10 Mistakes to Avoid when Buying a Home
Mistake#1 : Looking at homes before getting pre-approved by a lender.
Until you meet with a qualified loan oicer most people don't now how much a lender is willing to loan you or a home purchase. Lenders essentially use ie criteria in determining their willingness to fund your mortgage.
our income
own payment
redit record
Unemployment status and history
Value o property
A pre-approval from the lender will establish a price range to aid in your shopping. it also can be used as a valuable negotiating tool once you make an offer on a home.
Mistake 2: Selecting your lender based solely on a interest low rate.
The lowest rates in town are not necessarily the best deal for you. Lenders sometimes offer attractive rates to attract applicants from their pool of current borrowers. Their hope is to keep these applicants and then switch them to a program with different terms and rates. Rarely do these situations safe the borrower money. Marti Hampton’s Team works very closely with a number of tips notch loan officers on a daily basis and is involved with hundreds of transactions each year. This gives us the advantage of being able to meet and recommend local lenders who are doing excellent work.
Mistake# 3 : Choosing an extensively improved home that is among the most expensive in the neighborhood.
An extensively improved home is one placed with amenities not found in other homes in the neighborhood and is priced higher than surrounding properties. It can be quite and advantage to own a moderately priced surrounded by more expense home. However it is NOT such a good idea to own an expensive home surrounded by homes of lesser value.
Mistake# 4 : Purchasing a home that fits you right now.
Any times buyers will underestimate the side of home they actually need and buy a home that's too small in an effort to avoid the perceived added risk of spending more cash and incurring a higher mortgage payment. It will cost you less in the long run in you borrow extra cash.
Mistake# 5 : Failing to investigate property taxes.
Beyond looking at the ta amount stated on the listing sheet or current ta ill. all the county where the home is located and as how often properties are reassessed. Also as how much will they go up on aerage. its een awhile since the last reassessment you could incur a large increase once you are the owner. igh taes mae properties unappealing or many reasons other than large ite they tae out o the monthly amount you can aord.
Mistake# 6 : Purchasing a home without a professional, experienced buyers specialist.
aing a knowledgeable experienced buyers specialist oers you many aluale serices and assures that you always have someone looking out or your est interests. our buyers specialist will assist you in the selection process y guiding you to homes that are est suited to your needs budget and dreams.
Mistake#7 : Giving your name and personal and financial information to the agent at the open house or new home sales model.
By doing this you might inadvertently gie up your right to have your own agent and compromise your negotiating power.
Mistake#8 : Believing that you cannot negotiate terms on new construction.
Most general brokerage agents are under this impression.
Mistake#9 : Failing to get all repairs done prior to closing.
Once your home closes you are responsible or all repairs needed. This can add upto thousands and thousands of dollars.
Mistake#10 : Getting directly involved in the negotiations by working directly with a For Sale By wner instead of using a buyers specialist.
Our are not saying money this way either. our will miss costly issues.