Ten Mistakes Home Buyers Make

  • Not knowing how much home you can afford-Contact a lender and get pre-approved for a mortgage.  This helps you avoid falling in love with a home you cannot afford.
  • Not hiring a buyer’s agent-A buyer’s agent is dedicated solely to the needs of their client, providing  valuable local area knowledge and experience.  The Buyer’s Broker Agreement defines the agent’s fiduciary responsibility to the buyer, who  does not pay for the agent’s service.

  • Assume that bidding the asking price will get your offer accepted-Even though we are in one of the strongest buyer’s markets in history, it is not uncommon for seller’s to receive multiple bids on their property.  Work with your REALTOR to develop a bidding strategy

  • Believing foreclosures are the best deal-Recognize the fact that foreclosures can require costly and time-consuming repairs that you did not budget.  Some foreclosures could have damage related to sitting empty for extended periods of time. 

  • Skip the home inspection-The home inspection is the one chance you have to get an unbiased view of the homes’ structural and mechanical components.  If there is a costly repair or maintenance issue, you can withdraw your purchase offer.
  • Failure to include a contingency clause-This clause provides for the return earnest money if your mortgage financing falls through before the loan is closed.  Common reasons include lost of income, employment or changes in lending standards.

  • Falling in love with a home-Never tip your hand by allowing the seller’s agent see how much you want a house.

  • Not knowing the invisible costs-Being able to afford the purchase of a home is one thing.  Being able to afford to own a home is another.  A good REALTOR  should be able to help you estimate maintenance costs as well as monthly expenses such as  utilities and  insurance.

  • Not factoring for the property taxes- Your REALTOR should be able to tell you the current taxes on the property but a quick call to the county tax assessor’s office can determine if there are any tax increases in the foreseeable future.  If the community is growing, chances are the property tax liability will grow too.  

  • Invest too much in upgrades-New owners can allow their enthusiasm to get the best of them and invest in upgrades that have a limited return on their investment.



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Fiduciary Real Estate Services
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