12 Fatal Mistakes Buyers Make that Prevent them from Buying a Home
1. Do not get Pre-Approved
Talk to a qualified lender. They will request a few documents from you and let you know how much home you can afford. It saves you so much stress and heartbreak later on in the process, so you don’t fall in love with a home you cannot afford. It also helps make any offers on a home stronger, showing the seller you are qualified to purchase the home. Some sellers require them with the offer.
2. Look at property they cannot afford
Don’t waste time! Your house is out there, don’t let it slip away by looking at homes you cannot afford.
3. Do not take care of their credit
Check and review your credit report and make sure you have enough money to cover your monthly payment and down payment costs. Credit scores are a huge factor in determining whether you will qualify for a loan and what type of rates you will receive. Also, ask for my information sheet on what you can do to improve your credit.
4. Do not understand the buying process and pitfalls of the whole transaction
Ask for my steps to the home buying process put together by myself and a group of other local realtors experienced with working for buyers.
5. Having too many voices involved (not focusing on what they want!)
Don’t ask too many people for their opinions, it will just drive you crazy! Believe it or not, you know what you want, and will find it. Choose a person or two that you really trust (or your family that will be living with you) if you need a second opinion.
6. Talk too much! (listing agent, facebook, etc)
Just because everything between myself and my clients is confidential, it does not mean everyone else is working on your side as well. Never talk to the listing agent or other agents (they are working for the seller and do not owe you confidentiality) or even neighbors. Don’t put information out there on social media (Facebook) about making an offer on a home or any confidential details, you never know who is watching!
7. Not narrowing the process or adjusting their expectations (Being stubborn!)
It’s not bad to be picky, but it can really hurt to be unrealistic with your expectations. Always refer back to your needs assessment or list of priorities during the search to bring you back down to earth if needed! Don’t let your home slip through your fingers.
8. Becoming emotionally driven and letting the transaction become personal
Negotiation is a part of the home buying process. But is trying to “win” a negotiation by getting a low-ball price or refusing to budge on any offer worth losing a home you truly love? There is the chance for a lot of give and take, and remember, it is a BUSINESS transaction and negotiation. Know your limits. Try and keep personal emotions out of it as much as possible. I will help you.
9. Adhering to the contract schedule and following through with important dates
The official execution of the purchase contract only begins the transaction. Keep very close eye on important dates in the contract such as the loan application, loan commitment, inspections, and any other contingencies that need to be taken care of. All of these can delay or even kill a deal. I will keep you informed and aware of all of these dates and contingencies.
10. Honesty
BE HONEST. I cannot stress this enough. Be honest with yourself, with others, and with me! I want to do the best job representing you as I possibly can and I can only do that if you are honest with me and tell me what you are feeling throughout the transaction. It saves a lot of stress for everyone! Never feel hesitant to tell me anything. Honestly.
