real estate

7 ways homebuyers overpay

Buyer in a hurry
Buyer in a hurry © wavebreakmedia/Shutterstock.com

Typically, buyers spend months or more searching for a home. But not all buyers have that kind of time, especially if the purchase is driven by a life change, such as a new job or a divorce.

"Any time a lengthy process is condensed into one or two weekends, the potential for mistakes is amplified," says Ziad Najm of Cedar Real Estate in South Orange County, Calif. "If not handled properly, a rushed purchase during a potentially stressful life change can often lead to buyer's remorse on multiple levels, including overpaying or choosing a home in the wrong area."

A buyer in a time crunch can mitigate the problem by working with an experienced agent who is active in the area, he says.

"Neighborhoods tend to have nuances and trends that are not necessarily obvious to most buyers," he says. "An experienced agent may have specific knowledge about a property that can be advantageous to the buyer, especially if they're on a tight timeline. It could be that they know of a house that's a better fit, or they might have a local's understanding of maintenance issues, for example."

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