Any words of caution for a real estate buyer?

Yes, two unwritten "rules" come to mind. The informed buyer will keep both in mind.

One is familiar to most of us; it's called Murphy's Law. It says that "if anything CAN go wrong, it WILL, and it will go wrong at the worst possible time." Experienced Realtors know that something will go wrong in most transactions, and they need to be ready to handle problems and put out fires. Although the Realtor may not be able to prevent something from going wrong, from experience he or she will know how to handle the problem efficiently (if possible) and get past it. Experienced Realtors know that getting transactions closed is often a process of solving problems. Remember Murphy's Law. It never fails.

Another "rule" to keep in mind if you are a buyer: "If you snooze, you lose."

If you see a property you like, and are thinking of making an offer to buy it, don't dilly dally too long or you will lose out. Realtors see this scenario played out time after time, and the end result is always a disappointed buyer. If you like a property, you can rest assured other buyers are having the same thoughts about that property. The first one to make a reasonable offer and put some earnest money with it probably will buy the property.

You don't have to know everything about a property to make an offer to buy it. You can have a period of time after the contract is signed to inspect the property and decide whether to stay in the contract or keep looking. Make sure your Realtor explains your options as a buyer. The important thing is, if you want a property, make a decision and put the property under contract, or you may lose it to someone else. The serious buyer always has a checkbook handy so a check for earnest money can be written and an offer made to the seller. Be prepared.

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