I was first introduced to the latin phrase, Caveat emptor, in my early real estate classes in college.
"Let the buyer beware" is not only an ominous warning, it's a contract law principle pertaining to the purchase of real estate. Basically, it states to the buyer that if you aren't the most educated on all the elements potentially affecting your home purchase and value, that's really your problem, dude.
As if buying a house isn't complicated and stressful enough!
"Let the buyer beware" is not only an ominous warning, it's a contract law principle pertaining to the purchase of real estate. Basically, it states to the buyer that if you aren't the most educated on all the elements potentially affecting your home purchase and value, that's really your problem, dude.
As if buying a house isn't complicated and stressful enough!
One day I'd like to advocate for Home Buying 101 to be included in all public high school and university core curriculum. Is it not the American dream? Yet no one equips you with the tools or knowledge as to how to actually prepare for, buy and eventually sell a home.
And in far too many cases, first-time buyers are taken advantage of due to the their ignorance. There are many steps along the way, and many chances for your lack of experience to cost you big time, now and down the road.
I have several friends and clients who purchased their first home years ago without the assistance of their own agent. Some never saw a copy of the Seller's Disclosure on their house (a document that describes any known damage to structure, any repairs, etc.) until it was too late.
Some weren't given the chance to see what that same house was purchased for in the past, or what other homes in the neighborhood sold for in the last year. These buyers weren't given a chance to see the full picture of the home's value. Many paid close to list price, only to find out that today, their home is not worth what they paid, or in some cases, what they still owe.
Some weren't given the chance to see what that same house was purchased for in the past, or what other homes in the neighborhood sold for in the last year. These buyers weren't given a chance to see the full picture of the home's value. Many paid close to list price, only to find out that today, their home is not worth what they paid, or in some cases, what they still owe.
These buyers, now trying to sell, are not alone in their predicament. Unfortunately, it's a very common occurrence and it can happen to anyone.
If you or someone you know looking to buy, I'd advise you to seek your own agent first things first. Find someone who is responsive to you, who will work for you regardless of your budget. Insist on being informed and find out what questions you need to ask. Most importantly, don't overextend your budget. Just because you can finance 2.5 times your salary, does not mean you should.
Fortunately in Hattiesburg, you can find great homes in a variety of price points. Just last month, I helped a client close on a 3 bedroom/2 bathroom home for less than $55k. These deals are out there if you hunt them down, which is where using a professional comes in.
Fortunately in Hattiesburg, you can find great homes in a variety of price points. Just last month, I helped a client close on a 3 bedroom/2 bathroom home for less than $55k. These deals are out there if you hunt them down, which is where using a professional comes in.
If you're a new buyer, you're about to spend more money that you've ever spent on a single purchase, so take the time to be sure it's right for you and that you're getting the best possible deal.
Have real estate questions? I'm easy to reach. I won't always tell you what you want to hear, but I'll give you facts so you can make the most informed decision.
Jacqueline Lee
Magnolia Real Estate
601-447-1954
Magnolia Real Estate
601-447-1954
