Mistake #6 -- Not Knowing Your Rights & Responsibilities

It is extremely important that you are well-informed of details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing contract. Can property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing answers to these kinds of questions could end up costing you a considerable amount of money.

Mistake #7 -- Limiting Marketing and Advertising of Property

Your REALTOR® should employ a wide variety of marketing techniques. Your REALTOR® should also be committed to selling your property; he or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your REALTOR® is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch with many potential buyers.

(c) Copyright 2005 Madan Ahluwalia. All rights reserved.

Madan “Raja” Ahluwalia is an Attorney at Law and Realtor. Raja offer his real estate clients a counseling-based approach to home buying, where client’s long-term goals are most important consideration and outweigh benefits of any single sale. Raja possesses a thorough understanding of real estate market and trends, based on years of involvement in real estate. He provides expert insights and helps clients understand timing, pricing and financing issues. Contact Raja at raja@kw.com or 650.430.4023.

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Madan “Raja” Ahluwalia is an Attorney at Law & Realtor. Raja offers his clients a counseling-based approach to home buying, where client’s long-term goals are most important consideration. He possesses a thorough understanding of market and trends, based on years of involvement in real estate. He provides expert insights and helps clients understand timing, pricing and financing issues. Contact Raja at raja@kw.com or 650.430.4023.

If your spending is out of control, don't put your home at risk by getting a home equity credit line to pay off your credit-card debts.

Shop for rates when market is calm. Rates change from day to day, so compare lenders. The quotes you get should all be from same time period.

Submit a neat application form; it shows you're business-like and efficient. It will be read and assessed by a human being; appearances count.

Only pay up-front fees to well-known institutions, or ones highly recommended by trusted sources.

Don't sign documents without reading them. As soon as possible, before you close deal, review documents you'll be signing, and make sure you understand them, so you won't have to sign them in a hurry.

Keep a copy of every cheque you write for your loan. If you call your lender about your loan, make sure you get full name of person with whom you speak. Make a note of it. You may be dealing with a large bureaucracy, and will need to refer to this conversation later.

If you find yourself in a dispute with a lender, don't send correspondence to same address you send your payment. You need to deal with decision-makers, not account clerks.