Homebuyer Mistakes You Should Avoid

Dated: 02/04/2015

Views: 622

Homebuyer Mistakes You Should Avoid


Having been in the business long enough to see, and make, plenty of mistakes happen, I decided to created a little cheat sheet to help homebuyers avoid critical mistakes that cost them homes, and help agents avoid disappointing and losing their clients.

The biggest mistake I see most first-time homebuyers make is submitting low, un-competitive offers. This can be a frustrating problem for agents, buyers and sellers. Now there are always exceptions to the rules, but for the most part, listing agents and buyers agents have analyzed their local market to determine a competitive price for a property. Sometimes, when first starting the buying process, home buyers feel compelled to make low offers because they are afraid of "paying too much". This is one of the biggest critical mistakes I see happen. What makes the mistake so frustrating is that most buyers don't understand that your lender will prevent you from paying too much when they run their appraisal. If you "paid too much" your lender will let you know, and the real estate contract gives you the opportunity to renegotiate or change your mind. Most people will under-bid a property in hopes to save a little money, but they end up costing themselves great homes because they often don't get a second chance to make an offer. If you offer $10,000 less than asking, you're only saving yourself about $50 per month on your mortgage, most people won't consider that worth losing a house over.

The second biggest mistake I see homebuyers make is nit-picking inspection items. Most buyers don't really understand the reason of an inspection, and look at it as an opportunity to have every loose nail and broken blind replaced. The real reason to get an inspection is to ensure the structural and mechanical systems of a property are in fine working order, and to make sure that you wont have any major repairs in the years following your move-in. Inspectors should be looking for cracks in foundation, roofing problems, electrical and plumbing failures etc... As a homebuyer you have to be careful to choose a quality inspector who will search for the big problems, and will let you know about the small issues to look out for.

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