Tracy California Homes For Sale: 5 Mistakes to Avoid
Have you ever experienced buyer’s remorse? You rushed into purchasing something and later were left wondering what possessed you to spend your money on it. We have all been there before. But there is a big difference between buyer’s remorse on the latest gadget, and buyer’s remorse when it comes to Tracy California homes for sale.
Buying a Tracy house for the first time can be an overwhelming process. And if you aren’t careful, you can find yourself making mistakes that will cost you in one way or another. There is a lot to keep track of when you are purchasing a Tracy home, and these five mistakes are ones that you are going to want to avoid when it comes to Tracy California homes for sale.
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Being Controlled by Your Emotions
Our emotions are fickle and they don’t often lead us into making wise decisions. When you find the “house of your dreams”, remember that there are still other houses on the market that you will love. Too many Tracy homebuyers allow themselves to be devastated if they lose the house they really wanted to buy.
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Using the Listing Agent
The listing agent is working for the seller. While they may have the most information about the Tracy house, they are not going to represent you well because their allegiance is to the seller.
Feel free to look at Tracy open houses and speak with the seller’s agent, but when it comes time for negotiations, do not rely on the listing agent to work on your behalf.
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Not Having Enough Money
Not only do you need the down payment and good faith deposit, you also need to purchase the Tracy house and pay the rest of the closing costs. Once you walk away from the closing table, there will still be expenses that you will need to cover.
This could be smaller costs, like bills, or bigger items, like purchasing new appliances.
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Skipping the Pre-Approval Process
Getting pre-qualified for a mortgage does nothing. However, getting pre-approved can help put your offer above the rest in a multi-offer scenario. Taking the time to get pre-approved also lets you know how much of a house you can afford.
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Private Mortgage Insurance
If you don’t make a 20% down payment on your Tracy house, you could be required to pay private mortgage insurance. You will have to keep paying it until you have 20% equity in your house.
While it may not seem like a big deal, the extra interest can really add up quickly. If you fail to cancel the PMI once you have reached 20% equity, you will continue paying it for no reason. Your mortgage company will remove the PMI when you are at 78%.
Buying Tracy California homes for sale is expensive and if you aren’t careful, it can be even more expensive than it needs to be. Take the time to learn what to expect and what to be prepared for. Then you will be able to commit and purchase the home your heart is set on, while avoiding these five mistakes.