Buying Tips

Three Major Home Buying Mistakes

Mistake # 1

          Refusing to Confide in a Trusted Advisor

This advisor could be your real estate lawyer or real estate agent. Buyers withhold information for a variety of reasons such as:

• Fear of how they will be perceived
• Irrational belief they have all the answers
• Don't feel it is important enough
• Lack confidence in their advisor

Experienced real estate professionals handle such a multitude of transactions and personality mixes, there's little they haven't heard before. Your advisors are representing your best interests and have a fiduciary responsibility to do so. They can't help you if they don't know what you are doing behind their backs. Plus, they will likely have a better idea for you than you can dredge up.

If you have cold feet and have thoughts about backing out of the transaction, talk to your agent about those feelings. She can help walk you through the anxieties. Pros will help you to determine if you really need to cancel and, if so, manage the transaction so you can get your deposit back.

Mistake # 2

          Altering Financial Pictures Prior to Closing

Do not buy anything on credit and / or with a credit card once you have completed a loan application. Do NOT buy:

• Automobiles
• Washers, dryers, refrigerators
• Lawnmowers or garden equipment
• Expensive electronics or computers
• Furniture for your new home - Even if it’s Interest Free or No Payments for a period of time.

Slight alterations in your credit ratios could cause the underwriter to throw out your loan and deny it.

Mistake # 3

          Buying the Wrong House

The very first thing home buyers should do is make a list of priorities to define their home purchase objectives. Figure out what features and benefits are most important and which you can live without. Before you sign the purchase agreement, review this list. It's easy to overlook a major factor that could come back to haunt you later.

Learn the area and neighborhood prior to making an offer on a property. Drive the area at different times of the day and night to make sure you’re there are no surprises. Ask you realtor where you can research information about local crime statistics, school districts and other important factors that could adversely affect your resale value as well as your quality of life.