MISTAKES TO AVOID WHEN BUYING A HOME

1. Not Being Pre-Approved. Wouldn't it be a shame to make an offer on your dream home, subject to financing, and then get turned down for the loan. What a waste of time for everyone involved! Getting a pre-approval is like walking into a house for sale with cash in your pocket. You know how much you can spend and how long it will take to close the deal. When you tell the seller you have a pre-approval, it makes you much more attractive than buyers who have to make the offer contingent upon financing.
2. Not Doing Research. You and your real estate agent can save lots of time by looking at where you want to live, what you can afford, what school system you want for your children, how far the commute to work will be, etc. before looking at any homes for sale. It will make finding the ideal home a much easier process.
3. Not Doing Inspections. Many buyers become so excited about a home that they forget there is an adversarial relationship between buyer and seller. Seller wants to get as much as possible for the home. Buyer wants to pay as little as possible for the home. Many times, especially when dealing directly with a seller, buyers rely on their "gut" feelings as to the honesty of a seller in disclosing facts about the home. An independent home inspection will reveal the true condition of a home and avoid costly repair bills later.
4. Being In Too Much of a Hurry. Buyers frequently fall in love with a home and "have to have it" at almost any cost. It may be necessary to "sweeten" the offer to ensure it is accepted by offering to pay some extra portion of closing costs, inspections, being flexible with the closing date, etc., but all must be within reason. Your real estate agent can guide you on how to best proceed. Avoid over paying. Remember, some day you may want to sell the home again and you do not want to loose money on the sale.
5. Offering a Minimal Escrow Deposit. Buyers often try to place a minimal amount in escrow with the offer, giving the seller the impression the buyer is not very serious. A significant sum will draw attention to the seriousness of your offer.
6. Acting As Your Own Agent. Shakespeare once said "A man who represents himself has a fool for an attorney." The same may be said for a person purchasing a home without the assistance of an experienced real estate professional. People who work in the business of real estate have the advantage of experiencing many things the average home buyer will never encounter. Knowing the ways to negotiate an offer, how to best present it, what kind of inspections may be needed, types and sources of financing, reasonableness of an asking price, etc, are areas of acquired expertise.

Let us assist you in avoiding these and other mistakes and help to make your home buying experience as stress free and smooth as possible.