The Condo Mania Team
3 Typical Mistakes to Avoid When Buying a Condo
It's been a wild ride in the real estate world these last few years,and we have been working hard to keep up with those nuances that give our clients an advantage in this market. To help our visitors that haven't yet starting working with us, we've come up with 3 common mistakes that buyers make when beginning their Phoenix condo buying experience:
Not getting prequalified
We'll usually hear from new clients when they find something on the website they love. We're happy you folks are finding the website easy to navigate and are able to do some of your own research. However, when you find that perfect condo, THERE'S A GOOD CHANCE SOMEONE ELSE LOVES IT TOO! So speed is of the utmost importance. When we present an offer for our buyers, we need to include a pre-qualification form that shows the seller that our buyer can get a loan to buy the property. Depending upon the lender, this process may take a day or two. Meanwhile, that condo you love might have been snatched up. Unfortunately, we have this situation happen often, and that is why we may sound like a broken record when we ask you whether you have spoken with a lender when you call.
When looking for a lender to use, make sure you find a lender that has a track record for getting loans done, ON TIME. If you don't have a lender you've used in the past, contact us for a list of lenders we use often.
Bidding Too Low on a Hot Property
Sure, the average days on market for Phoenix condos is about 90 days, but the good stuff listed at the lowest prices will go within a week, and sometimes for OVER LIST PRICE. For most people, offering over list price goes against every fiber of their being. But listing agents sometimes under-price to get multiple offers, or they just plain price too low. One rule of thumb – if the photos make the condo look like a model, then you'll bet there will be some interest if it is priced well!
We deal with multiple offer situations every day and can help you formulate your plan to get the property you want at the best possible price.
Starting Too Late
Ah, remember the days of meeting with your real estate agent, looking at a dozen homes, putting in an offer, getting it accepted and entering escrow, all within a week? Well, all sorts of factors are causing this idyllic situation to be pretty unusual these days. Now, with bank-owned homes getting snapped up within days, short sale homes taking 4 months to close, and some sellers starting too high, a buyer needs to be flexible and start early! 3 months ahead of your target buying time is a good minimum, however we have clients that have been looking and putting in offers for over past 6 months! So please make sure you contact us early, or at least expect that the buying process may take longer than what you have been used to in past real estate markets.
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Though not guaranteed, information and statistics in this article have been acquired from sources believed to be reliable.
The Fair Housing Act prohibits discrimination in housing based on color, race, religion, national origin, sex, familial status, or disability.
Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.
Last Updated: 2022-07-05 06:55:22