Most of us have bought at least one car. We want to buy for the lowest price, while the dealership wants to sell for the highest price. We negotiate with the dealership until both sides agree. It's the same when buying a home. Buyers wants a deal while sellers want to receive the maximum amount for their home.
Some homebuyers unintentionally make mistakes when buying a home in Maryland. Avoid the top 3 mistakes homebuyers make:
The first mistake is not speaking with several lenders. Just like each auto insurance company offers different coverages and rates, each lender offers different mortgage types, interest rates and fees. Loan types can include Conventional, FHA, USDA, VA. Additionally, there are a variety of grant programs available and the Maryland Mortgage Program. However, not every lender offers these programs. Homebuyers who do their homework will find the best program to meet their needs.
The second mistake is "low balling" when making an offer on a house. This strategy rarely works and often results in disappointment. Submitting a low offer is insulting to homesellers, and many times another buyer comes along at the same time. That buyer makes a better offer and ends up buying the house. The availability of public data rarely justifies "low balling".
The third mistake homebuyers make is not using a buyer's agent. Just like you wouldn't go to court without your own attorney, buyers shouldn't buy a house without their own dedicated buyer's agent. Listing agents work exclusively for the seller and can offer no advice to a buyer. Buying a house from the listing agent only benefits that agent's pockets. A buyer's agent costs homebuyers nothing, ensures confidentiality, and provides expert guidance throughout the entire process.
Buying a home is the largest purchase of most peoples' lives. Don't make the same mistakes others have made!
[Melissa is an Accredited Buyers Agent, a designation issued by the National Association of Realtors. Contact Melissa for the homebuying experience you deserve!]