The 10 deadly mistakes that buyers make are:
1. Making an offer on a home without getting pre-approved by a bank or a mortgage broker. Some times it takes a few days to get approved, so a pre-approval will insure you are able to meet the finance deadline stipulated in the offer, plus you will know exactly what price range you should be in.
2. Trying to save money by not having a home inspection. A qualified inspector can detect issues that many buyers might overlook.
3. Limiting your search to open houses, ads, or the interent. Many homes are sold before they appear in an ad. Contact a realtor and get the most up-to-date information on what is available.
4. Choosing a realtor who is not committed to forming a strong business relationship with you. Choose a professional who is dedicated to serving your needs, before, during and after the sale.
5. Thinking there is only one perfect house out there. Buying a house is a process of elimination, new properties arrive on the market every day, so be open to all possibilities.
6. Not considering long-term needs. It is important to think ahead, will the home suit your needs 3-5 years from now?
7. Not examining insurance issues. Purchase adequate insurance, an insurance agent can provide you with answers. Just ask.
8. Not knowing total costs involved. Early in the buying process, ask your realtor or your lender for an estimate of closing costs. Ask your lawyer up front what his fees and closing costs will be.
9. Not following through on due diligence. Make a list of any concerns such as schools, power lines, flood zones, etc. before you make an offer on the home.
10. Not adhering to deadlines stipulated in the purchase agreement. Buyers should be very aware of deadlines set for financing, inspection, water tests, etc. Missing a deadline could result in the deal going sour. Quite often there are other buyers waiting in the wings, ready to step in with their offer.
Remember, working with a good realtor will make your home buying process enjoyable. Have your realtor show you what is available, narrow the search to the homes you are interested in, go for a tour and make an offer. Ask questions? If you are new to the area, drive around and look at the different neighborhoods. Get a feel for where you would like to live. A professional realtor wants to build a relationship with you. A good realtor wants to be there for the purchase of this home and any of your future real estate transactions.
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