5 Mistakes to Avoid When Buying a Home
We've compiled a list of common mistakes home buyers make. We wanted to share them with you so that you can avoid making the same mistakes.
Let us know in the comments if you can think of any other mistakes or learning experiences that we can share!
1. Not getting pre-approved before you shop
We've seen it happen before: buyers go out to an open house because they're "just looking" and they end up finding their dream home. If you haven't been pre-approved, you aren't ready to make an offer. Make sure you have been approved with a trusted lender so that you know exactly what you can afford and so you are ready to jump on the right house!
2. Not researching your real estate agent
This is the biggest mistake a buyer can make aside from NOT using a Realtor. In this market, some homes are getting over a dozen offers on them and an agent's experience and track record can be the factor when it comes to getting your offer accepted. Don't miss out on your dream home due to an inexperienced agent!
3. Foregoing professional help/using an "online agent"
This ties into not researching your agent and missing out on your dream home. Online brokerages don't have the local knowledge and industry relationships that local agents do. Make sure you are working with an agent that lives and works primarily in your area of interest.
4. Foregoing a professional home inspection
Opting out of a home inspection is a huge mistake as a buyer, no matter how great the condition of the home is. If a repair comes up during or after close of escrow, it is impossible to negotiate with the sellers if you don't have a home inspection to reference.
5. Purchasing large items while in escrow
While you're in escrow on the home of your dreams, the worst thing would be for you to affect your debt-to-loan ratio by purchasing a large item on credit. This could seriously affect your loan amount. Don't go buy that awesome refrigerator or a new car while your loan is in process!