Mistakes People Make When Buying a Home, and How to Avoid Them
Buying a home is a great accomplishment and a big investment. With the excitement and adrenaline that comes with such responsibility, it could be easy to make a few mistakes. Here are a few of the common mistakes I see clients make when starting their home search in the Charlotte area.
- Accepting the first pre-approval: Applying for a mortgage loan is the first step in the home-buying process. Getting approved for a mortgage loan is an even greater step, however you are not obligated to stick with the lender who approved you. Shop around, compare interest rates, compare incentives, compare time frame, and make sure you understand what is being offered to you. Each lender is required to provide you details of the loan within 3 days of you applying, use this to your advantage.
- Procrastinate: We’re all guilty of this in at least one aspect of our lives! However, you do not want to be a procrastinator when it comes to the home buying process. Once you get approved for a mortgage loan, start looking at houses for sale. Waiting around after an approval is like waiting in the emergency room after you check in, it gets worse before it gets better. As soon as you find a house you love make an offer as soon as possible. Waiting to “think about it” or “sleep on it” when making an offer lowers your chances of getting the home. Don’t miss out on your dream home with emotional banter, use the facts and make an offer.
- Try to do it on their own : It is imperative as a home buyer that you have an exclusive buyer’s agent to help you with the home buying process. A professional real estate agent will protect your best interest and represent you throughout the process. If you don’t have an agent, an already stressful process becomes more stressful and you could lose money. By the way, buyer representation is no cost.
- Window shop: I’m guilty of this but I try to keep my clients out of the window shopping phase. When searching for homes for sale, make sure you are only looking at homes that meet your criteria. Going to every open house or every house that’s listed in your desired area will create confusion and frustration. Simplify the process by narrowing down your options and committing to specific criteria.
- Low-ball offers: Sometimes low-balling is necessary, other times it’s not. Your offer shows how serious you are about a home. If your offer is too low the seller may not even consider it. As a realtor, it is imperative that I educate my buyers on how sellers view their offers and provide creative ways to entice the sellers.
- Be specific: When searching for homes for sale, most real estate websites or search engines have an advanced search option. Be specific about the must-haves in your home, and use these advanced search options to your advantage. Broadly searching will not help you narrow down your choices, and you’ll become a window-shopper.
The best way to avoid these mistakes is to hire a professional real estate agent for all of your home buying needs. As a relocation agent I can assist with finding the most qualified realtor for your needs in any part of the country. Remember that your agents helps you control the process, while you make the decisions!