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10 Most Common Mistakes Of Home Buyers
Dated: February 3 2014
1. Not knowing how much house you can afford. Many home buyers make this first mistake—shopping for a home before they know what they can afford. It is always best to talk to your mortgage representative to determine what is available to you and obtain a pre-approval letter. If you don’t have a mortgage rep, no worries, your Realtor will have a few references.
2. Assuming foreclosures are great deals. Having an experienced Realtor to help you navigate this market is essential to avoiding disaster down the road.
3. Letting your true feelings show. Be open and objective to all properties while searching. Jump for joy at the closing.
4. Failing to find a good buyer's agent. Some qualities to look for in a good agent: Market knowledge, experience, honesty, and professionalism.
5. Underestimating the costs of owning a home. Don’t forget the closing costs, utilities, taxes, insurance and possible repairs or renovations. 6. Failing to budget for property taxes. Always inquire about taxes for each property. Location will have an effect on property taxes. Your real estate agent can help you find out this vital information.
7. Assuming your first offer will get accepted. In real estate, everything is negotiated.
8. Skipping the inspection. Although I will cover home inspections in a future blog—remember that an inspection will give you peace of mind. 9. Doing too much too fast. Rushing into anything is never a sound business.
10. Failing to include a contingency clause in the contract. Your Realtor is your guide through the buying process. If there is a contingency, communicate that early on for a smooth, seamless closing.
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