Big Buyer Blunders

Dated: 08/04/2017

Views: 277

When you’re 100% all into THE  house hunt of your adult life, there are some…uhh…boo boos you can make as a home buyer.  Don’t get caught up in these buyer blunders: 

You don’t come to play (and actually compete): In a seller’s market, it’s essential that you bring your biggest, brightest and best offer you can afford for the home you adore. Don’t low-ball the seller with an offer that's way outside the asking price.  That can be perceived as an insult, and almost guarantees you the loss of the house you love. Plus, you should think of other buyers in the market as direct competition.  Be ready to play…and win!

You forget about the closing costs:  We know you’re excited about getting into your new home. Heck, we’re excited for you! When you get wrapped up in the little nuances of a home purchase, it’s easy to forget some details.  One of those details is closing costs.  It’s important for you to calculate and budget for final costs accruing duringImage title the closing phase of purchasing your home.  While these costs can be negotiated into the contract, they’re sometimes not.  If you consider these as out-of-pocket expenses up front, it’s a happy surprise when you don’t have to pay them out-of-pocket!

You have filet mignon dreams on a bologna budget: While it’s always fun to imagine a luxury lifestyle and the home tImage titleo match, it’s important for you to shop within your means. Meaning, if you’re approved for a $150,000 mortgage, try not to ogle the $1.4 million mansion across town.  Once you have a taste of a more expensive home, it will likely be difficult for you to “settle” for the less expensive one in your price range. Let’s keep it real! 

You buy some "stuff" during escrow:  The time in between the offer and approval of your loan and the actual closing date may not seem very important, but it is! The biggest goof-up you can make during this time is racking up debt.  You want to keep your debt-to-income ratio reasonable and within your lender’s requirements.  This is not the time to get that new black card or the Mercedes you’ve had your wide eye on! If you accrue new debts, your loan may be cancelled, and you may lose your dream home! That’s never good news.

You don't get a home inspection: There’s a good reason the handout your agent gave you when you signed your contract says, “For your protection, get a home inspection.”  Having a legitimate home inspection can help prevent you from making a mistake and buying a home in need of repairs you never planned for.

So in short, be a smart buyer! It’s easier to avoid these and other mistakes with a professional holding your hand and guiding you through the process.  We at Alethes Realty want to help you! Call us today @ 479-968-5668.

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