October 13th, 2017 8:55 AM by Jackie A. Graves, President
These errors can cost you the chance to
buy your dream home, and they can set you back financially.
blindly listen to advice from family and friends when searching for a new home.
a home, a lot can go wrong. Your seller, the lender, the appraiser or your
real estate agent could do something to inadvertently sabotage the purchase of
your new home.
yes, even you could make a mistake. Homebuyers make plenty of them.
in today's homebuying market, where demand is high and supply isn't, you can't
afford to make any mistakes. This doesn't even begin to scratch the surface of
what could go wrong, but if you're looking to buy a house, do what you can to
avoid making these classic homebuying blunders.
Not having your financing ready when you make an offer. If you
want a house, and you love it, you don't have any time to waste, says Ryan
Critch, chief executive officer of Ocean400 International Realty in Fort
today's environment if you love the house, don't leave without putting in your
offer, or the next family will," he says. "Countless times over the
last year families have experienced heartbreak by thinking about it. Get your
offer in fast, and think about it during the negotiation. Don't lose your dream
also says that when you make
your offer, you shouldn't suggest you pay less than what the homeowner is
asking. "In today's seller's market, we're often in multiple offer
situations, and sellers have little patience for low offers," he says.
Not looking at homes before you're ready to make an offer. This is
the period of homebuying where you're window shopping and learning about buying
a house. But many homebuyers skip this stage, says Kate Ziegler, a realtor in
recommends going to open houses as soon as you know you're in the mindset that
you want to buy a house. Just know that even if you fall in love with a home,
you won't make an offer since you haven't lined up the financing yet.
more properties you can visit in the early stages of a search, the more confident
you'll feel signing the offer when you do find – the one," Ziegler
looking at a lot of homes early in the process, "it will help you learn
what you're really looking for, give you practice evaluating potential homes
with some emotional detachment, since you're not ready to offer anyway, and
motivate you to keep moving forward as you see things come on and off the
market," she says.
this goes for any homeowner, and not necessarily first-time buyers, Ziegler
says, adding: "If you've been off the market for more than a year, you're
out of practice."
Skipping or skimping on the home inspection. Many
real estate agents say this is happening more and more, especially in a climate
where homebuyers are trying to close a deal before anyone else does.
don't do that, says Daniel Gyomory, a realtor with Century 21 Town &
Country in Northville, Michigan.
buyers want to save a few hundred dollars by not having an inspection done or
by having their family member who isn't a licensed inspector do the inspection.
This is a very big mistake," Gyomory says.
reasons why it's a mistake should be obvious – if there are roof leaks you
don't know about, foundation problems, mold issues or any number of reasons you
might not want to buy a house, an inspector will probably find them. Otherwise,
you'll find them – someday.
Blindly listening to advice from friends and family members. So you
think you've found a house, but this is your first one, and you think it'd be a
good idea to bring in Mom and Dad to take a look at the home with you. That can
be a bad move, says Joshua Jarvis, a real estate agent and owner of Jarvis Team
Realty in Duluth, Georgia.
one is common with first-timers," says Jarvis. "They go see 10 homes
after eliminating 50 on the internet, and they invite the parents or Uncle Joe
to see the home."
your parents and uncle care about you, any potential problem that they spot,
they'll share with you. And while that's admirable that they're looking out for
you, they didn't look at 50 homes on the internet or go to those other homes,
basing their decisions on their current perspective of their living situation.
If you're going
to rely on advice, then make the person go through as much of the process
as you can," Jarvis says.
sure, Jarvis is speaking from the perspective of an agent who has often been
close to a sale, only to have a well-meaning relative sabotage it. But chances
are, if you start talking to friends who are homebuyers, they'll tell you
stories of how a parent or in-law once talked you out of buying a home, and how
ever since they've wistfully wondered if they made the right decision.
expensive of a home. Gyomory says that this happens a lot.
buyers get their preapproval letter and want to look at houses that are at the
very top of their price range, without thinking it through," he says.
says that you should be thinking about not just those monthly mortgage payments
but the cost
of owning a home.
is, you need to be thinking about how much it'll set you back when you buy a
lawn mower or pay a service to cut your grass. You'll want to keep in mind that
when you buy a home, you'll soon be making the owner of a local furniture store
very happy. If you plan on having kids, someday you'll be begging them to turn
off the lights and asking, "Do you think I'm made of money?"
other words, to have a better future, think about those future costs.
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