Who wants to make a mistake when purchasing the largest single investment in a person's life? I do not like making mistakes, especially when buying or purchasing. These are not in order of importance.
#10 Applying for a mortgage when you don't know anything about your credit history. A high percentage of Americans have some derogatory on their credit history. Look at the first before you start. Important to go with a good credit repair company if you find yourself in that situation. Team up with a good lender so that you can coordinate the timeline.
#09 Searching before getting financing pre-approval. In light of the financial events of last year, there are many changes occurring even on a daily basis that affects a person's ability to purchase a home. True that the interest rates are the lowest in years. However, there are so many more nuances to getting a loan that it is highly recommended that you meet with your loan officer. Biggest losers here are small business owners because the lending system is based on being an employee, tracking your W2.
#08 Understanding properties that are available. Many buyers start searching first and then defining what will work for their lifestyle. It is better to meet with a real estate agent to help facilitate the search process. Saves tons of time.
#07 Not working with a full service agent. There are a lot of part time agents who sell 1 house a year or do it as a hobby. There are about 145 things to consider in completing a transaction. As a buyer, you should have services that include confidentiality, accountability, reasonable skill and care, undivided loyalty, advocacy, and obedience to lawful instruction. "Why hire a professional realtor and then not listen?" Kandice G Re/Max
#06 Having a clear negotiating strategy. Price is about 80% of a deal. The remaining 20% are about terms which can include repair of current conditions, appliances at no cost, flexible move in date and other issues.
#05 Overlooking contingencies when asking for repairs during inspections. This can be the single biggest savings that you can make. Often a simple request that is not complete can result in a buyer required to purchase a property after inspections have been made and contractually the buyer is required to perform.
#04 Doing it yourself. More than ever before, it is important that a buyer is represented by an agent because agents have access to resources, data and experience that can help facilitate the purchase of a home faster and easier. Who are you going to have for inspections? what the title is clouded? How do you handle discriminatory language in the HOA documents for the property you are purchasing and the lender wants to strike it and the HOA doesn't meet to vote in another 6 weeks? The seller is paying for the services of a buyer's agent anyways. "I will never, ever buy a house again without an agent" Steve N
#03 Buying too much house. Make sure that you can afford the monthly payment on a 30 year fixed mortgage. If not, consider downgrading to a smaller house, choose a different neighborhood or look at a townhouse or condo. "Dangerous to buy out of your price range" - Andrea B K
#02 Buying new construction without an agent. Save both money and headache. New construction salespeople represent the seller who is a builder and will advocate for builders... period. By having a buyer's agent, you can make sure that the builder is accountable to timelines and completing what the builder promised to do. Also, there may be price incentives offered to buyer's agents not available to the general public.
#01 Waiting on the market to get better. Rates are the lowest in history. As rates goes up, your affordability goes down because the amount of house you can afford goes down as well. Also, many properties that will meet your needs and wants will come on the market and then be bought by other purchasers and you lose the opportunity.
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"Houston Area Real Estate Guide"http://www.houstonarearealestateguide.com/2010/06/tip-top-10-buyer-biggest-mistakes/?preview=true&preview_id=248&preview_nonce=a9d66d1492
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