As promised from our previous blog, Palm State Mortgage Company continues their series of blogs, designed to warn first time buyers about the pitfalls of hunting for your first home.

Although we gave this blog a new title, it is actually Part II so you might want to read or review our previous blog to learn about traps we labeled 1, 2, and 3.

Traps:  Number Four,  No Such Thing As A Perfect House!  Or Do Not Provoke the Eager Beaver!

Emotions can overwhelm house hunters when they think they have found the absolutely perfect home.  They want to rush into the deal and make a hasty and eager-beaver decision.  Fiona Dogan, a Realtor in the Rye,Traps wait for first time buyers. Palm State Mortgage Co. protects Orlando. Sotheby’s International Realty, stated, “This is especially true when the house is a short sale.  Infatuated buyers, who leap at a property tend to overlook the value of the process itself — from inspection to appraisal.  “Nine times out of ten, this means the buyer will overpay, or they will scrape, scrimp and strap themselves into a loan that is obviously too expensive for their budget.

The only way to avoid this trap is to keep an open mind, and guard your emotional response with a firm grip on logic.

At Palm State Mortgage Company, we warn first time buyers that they should never commit to buying a house without preparing an exit strategy.  Unexpected reality can change your life, and you do not want to get stuck in a house that is impossible for you to sell.  What happens if a member of your family loses a job or gets very sick?

Traps: Number Five,  The Deal in Sheep’s Clothing

Palm State Mortgage Company wants first-time buyers to understand a few advertising loaded words, as explained by Matt Joseph, broker and owner of West Avenue Realty in Miami:

“Short sale” and “real estate owned,” or “REO,” are marketing buzzwords, designed to lure bargain-hungry buyers.”Our first home. Palm State helped us avoid the traps!

Experts say that a good deal depends on many factors—not just your emotional response to the house.

1.   The property’s historic price,

2.   The current housing market conditions,

3.   The features of the home,

4.   Your express needs at the time of purchase.

Using professionals who understand the local market and maintain an emotional balance, is the best ways to keep out of these traps!  Happy House Hunting!

 

A Special Message from Palm State Mortgage:

Our hearts go out to the family and friends of the victims in the recent shootings that have marred life in our beautiful city.  Our thoughts and prayers are of healing, comfort and peace.  An anonymous poet wrote these
healing words:

The tide recedes but leaves behind

bright sea shells on the sand.

The sun goes down, but gentle

warmth still lingers on the land.

The music stops, yet it echos.

On in sweet refrains…

For every joy that passes,

something beautiful remains.