During the home buying process, there are certain things you should always avoid. Steering clear of these mistakes could make a huge difference in your success.
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Finding a new home is a big deal, and it can be a daunting task to undertake. Today, I want to go over the things you should never, ever do during the home buying process.
1. Do not start the process without a real estate agent. Trying to navigate the market without representation would be a big mistake. You can certainly look online, but never dive into a serious home search without a professional by your side. I can’t tell you the number of times I’ve sat down with a seller who wasn’t in a good position by the time they were ready to list, all because they didn’t work with an agent when they bought the home.
Never dive into a serious home search without a professional by your side.
2. Don’t work with a lender who isn’t local or who you aren’t comfortable with. My team, my clients, and I have all consistently found that lenders from out of town simply don’t provide the greatest results. It is always better to work with a quality local lender.
3. Do not underestimate your budget. You should be very transparent about your budget with your real estate agent. If your budget is up to $400,000 but you tell your agent you’re only willing to spend up to $300,000, you’re going to be missing out on houses you may be interested in. Your agent should always guide you within your boundaries to find you the right property.
4. Don’t make any lowball offers. I understand wanting to get a good deal. However, you can’t ignore market data when you’re making an offer. Most sellers aren’t going to take a low offer very well and you will actually end up with a worse deal than you would have if you were more reasonable from the start.
5. Don’t forget about closing costs. Sometimes it’s possible to ask sellers to handle some of these costs. But, as the market heats up, more and more buyers are finding themselves shouldering most of these expenses. It’s important that you budget for these costs so you don’t have any surprises at the closing table.
6. Do not make any large purchases before closing. While approval is pending on your loan, it’s important that you maintain your credit. Making big expensive purchases can affect whether you will qualify to purchase a house or not. Save large expenses until after closing. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
3. Do not underestimate your budget. You should be very transparent about your budget with your real estate agent. If your budget is up to $400,000 but you tell your agent you’re only willing to spend up to $300,000, you’re going to be missing out on houses you may be interested in. Your agent should always guide you within your boundaries to find you the right property.
4. Don’t make any lowball offers. I understand wanting to get a good deal. However, you can’t ignore market data when you’re making an offer. Most sellers aren’t going to take a low offer very well and you will actually end up with a worse deal than you would have if you were more reasonable from the start.
5. Don’t forget about closing costs. Sometimes it’s possible to ask sellers to handle some of these costs. But, as the market heats up, more and more buyers are finding themselves shouldering most of these expenses. It’s important that you budget for these costs so you don’t have any surprises at the closing table.
6. Do not make any large purchases before closing. While approval is pending on your loan, it’s important that you maintain your credit. Making big expensive purchases can affect whether you will qualify to purchase a house or not. Save large expenses until after closing. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
