Buyer Error #12 – Losing Your Excitement

I want to alert you to what I personally believe is the most critical part of this process – have fun! Buying your new home can be daunting and overwhelming; as a result it is very easy to get stressed out with everything you are faced with.

Keep in mind that this is an exciting time…. don’t lose your joy!

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Buyer Error #11 – Not Knowing What You Sign

Before you sign, ensure that all documentation clearly reflects your understanding of the transaction. Is everything in place? Is there something you don’t want? Don’t rush. You could lose money, financing, or even the deal.

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Buyer Error #10 – Not Willing to Walk

If for some reason things are not working out, be willing to walk. This might be difficult, but if it does not feel right -walk… the next deal will be better.

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Buyer Error #9 – Not Keeping Up Your Momentum

Ready, get set… GO! Market conditions are dynamic, good houses sell fast, loan programs change.

Once you have all your ducks in order, get out there and put in offers. You might have to submit many offers before getting accepted. Don’t get discouraged and keep up your momentum.

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Buyer Error #8 – Not Allowing Enough Time

People will often try to time their home purchase with the expiration of their current lease.

Be sure to avoid having to move in with your mother-in-law… buying a house can be challenging enough.

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Buyer Error #7 – Not Getting a Home Inspection

Home buyers are often conflicted about whether or not to spend the money to hire a home-inspector. The responsible answer to this question is… yes, absolutely. Let me say this about cost; the price of an inspection is generally $250.00 – $400.00, compare this to the price of the house and I would suggest that it becomes fairly insignificant.

A good home-inspector will bring everything that is wrong with the house to your attention so you can handle it accordingly. Then there is the added benefit of being able to use the inspection report to get back to the negotiating table. I have literally saved buyers thousands of dollars in lowered purchase prices using a detailed inspection report.

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Buyer Error #6 -  Not Thinking About the Resale

Sooner or later you will be selling your home. Be sure to buy what is going to be desired by others when it comes time to sell. The more buyers you can cater to, the more chances you have of selling faster and at a higher price.

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Buyer Error #5 -  Not Thinking About the Ongoing Cost of Home Ownership

This part is overlooked by many. Don’t forget maintenance, improvements, taxes, insurance, and homeowners association fees are all costs in addition to your monthly mortgage payment.

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Buyer Error #4 – Not Having a Time Frame in Mind

Before you buy, ask yourself how long you want to live in the house you are about to purchase. Reselling a house is not an overnight thing, and there are costs involved. Attempting to sell shortly after you bought might prove difficult.

Next, there is also the question of how long will the home meet your needs. If you don’t feel comfortable with a three to five year time frame, you might want to reconsider.

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Buyer Error #3 – Not Getting Pre-qualified

Schedule a meeting with your loan officer and get pre-qualified. This important step will help you find out exactly what dollar amount you qualify for, and give you an idea of what you can afford.

Keep in mind that you might need money for a down-payment as well as closing costs. Find out if you qualify for a loan program with low or no down-payment. Also, talk to your realtor about the possibility of asking the seller to pay for your closing cost.

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