FIRST TIME HOME BUYER MISTAKES
MISTAKE # 1
NOT LISTENING TO THE BUYERS AGENT
First-time home buyers might not trust the real estate agent they have hired. If that is the case, the buyer should immediately terminate that relationship. Fiduciary relationships are based on trust. There are good agents and there are bad agents, just like any business.
Hire an agent you trust. Once you trust and like that agent, listen to the advice given by your buyer’s agent.
MISTAKE # 2
NOT GETTING A PRE-APPROVAL LETTER
Because newbie buyers have never purchased a home before, they might not realize that market conditions often demand a pre-approval letter. Sellers are not interested in showing their home to a buyer who cannot prove the buyer can afford to buy it. A buyer might feel differently and believe that once the buyer decides to buy the home, then the buyer will get a pre-approval letter, but that’s backward.
MISTAKE # 3
BUYING THE MOST EXPENSIVE HOME
Don’t be afraid to buy a home that might have all of the basic requirements as far as configuration and location but might need a touch of TLC. If you can buy a home a little bit under your means, you’ll probably sleep better at night, and you won’t experience buyer’s remorse. Look for a starter home, a home that in 5 to 10 years you might sell to move up.