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Be a smart consumer and a savvy buyer.  A little preparation can make the finding and purchasing of your new home a positive process and experience.  Explore our list of common pitfalls good buyers avoid.

Deciding Not To Talk To A Lender First

A phone call and a little time invested pays huge dividends.  Learn financing basics and learn about financing options and programs.  Ask questions and more questions.  Get pre-qualified.  Determine what you can spend and what your price range is.  Learn about current mortgage rates and what lender’s fees are.

Adding to Current Debt

Don’t make major purchases until after you have closed on your new home.  Don’t apply for new credit cards and pay down debt on existing ones.   Lenders evaluate your financial  picture on gross monthly income.  Wait to buy that new car or refrigeration until after your purchase.

Buying On Impulse

The term “buyer’s remorse” does happen and often with buyers who have acted impulsively.  Make a short list and make a long “want” list.  Does the home hit your key notes on the short list and how many does it make on your long list?  Size, closet space, laundry location,  backyard size, commute times all are factors to reflect on.

Making A Weak Offer

Most sellers and their agents have carefully evaluated the comps for the resale market and priced accordingly.   Sellers want a fair price and they want to know that a buyer is serious.  Include fair and reasonable amounts for the closing date, ernest money and the due diligence fee.   Getting your negotiation off on the right foot with sincerity can be important.

Taking Too Much Time

Homes in our recent market can sell quickly or in multiple offers.  Moving quickly to contract your agent to see new listings or searches from emailed updates sometimes is vital.  Be ready to make a fast decision based on your homework.   Instant communication can make the difference in selecting the right home or losing the opportunity.

Skipping The Sage Advice

Skipping a few steps in the buying process can be trouble in time – lets make sure you have all the facts on your purchase.   Hire a licensed home inspector, and chimney  or HVAC inspector if needed.  Have your home appraised.  Most lenders will require this.

Get a new survey on the property.  Make sure it has boundaries marked and any encroachments shown.   Make sure all you expect with the purchase is listed in the contract.  All appliances, curtains, lawn item need to be named as included.   All agreements need to be in writing.

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Plastic Model House BE 6
American Money 2