Biggest Mistake Buyers Make

By
Real Estate Agent with Coldwell Banker Residential Brokerage 573728

Every day, I get an email or a call from a buyer who wants to go out and see some homes that are for sale.  My first Question is always:  What is your price range?

Inevitably, the answer will be " Oh, I don't know, probably around xxx or yyyy.  I looked online and calulated monthly payments so I'm comfortable!"

My inner little voice sighs deeply....."Have you spoken to a lender?"  I ask.

Unless you speak with a lender who runs your credit and checks your finances, you really do not know how much you can afford.  You just think you do.  If your credit is poor, your interest rate will reflect that.  And different loans charge different fees.  

So, before you even start looking online for your next house, call a lender!!  The saddest thing for buyers is to fall in love with a $400,000 house only to then be brought back to reality and find out that they can only afford $325,000.  

So...Step 1 of the Homebuying process is to speak to a lender!

Posted by

Posted by

Susan Nealey

moving2maryland.com

Coldwell Banker Residential Brokerage

4 Church Circle

Annapolis, MD 21401

Serving Annapolis, Severna Park, and All Surrounding Areas

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Topic:
Home Buying
Location:
Maryland
Tags:
buyer
lenders
houses for sale
first time buyers
homebuying process
homebuying mistakes

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Rainmaker
386,844
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &

Susan Nealey, you really can't stress enough how important that is! We encourage all of our buyers to get preapproved before we start our search. 

Jan 21, 2015 02:04 AM #1
Rainmaker
875,910
Kevin Mackessy
Blue Olive Properties, LLC - Highlands Ranch, CO
Dedicated. Qualified. Local.

I always let prospective buyers know this.  This is the only place to start in this process. 

Jan 21, 2015 05:32 AM #2
Rainer
51,486
Marilyn O'Donoghue
Long & Foster Avalon - Avalon, NJ

I not only direct them to a lender but I explain Agency to them so they understand representation.

Jan 21, 2015 06:40 AM #3
Ambassador
2,344,490
MichelleCherie Carr Crowe Just Call...408-252-8900
Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty - San Jose, CA
Family Helping Families Buy & Sell Homes 40+ Years

Susan, you and I both heave that big sigh when we receive buyer calls like this.

Jan 21, 2015 10:46 AM #4
Rainmaker
2,472,369
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

HI Susan, I just wanted to drop by and say hello and welcome you to ActiveRain.  It's great to have you aboard.  Congratulations on your first appearance here in the ActiveRain Blogging arena.  Keep up the good work! This is so true. I moved over into industrial sales in the latter part of my sales career, so I didn't have much trouble with that any more.

Jan 21, 2015 10:27 PM #5
Rainer
4,383
Shapna Riyan
Brax Homes
http://www.braxhomes.com

Usually, buying a home or a property can be the biggest tasks to perform. So, when going for the home purchase process, it will be recommended to employ the right mortgage broker or adviser to make this process easier, because they are well trained and experienced professionals and will definitely help you in finding the right home from the selection of lenders.

Jan 22, 2015 02:21 PM #6
Rainmaker
396,315
Dana Hollish Hill
Hollish Hill Group, JPAR Stellar Living - Bethesda, MD
REALTOR * Broker * Coach

Susan - What a great first post to Active Rain. I love your no-nonsense style of writing and am really looking forward to your other posts. 

Feb 02, 2015 12:19 AM #7
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Rainmaker
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Susan Nealey

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