5 Common Mistakes First Time Home Buyers Make
1. Not asking enough questions of the lender and missing a deal. Knowing that you have been approved is not enough. Lenders also need the property to qualify. Not all properties quality to be financed and some like, condos and town-homes, have many restrictions which may prevent the lender from financing them.
2. Not acting quickly enough. This is a common scenario, but it is somewhat dependent on the market, though you can rely on the media to properly convey to you what the market is. If there is a home you like it is inevitable that others will like it too and action is necessary.
3. Not selecting the right real estate processional. You neighbor, you brother or coworker may be great agents, but picking a part time agent is a mistake. To know the market, to know real estate requires more then full time attention.
4. Not thinking long term resale terms. First time home buyer tend to move quicker then people who have already purchased before. It's only natural that as you progress in life your needs will change and they are more likely to change during your younger period so buying with resale in mind is very important.
5. Not making the offer look good to the seller. A slapped together offer, one that does not consider both your needs and the sellers needs is not likely to go far. This is related to no. 3 above and your agent should advise you on how best to prepare an offer that abides by the customs of the area.
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