1. They don't ask enough questions of their lender and end up
missing out on the best deal. Some of the questions are: Where is my
loan originating from? Who will service the loan? What are the fees?
How can I get a lower interest rate? What is private mortgage
insurance? What other products do you offer?
2. They don't act quickly enough to make a decision and someone else
buys the home. So you have seen 20 homes and you really want the first
home you saw...but you are scared to make a decision. What if you find
something better. A common thought if you didn't know what you wanted
to buy in the first place. You thought you did, until you actually got
out there and started searching. It seemed there are things you thought
you wanted but now you think you don't. Or you simply don't know what
you want. While you are pondering your agent calls and tell you the
house that was at the top of your list is gone. Now every house you
look for has to live up to that house. If only....................
3. They don't find the right agent to help them find through the
home-buying process. So your agent calls you back
eventually.......while you search the Internet looking on your own,
calling on every house you think you may like. Mistake....a good agent
already has sent you the properties that fit your criteria, cutting
down on time and homes your agent knows you will not like based on what
you told them. Or your agent is part time and has to show you the house
next week. Or your agent knows nothing about the area you want to buy
in. Ask your agent questions to see if it is a good fit.
4.They don't think about resale before they buy. The average first
time buyer only stays in a home for four years. So now you have
selected your home cause you love it, but it is in a neighborhood that
seems on the downswing....there are several vacant homes on the
block....the schools are just okay, but you have no kids now, so what.
All these play into the long term value of the property. It is
true...it is location, location.location...research the location before
looking.
These mistakes can easily be avoided by doing your homework before
buying. You have started by reading my blog. Contact me if you need
help!