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Urban Nest Realty - 10220 W Charleston Blvd, Las Vegas, NV 89135

Las Vegas: (702) 793-9118

Henderson: (702) 751-7251
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Top 10 Buyer Traps

Top 10 Buyer Traps and How to Avoid Them

As you now it, buying a home is a major step forward in your life. Here is a non-exhaustive list explaining the major traps that buyers can fall into :

  • paying overprice for the property they desire, or
  • losing their dream home to another buyer or,
  • buying a property that doesn’t suit their needs.

A systematized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that’s best for you.

Top 10 Buyer traps

In this top 10 buyer traps, we will show you how to recognize them and how to avoid them:

1. Bidding Blind

What price should you offer when you bid on a home? Is the seller’s asking price too high, or does it represent a great deal. If you fail to research the market in order to understand what comparable homes are selling for, making your offer would be like bidding blind. Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an excellent value.

2. Buying the Wrong Home

What are you looking for in a home? A simple enough question, but the answer can be quite complex. More often than not, buyers have been swept up in the emotion and excitement of the buying process only to find themselves the owner of a home that is either too big or too small. Maybe they’re stuck with a longer than desired commute to work, or a dozen more fix-ups than they really want to deal with now that the excitement has died down. Take the time upfront to clearly define your wants and needs. Put it in writing and then use it as a yard stick with which to measure every home you look at.

3. Negligence Relating to Utility Bills and Taxes

Asking for the past 12 months of utility bills can provide peace of mind as to the financial impact electricAntonyAugay-Invesment
and water bills play on your budget. An outrageously high water bill might indicate a leak. Higher than
expected electric bills might suggest an overhaul of the home’s appliances and AC systems are needed.
NOTE: Sellers who can’t locate their bills can probably find them online or get them from their

Also, make sure you understand your tax bill. Is the property homesteaded? When can you apply for
homestead yourself? Properties that are not homesteaded might see the assessment of a home after
the purchase increase differently than properties that are homesteaded.

3. Unclear Title

Make sure very early on in the negotiation that you will own your new home free and clear by having a title search completed. The last thing you want to discover when you’re in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undisclosed owners, easements, leases or the like.

4. Inaccurate Survey

As part of your offer to purchase, make sure you request an updated property survey which clearly marks your boundaries. If the survey is not current, you may find that there are structural changes that are not shown (e.g. additions to the house, a new swimming pool, a neighbor’s new fence which is extending a boundary line, etc.). Be very clear on these issues.

5. Undisclosed Fix-ups

Don’t expect every seller to own up to every physical detail that will need to be attended to. Both you and the seller are out to maximize your investment. Ensure that you conduct a thorough inspection of the home early in the process. Consider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector’s report. This inspector should be able to give you a report of any item that needs to be fixed with associated, approximate cost.

6. Not Getting Mortgage Pre-approval

Pre-approval is fast, easy and free. When you have a pre-approved mortgage, you can shop for your home with a greater sense of freedom and security, knowing that the money will be there when you find the home of your dreams.

7. Contract Misses

If a seller fails to comply to the letter of the contract by neglecting to attend to some repair issues, or changing the spirit of the agreement in some way, this could delay the final closing and settlement. Agree ahead of time on a dollar amount for an escrow fund to cover items that the seller fails to follow through on. Prepare a list of agreed issues, walk through them, and check them off one by one.

8. Hidden CostsAntonyAugay-Vegas-by-night

Make sure you identify and uncover all costs – large and small – far enough ahead of time. When a transaction closes, you will sometimes find fees for this or that sneaking through after the “sub”-total  fees such as loan disbursement charges, underwriting fees etc. Understand these in advance by having your lender project total charges for you in writing.

9. Rushing the Closing

Take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign. Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted. Is the interest rate right? Is everything covered? If you rush this process on the day of closing, you may run into a last minute snag that you can’t fix without compromising the terms of the deal, the financing, or even the sale itself.

Antony Augay has an extensive knowledge of these majors traps and other small ones and will be happy to show them to you and help you avoid them.



( – Top 10 Buyer Traps – All rights reserved to Antony Augay  – Antony Augay Real Estate Agent and Realtor® in Las Vegas, Nevada).