Here is a list of the top mistakes that buyers commonly make:
1. Not realizing that if you don’t write a strong offer to purchase, the seller may reject or not respond to your offer.
2. Not realizing that if you don’t write a strong offer to purchase, you may lose the property to another more highly motivated buyer.
3. Not realizing that, without a confidentiality agreement, a seller need not treat your offer as confidential.
4. Not understanding when a contract becomes legally binding.
5. Entering into an agreement before checking title records, liens, and other things to ascertain whether the seller will be able to close escrow as scheduled.
6. Not understanding the legal implications of loan and inspection contingencies, and other contractual provisions.
7. Not obtaining seller’s disclosures.
8. Not conducting your own inspections and investigations as the buyer.
9. Not fully considering the legal, tax, credit, and other ramifications of homeownership, especially co-ownership.
9. Not properly handling a claim for property defects discovered after close of escrow.
Avoid these mistakes and be fully informed. Call us, if you or someone you know is looking to purchase a home in the Tri-Valley.
Source: C.A.R Legal Department