JULIE GARDNER
  • HOME
  • COMPASS
    • WHY COMPASS?
    • COMPASS CONCIERGE
    • COMPASS BRIDGE LOANS
  • LISTINGS
  • ABOUT
    • ABOUT JULIE
    • A DYNAMIC PARTNERSHIP
    • CONTACT
    • PROCESS
    • TESTIMONIALS
    • PRESS
  • PROJECTS
    • BEFORE & AFTER
    • GARDENS
    • OUR TEAM
    • VIDEOS
  • BLOG
  • COMMUNITY
    • UTILITIES
    • SCHOOLS

OH NO!

10/2/2020

0 Comments

 
As you all know, I rarely invite guest authors to this forum as I consider it a bit of a cheat, but when Alex Capozzolo, of Brotherly Love Real Estate in Philadelphia, contacted me out of the blue (or should I say brown, given the wildfires?) to contribute to his blog, The Roundup, I happily complied to his request knowing just how difficult it is to publish regularly. 

Here was Alex's question: "What are the biggest Real Estate buying and selling mistakes?

That's a hefty topic to answer in a few sentences (which is all I had) but gratefully, Alex extended his invitation to several other Agents around the nation, and so today's Perspective is more about what they had to say . . . . So listen up! It's full of good, practical advice and I hope you enjoy it as much as I did. 
​Real estate is like ice cream. When it’s good, it is really good. However, if things heat up and the transaction gets complicated, you may find yourself struggling to continuously lick away the now water-like cream from encompassing your hand in an attempt to save your dessert, and save your real estate deal. We have all been there! At times, a real estate deals can go south for reasons that are completely out of your control. Have you ever heard of “title issues”. They are real. Consider them a 105 degree day to your freshly scooped Ben & Jerry’s nondairy sorbet.

​Many of us have experiences different real estate ups and downs. Today, we hear from 17 real estate experts who will share their top mistake when buying and selling real estate. These are experiences shared by real estate investors, as well as real estate agents. All of which are experts in their field.

1. Loan Availability And Options As A Home Buyer
“The biggest mistake buyers make when looking to purchase their first home is not seeking qualified advice regarding loan availability. Buyers should seek advice when purchasing homes based on income, credit and other standards, which change frequently. This will assist with landing on a purchase price that is doable for them, and realistic.”
  • James of The Blue Wave Group, Inc.

2.  Be Aware Of Closing Costs
“As a realtor, it’s my job to make sure homeowners are aware of the closing costs they should anticipate. This is often one of the biggest mistakes homeowners make when selling their home, especially in the San Francisco Bay Area where owners typically pay the 6% fee for both real estate agents on the transaction. Other large closing costs for sellers to remember might include moving costs, concessions to the new buyers, and home inspections.”
  • Crystle of CKW Real Estate

3. Inspections, Back Up Offers, And Broader Search
“There are a few recommendations that were not done by the buyer and turned out to be mistakes for them. 1) Complete the full set of inspections recommended. 2) Not to put in a back up offer. 3) Allow the agent to open them up to different areas on their search.”
  • Roger Perry of Rodeo Realty

4. Choosing The Right Lender
“Choosing the right lender is paramount to a successful real estate transaction. I have let buyers continue on too long with their lender who was not performing instead of insisting they work with someone else. Buyers have almost lost homes because of the incompetence of their lender.”
  • Jane of Home Jane Realty

5. Thorough Walk Throughs Of Properties
“My biggest mistake when I bought real estate investments for myself was not spending a little more time walking through an owner-updated house. The signs were there that they did a really poor job and covered up a lot of major issues with the house. However, I did not take the time to really look, and made some costly assumptions.”
  • Mike of Good As Sold Home Buyers

6. Stay In Your Lane
“Getting outside of our company’s lane and being too experimental. We built a spec home that turned out to be a disaster.”
  • Brooks of KC Property Group

7. Recognize The Gifts
“Not recognizing the “gift” when it comes along, whether it’s the right house, or the right price. When Buyers or Sellers continue to move the bar throughout the transaction, it makes it difficult to deliver a satisfactory result. Clarity and integrity are key components to a successful outcome; gratitude is the cherry on top!”
  • Julie of Compass

8. Communication Is Key
​”Without a​ clear line of communication​, mistakes are unavoidable and inevitable. ​You will never have control over all third parties involved in a transaction. Please do your best to give people what they want. You’ll typically get what you want in return.”
  • Glenn of The Shelhamer Real Estate Group

9. Work With Experts
​
“Don’t sell your home by yourself! Sellers sell for thousands lower when they skip the Realtor.”
Jeff of Upnest

10. Seize The Moment
“The biggest mistakes I have made over 42 years of investing in the Denver area are the houses or properties that I failed to buy when I had the opportunity and the properties that I sold instead of holding on to.”
  • Doug of The Buy-Out Company
 
11. Screen Your Tenants
“When I first began buying rentals, I did not do every bit of due diligence. I got bad tenants because of it. Some simple background checks and checking of references personally could have saved me a lot of hassle…and money.”
  • Brandon of Ekwity Investments
 
