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10 Mistakes to Avoid when Buying a Home

In All by Nathan Jones

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If you are in the market to buy a new home, then you have come to the right place.  McClellanGray.com is your one stop for all of your real estate needs. We understand that every home buyer is different and we are here to assist you whenever you are ready.  Don’t hesitate to Contact Us and see how a McClellan Gray Real Estate Buyers Agent can help make the home buying experience an enjoyable one and help you to avoid these common mistakes when buying a home.

1. Selecting the Wrong Real Estate Agent

It is important for a buyer to feel comfortable with their buyers agent. Buying a home can be a very personal experience and personal topics like finances will be discussed, so find someone who you feel good talking about those things with. Also find a buyers agent who cares about your situation. The agent should be looking for a property that best fits your needs and not just there for a quick sale. Find an agent that offers good advice, who communicates well and one that you feel is working for you.

2. Not Taking Advantage of Home Inspections

A home home inspection is one of the most important things to do when purchasing a home. A house can look great from the outside, but can have problems waiting below the surface. Home buyers should have the house inspected by a professional licensed home inspector. The purchase of the home can be contingent on a satisfactory inspection and repairs can be negotiated depending on the findings.

3. Always Looking for a Better Deal

We cannot predict what will happen tomorrow. The “perfect” house may get an accepted contract, a better house may come on the market, interest rates may go down…there is just no way for us to know. Listen to your buyers agent because they know the market, take their advice, be smart and do your  homework.

4. Overpaying for Perfection

Some buyers are fortunate enough to find the “perfect” house, but often times a buyers “perfect” may be out of their price range. Overpaying for a home and overextending yourself financially  can lead to, too high of a payment and a house that is hard to sell for what you have in it. Buy a house that is a good value. Have a payment that you are comfortable with and remember that doing home improvements over time can go a long way in achieving your “perfect” home.

5. Writing a Low-ball Offer

Everyone wants a good deal, but it is best to make a realistic offer rather than one that is going to offend the seller upfront. Sellers are typically put-off and do not take buyers serious that make too low of an offer. A low-ball offer can kill a deal and will give opportunity for someone with a good offer to come in and get an accepted contract.

6. Not Willing to be Flexible

A buyer who is not willing to be flexible can end up with a rejected offer. Understand that the closing date and move-in date may not be on the same day. A buyer who offers to give the seller time to move out will often times be more appealing, even if the seller doesn’t need the time. Being flexible shows that you are easy to work with, and that can mean a lot to a seller.

7. Having Unrealistic Expectations

Unrealistic expectations can lead to disappointment when it comes to trying to purchase a house. We all want an updated, 3000 square foot house for $100,000, but that is not possible in any market. Buyers need to be pre-approved, and then discuss with their agent what they are looking for in house. The agent will then search for properties in the buyers price range, look for ones that fits the buyers needs and that meet as many wants as possible. Another common mistake and unrealistic expectation occurs when a buyer wants to make an offer based on the “zestimate” . Zestimates are computer generated and should not be used when determining what a good offer would be.

8. Not Using a Real Estate Agent

Once a buyer finds the right agent, that agent will be working in their best interest. An experienced agent will help the buyer navigate the whole process and will be able to assist if any problems arise. Having an agent who knows the ins and outs of real estate is such a great asset and can help the buyer save money and offer protection from legal issues. Buyers agents are there to do things and take care of things that a buyer may not know about or may not know how to do. Having someone who has your back and who has gone through the buying process many times before is always a plus!

9. Getting too Emotionally Attached

This one is certainly easier said than done. When a buyer finds the “perfect” house, it is hard to look past that one. But the truth is, that may be another buyers “perfect” house too. Try not to get too attached until you have keys in hand, because anything can happen. Remember that there will always be another house if you lose one.

10. Not getting Pre-approved for a Loan

A pre-approval letter is a must in this fast paced market and can be the difference in your offer being chosen over another offer. A seller will take your offer more serious when submitting it with a pre-approval letter from a reputable lender.