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Common mistakes real estate buyers in Illinois make

Common mistakes real estate buyers in Illinois make

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Buying a piece of property is a large transaction. For many purchasing real estate, whether it be a new home, piece of land or commercial location, this is one of the biggest purchases they will ever make. When purchasing real estate, buyers should beware of these common mistakes in order to ensure that the process resolves smoothly and in their favor.

Preparing for purchase 

Many buyers mistakenly begin browsing through online listings, determining how many bathrooms they want and figuring out how much square footage they will need before they check their credit report and score.  When the decision to buy property is made, purchasers should get a copy of their credit report and go over it in depth in order to ensure that there are no inaccuracies. This should be done a few months before the buyer begins their search for property.

Another mistake property buyers often make is failing to get preapproved for a loan before they start looking at places. This can be problematic because many purchasers begin looking at properties they can’t really afford without knowing what they might be approved for. To obtain preapproval for a loan, property buyers should meet with a lender before their search begins and give them copies of their tax returns, pay stubs and bank and brokerage statements.  Doing this also puts potential buyers in a better position when they are in competition with another buyer for a piece of property that does not have preapproval.

After preapproval

Once the preapproval process is completed, many real estate buyers make the mistake of maxing out their spending power. For instance, if a home buyer qualifies for a mortgage worth $500,000, this does not mean that a mansion worth this entire amount should be purchased. It is best to be more conservative during the purchasing process in order to account for additional expenses that come with owning a piece of property.

Property inspections can alert purchasers to structural issues, faulty wiring and other problems that may not be easily identified during a walkthrough. In a real estate market that moves quickly, it may be tempting to skip this step in order to speed up the sale. However, this should be avoided at all costs in order to ensure that the seller doesn’t get away with hiding current and potential problems from the purchaser. 

Don’t take advice from the wrong people 

When buying property, relatives, friends, co-workers and even complete strangers may try and offer purchasing advice. However, those who run into problems or have questions about the purchasing process should turn to a real estate attorney who can provide them with assistance with the transaction.

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