Common First-Time Home Buyer Mistakes
- They don’t ask enough questions of their lender and end up missing out on the best deal.
- They don’t act quickly enough to make a decision and someone else buys the house.
- They don’t find the right agent who’s willing to help them through the homebuying process.
- They don’t do enough to make their offer look appealing to a seller.
- They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Source: Real Estate Checklists and Systems, www.realestatechecklists.com.
The reason being all these common mistakes exist because all this are mistakes of not asking questions and understand option, which will effecting the speed of transaction.
There are a lot of lender limitation or special program that will either enhance or hinder the purchase of your home, but unless you ask for them you wouldn’t know. for example, there might be some issues with type of property on certain property price you can get on your loan, or there is a cap on maximum HOA you can afford due to debt ratio. so if you didn’t ask, you won’t be able to understand and let your real estate agent know exactly what you can get.
If you didn’t get correct agent to help you make decision, they wouldn’t be able to do what they should do to make your purchase smooth, plan the transaction, and ask correct question to help you through. Also wrong agent will lack the information on you and your offer so the wrong real estate agent won’t able to “Staging” your offer to make your offer be more attractive then your competition. So be diligent on asking questions, ask correct question, and understand the options from your lender and your real estate agent will help you go through the mud of mistakes.