While there are many options out there for home buyers, I have listed some of the common mistakes smart people make when buying their first home.
Mistake #1
Not knowing how much they can afford before they make an offer.
The easiest way to avoid this mistake is to get pre-approved for a mortgage, so you know in advance exactly how much you can afford.
Mistake #2
Not realizing in advance whom the real estate agent represents.
When you call the agent on the sign in the yard, that agent most likely is working for the seller. So beware that any information you give that agent may be used against you in negotiations with the seller. The best way to avoid this conflict is to find an agent willing to work with you as a Buyer's Representative. Ask about our Buyers Agreement with NuEra Realty.
Mistake #3
Not discovering hidden defects before they buy a home.
One of the most expensive mistakes is also one of the easiest to avoid, by having a professional do a whole home inspection before buying the home. Even if the home is new, we recommend full home inspections to avoid any problems in the future.
Mistake #4
Giving a Social Security Number out to several different mortgage companies while shopping for rates.
Before you give out your personal information, decide which lender you would like to work with. Credit inquiries may affect your credit rating and have a negative impact on loan amount, interest rate, etc. There is a two week window in which you can shop for loans. Check with your lender concerning this matter.
To avoid these mistakes, and to have a better understanding of the home buying process, contact me for a FREE homebuyer booklet that will explain the home buying process in simple terms, and show you how I can help make the process of buying your first home a much smoother process.
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Forbes.com offers the follow video tips for the first time home-buyer: View The Video
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Written By: Alecia A. Barnes -Proud to be a Realtor® in the State Of Oregon - Serving Albany, Brownsville, Corvallis, Eugene/Springfield, Halsey, Lebanon, Sweet Home, and the surrounding areas. If you are thinking of moving to Oregon, or are looking to list or buy property, give me a call, I'd love to help!
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I agree, Alecia, especially point #3--hidden defects. It is best to have a home thoroughly inspected before purchasing. One client, who signed a waiver stating I advised him to get an inspection, emailed me after closing. The water heater went out and he had to pay for it himself, since he elected to not have it inspected.