12. Double Check Your Renovation Costs
“My company AZ Home often renovates houses to make a profit. It’s super important to make sure your purchase price allows for enough margin in the case that either the house repairs go 15% above the original budget or that the house resells for 15% less than originally planned. Never do a house flip project that can’t allow for those extra precautionary hiccups.”
  • Israel of AZ Home Offer
 
13. Offer With Confidence
“One of the biggest mistakes my first time homebuyer clients make in the current market is not being willing to submit aggressive enough offers for a property. We’re constantly in multiple offer battles and some clients miss out on a great home because they can’t get their mind around having to go over the top with purchase offer amounts, earnest money deposits, appraisal concessions, etc.”
  • Jeff of Buy Utah Homes
 
14. Do Extra Due Diligence When Buying Out Of State
“We purchased a property out of state and did not visit it since the acquisition price was very low. Looking at satellite images of the lot, there appeared to be a run-down cabin on the property and we marketed the lot accordingly. Unfortunately, the GPS coordinates given to us by the county assessor were off and the cabin was actually situated on the neighboring lot. By the time we realized this, we already had a buyer and had to renegotiate the deal.”
  • Erika of Gokce Capital LLC
 
15. Evaluate The Kitchen
“After all of the projects I’ve tackled in my real estate career, my biggest mistake was not looking into the kitchen enough before starting a renovation. We found out later on that the sewer line beneath the kitchen floor was collapsed. Not the easiest fix on a renovation, and not cheap either!”
  • Chad of House Buyers KC
 
16. Deeply Review The Title And Legal Description Of Properties
“My biggest mistake did come while I was helping a client purchase an investment property. They were buying a condo that was supposed to come with a parking space. The parking space was actually part of the negotiations; the sellers used it as leverage over the other comps in the complex. My clients agreed with the valuation of the space, and closed on the purchase. Months later, their tenant kept getting towed from the space that was supposed to come with the unit. As it turned out, the unit had been removed from title years earlier. I missed that when reviewing title work, and the legal description. While we were ultimately able to recover some cost for my client, I got very lucky. That mistake was on me, and could have caused a lot more trouble than it did. Will never make that mistake again!”
  • Bret of BSW Real Estate
 
17. Location, Location, Location
“Location is huge, home values rise much higher in areas where growth is high and more desirable.”
  • Marc 0f Sell Quick California, LLC
 
18. Factor In Additional Costs
“So many people buy to their maximum and forget to factor in the cost of moving and repairs/renovations AFTER the sale. Many new-built home owners forget they have to cover the windows after they pay to move.”
  • Deb of Priority Properties, Inc.

​That wraps up our deep dive into the mistakes and mishaps shared by 18 real estate experts. Real estate is an industry where you can prepare as much as you can, but learning by doing is sometimes the best way to experience the hurdles, get through them, and learn from them! Feel free to share your thoughts with us on your top mistake that you have experiences when buying and selling real estate.




0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Subscribe

    Author

    Julie Gardner, has been writing The Perspective for 18 years and has published more than 775 humorous but always informative, essays on life and real estate. 

    Picture

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    October 2014
    September 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    March 2013
    February 2013
    January 2013
    December 2012
    November 2012
    October 2012
    September 2012
    August 2012
    July 2012
    June 2012
    May 2012
    April 2012
    March 2012
    February 2012
    January 2012
    December 2011
    November 2011
    October 2011
    September 2011
    August 2011
    July 2011
    June 2011
    May 2011
    April 2011
    March 2011
    February 2011
    January 2011
    December 2010
    November 2010
    October 2010
    September 2010
    August 2010
    July 2010
    June 2010
    May 2010
    April 2010
    March 2010
    February 2010
    January 2010
    December 2009
    November 2009
    October 2009
    September 2009
    August 2009
    July 2009
    June 2009
    May 2009
    April 2009
    March 2009
    February 2009
    January 2009
    December 2008
    November 2008
    October 2008
    September 2008
    August 2008
    July 2008
    June 2008
    May 2008
    April 2008
    March 2008

    Categories

    All
    Business
    Design
    Drought
    Holiday
    Home Maintenance
    Homes For Sale
    Life
    Market
    Politics
    Renovation

    RSS Feed

    View my profile on LinkedIn
Piedmont · Oakland · Berkeley
 510.326.0840
[email protected]
DRE# 01431765
​COMPASS

  • HOME
  • COMPASS
    • WHY COMPASS?
    • COMPASS CONCIERGE
    • COMPASS BRIDGE LOANS
  • LISTINGS
  • ABOUT
    • ABOUT JULIE
    • A DYNAMIC PARTNERSHIP
    • CONTACT
    • PROCESS
    • TESTIMONIALS
    • PRESS
  • PROJECTS
    • BEFORE & AFTER
    • GARDENS
    • OUR TEAM
    • VIDEOS
  • BLOG
  • COMMUNITY
    • UTILITIES
    • SCHOOLS