These are real fears, we just need to spend a little time to understand the process so that these fears can be overcome.
Our goal is to help you find the right home, and at the same time, make sure you don't miss anything or pay too much. We employ a process known as the Funnel Process that will help accomplish those goals. We put everything into the funnel; MLS listings, new construction, FSBO - every home available to be purchased will be in the funnel. Next we start eliminating properties that don't work for you. This ensures you do not miss anything!
You found that Creampuff of a home! Everything you were looking for, right location, priced in your range, updated and just shouting THIS IS THE ONE!!! This type of home will appeal to many buyers! Nearly one thousand homes go under contract each month! There is a lot of competition for the Creampuff homes.
Don't want to lose THAT HOME??? Then before you start your home search - make sure you are working with a lender that has looked at all your financial information and provided you with a Lender Pre-Approval letter. Armed with this, your offer has the strength necessary to get every seller's attention.
Happy days! This is where the REALTOR you have hired comes in to play! Before you make any offer, your REALTOR will have done a Comprehensive Market Analysis weighing all components of the home to insure you are not paying too much! Remember - when purchasing a home what will have a mortgage - your lender will employ an appraiser to make a fair market evaluation of your home - another layer to insure you are not paying too much for your home!
This is probably the easiest fear to overcome - but often the largest fear. Before you close on your home purchase you will be given lots of information about the home you are about to purchase. First, the seller will provide a full disclosure of everything they know about the home. Secondly - there will be at least 2 inspections done - a full home and a pest/dry rot inspection. If these inspectors find anything that they might find in question - they will call for another inspection by a qualified contractor that specializes with the item in question. Lastly - depending on the type of loan the buyer is acquiring- there will be an appraiser that will also preform a inspection of the property.
These reports paint a pretty good picture of the state the home is in and what repairs might be needed.
Before making that offer - take the time to stalk the neighborhood! Time to get the lay of the land - drop by morning, noon and night! Drive by the house at all hours of the day to see what is happening in the neighborhood. Also make your work commute from the home. By doing so you will find out if this neighborhood is for you!
The purchase of a home is an investment! Please stay calm and be wise! Emotions should be laid aside, make your decisions based on financial investments - this is most likely your largest financial investment - it should be treated as so.