Top 5 Mistakes First Time Buyers Make

 Top 5 Mistakes First Time Buyers Make


1. Buyers Do Not Ask Enough Questions
You want to ask as many questions as possible when it comes to home buying. This may be the largest financial purchase you'll ever make so you want to really get into the core questions so that you can better understand the process and what it takes to be a home owner. Make sure you have the phone number of every professional involved (realtor, lender, attorney, inspector etc.)

2. Not Being Pre-Approved Prior To Contacting A Realtor
Buyers tend to look at homes and/or contact a realtor before they actually know how much they would be qualified for through a mortgage loan company. I know the thought of having your own home is exciting but you don't want to get your hopes up nor waste the time of a professional so get approved first. Time and time, I have buyers call telling me how they are ready to buy then I send them to a lender and they cannot get loan approved due to their credit or debt/income ratio. This can be very discouraging to a buyer and most just give up thinking they can never stop the cycle of renting.

3. Submitting An Unappealing Offer
Yes we are currently in a buyers market however that does not mean to be heartless towards the sellers. Submitting a low ball or unappealing offer is not good and you also put yourself in the position for the seller to completely deny your offer and not willing to negotiate with you. This may be the home of your dreams that you are placing yourself and your family at risk of losing because you want a $200,000 home for $170,000. Put yourself in the sellers shoes...they still owe the bank the difference between the selling price and the loan balance. They have closing cost to pay out of pocket and surely the buyer will also want the seller to help them pay their closing cost in addition. Now, when dealing with a foreclosure, the seller is the BANK. Completely different...the bank has no feelings but an actual seller does do keep that in mind. Would you want someone to offer you an unappealing offer when it's time for you to sale?

4. New Buyers Tend Not To Think About Resale (Future)
When buying think "why would I buy this home?" because the next buyer will think the same thing. Make sure you are buying within a nice community with amenities, shopping and great school districts. You never know when you may need to move again due to a growing family or job relocation.

5. Some Buyers Do Not Submit Offer Quick Enough
As apart of my buyer process and services I ask buyers to select 5 total homes to view and then narrow down to 2 homes. A buyer that is indecisive and taking their time to decide on whether to submit an offer can really be upsetting. For every home YOU love there are 10 other buyers looking at that same home. Waiting to submit an offer leaves room for another buyer to take that home from right under your nose. Homes are gone just that quickly...a difference of 5mins. If you find a home in your price range, school district, near your job, you love the floor plan etc. please do not wait to submit the offer.



I hope these tips will be helpful for when you are ready to start a home buyer process. In addition to yourself...you may have friends, family or co-workers interested in become a home owner, I am currently accepting new clients. It would be my pleasure to be your advocate to becoming a home owner. Thank you.  www.soldbyyolanda.com