NEVER MAKE THESE MISTAKES When Buying a Home

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BUYERS MISTAKES

The most common mistakes that homebuyers make can be disastrous, leading to unwanted process delays and financial issues down the road. Here are some of the most common mistakes made by home buyers and how you can avoid them.

Buying a home is exciting and mistakes can translate to the loss of thousands of dollars. Home buyer’s

should get guidance on what to do AND what NOT to do.

The most common mistakes that buyers make are:

1. Don’t shop for homes without an agent 

This Agent will guide you through every step of the home buying process: finding the right property, writing

a winning offer, negotiating, Home inspection, repairs, and closing).

2. Meet with more than one mortgage lender

Get pre-approval for a home loan (Mortgage). You need to feel comfortable with the lender you choose. You want

a lender who asks probing questions listens to your answers, and presents you with intelligent options.”

3. Know your budget

Don’t hide your true budget from your real estate agent. You might miss out on a great house.

4. Don’t hold out for the ‘perfect’ Home

 “Dream Home”,  There’s no such thing as a perfect house! You should create a list of “musts” and “wants” to

identify your criteria and focus on what really matters to you.

5. Don’t make ridiculously lowball offers

You obviously want to get a bargain, but you could lose out on a home that you love by making an absurdly low

offer. The seller, might not even be willing to make you a counteroffer. Trust your agent to help you assess the

value of a house and write a winning offer.

6. Don’t forget to budget for closing costs

As a home buyer, once a seller accepts your offer, you should NOT forget your closing costs. Your closing costs

will be ( estimate) anywhere from  2% to 7% of the home’s purchase price.

7. Don’t make big purchases before you close

Once the seller accepts your offer, your loan still needs to go through underwriting in order for you to obtain the

mortgage. Avoid taking on any new debt, purchasing a car with an auto loan, or maxing out your credit cards while

you’re in the process of buying a house. It could potentially raise your loan’s interest rate or in the worst case get

your mortgage application rejected.

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