Mistake # 2 - How Can You Lose THOUSANDS And Not Even Notice?

There are many many ways a buyer can lose money in the Real Estate Game. One less conspicuous way is by not bothering to review the appraisal report. It’s extremely important that one takes the time to review the appraisal carefully. As a buyer you are entitled to receive a copy but may not get it from the lender. Often buyers just want to know what the home was appraised for and as long as it’s greater than they’re paying everyone is happy and no one bothers to look at the numbers. Here is where a HUGE MISTAKE takes place and is easily overlooked, it’s in the size (sq. ft.) of the property. Be wary of listings that say they are larger than they actually are in order to give off a lower price per sq. ft. For example, the listing can say a home is 3000 sq feet when in fact the home is 2900 sq. ft. If the home is priced at $150 a sq. ft., a mere 100 sq. ft of missing space can actually cost you $15,000!