of buying a foreclosure or short sale thinking they are buying way below market value, when they are really overpaying.
A good deal is a matter of the property's historic price, current market conditions and the home's features, as well as the buyer's own needs. Weighing all the factors isn't easy. But buyers dramatically decrease their chances of making emotional mistakes by working with professionals who know the local market.
The biggest mistake is that buyers not using Realtors that know the local market. Trying to find a home on your own is very difficult if you're not familiar with the market on a micro level. (Buyers working alone) may feel like they are receiving a deal, however, they do not get to see all inventory in the price range desired.

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