Working in the business of helping people move, I regularly come across disappointed buyers who failed to secure the home of their dreams. If you’re thinking of moving, there are 4 common traps to avoid to reduce the risk of losing a property to another buyer.
- Waiting until they’ve found the perfect home before they list their own home on the market for sale.
Unless you are prepared to run the risk of having to take out expensive bridging finance, it is important to be ready to buy if you’re serious about securing the perfect home. This means having your own home sold or listed on the market for sale so you will have ready access to funds for a deposit on your new home.
- Procrastination & over-shopping
Some buyers have a tendency to procrastinate when it comes to making a decision. They will say something like, “We love it! But we’d better keep looking just in case there’s something even better out there…” Unfortunately these buyers often miss out on the property they love because they’ve failed to make a decision before another buyer comes along and takes it off the market.
- Failing to secure finance
Shopping around for finance (especially these days when there is so much competition between lenders) and obtaining finance approval can take a considerable amount of time to organise. Some people are also disappointed to learn that they aren’t eligible for the amount of finance they require, putting the home they love out of the ball park. My best advice is to secure your finance early if you’re serious about buying.
- Failing to list their details with an agent
An increasing number of homes these days are listed for sale ‘undercover’ meaning they aren’t advertised. Registering your details with an agent, including what you are looking for in a property, allows the agent to alert you to all the properties (advertised and non-advertised) that match what you’re looking for.
Remember, you could be competing with many other buyers for the same property, especially when the marketplace is moving quickly. Being prepared allows you to act decisively. If you love it, secure it before it’s gone.