10 Mistakes Buyers Make

Dated: 03/02/2014

Views: 926

After being a real estate for more than a decade, I see the following mistakes made by buyers.

1.  Waiting to pull the trigger.  
You've found the perfect home in the right price range, but you get cold feet.  You wait a day or two to think about it, and then another buyer swoops in and does pull the trigger.  In the Denver market the houses are sold within hours of the listing going live the MLS.
2.  Not getting pre-qualified.  This is unfair to the sellers and the buyer.  Sellers are displaced from their home for showings.    The last things they want are agents dragging unqualified buyers through.    On the flip side of the coin, it is not far to the buyer because they could fall in love with a home that is out of reach financially.  An

3.  Choosing the wrong lender.
  There are numerous lending programs today.  It is imperative that a buyer gets with the correct lender who can offer the RIGHT loan for them.  Additionally, you want a local lender who you can meet face to face and is available to attend your closing.
4.  Calling all the listing agents of the homes you are interested in.  You need ONE agent that you can develop a relationship with.  You need ONE agent that will partner up with you and help you find what you need, and walk you through the entire transaction.  experience real estate agent will not put a buyer in their car without being qualified.   Calling multiple agents just mucks up the water.  That's not good for YOU.  
 5.  Taking advice from everybody that you know.   There is nothing worse for a buyer than getting advice from mom, dad, sis, cousin, Facebook friend, hairdresser, and their Uncle Vinny that sold real estate in Vegas back in the boom and dropped out of real estate as soon as the boom ended.   Too much chatter can be confusing, annoying and just plain incorrect.
6.  Not having a home inspection.  I don't care if the home is brand new.  I don't care if your Cousin Bob is a general contractor and didn't see anything "bad" during the showing.  Get a home inspection.  An inspector is going to see things that we can't with our bare eyes.    In addition to the home inspection, I recommend a sewer scope and a radon test.
 7.  Buying more than you can afford.  Congratulations!  You're pre-approved for $500,000!  Now get out there and buy that $500,000 home.  Then, shortly after closing, you realize that you're broke.  Heck, you can't even afford nice furniture for your big fancy home.  You can't afford to take your kids to a movie, your wife to a nice dinner, or me golfing.  Don't buy more than you can comfortably afford.  You do not want to be house poor.  Look at a comfortable/affordable payment.
8.  Not doing your homework on the area.  It is YOUR job as a buyer to do your homework on the area where you're purchasing a home.  We advise all of our buyers to look up crime rates in an area.  We also advice our buyers to do their homework on the school districts as well.   Be aware of the surroundings too.  Is there commercial going in close by, rail road tracks, electrical lines.  These things can make it difficult for resale down the road.
9.  Settling.  Buying a home is one of the biggest investments you'll make in your life. You want to be sure that the home you are purchasing is exactly what you want and need.  Can this home meet your needs for the next 5 to 7 years? 
10.  Looking to the future.  The average consumer buys/sells ever 5 to 7 years.  Will the home be an easy re-sale?  Is location good, does the layout work, and is that pool in the back yard a good idea?  (Not so much for Denver but a necessity in Arizona).
I am sure you have some of your own top buying mistakes.  Please feel free to share them with me -
ladawn@exitrealtycherrycreek.com
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LaDawn Westbrook

With more than a decade of experience, LaDawn enjoys educating first time home buyers, working with the 55+ community, relocation clients, sellers who want to downsize, step up purchase or anything in....

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