Top Mistakes Home Buyers Make

Blog Post Image
Real Estate


A common mistake I see that too many home buyers make is involving too many people in the home buying process. Buying a home is already overwhelming and confusing. Home buyers think that involving their friends, and family for advice and support will help elevate. However, I have found that it only creates another level of stress. For some reason, real estate is a topic everyone thinks they are an expert at. Your friends will tell you one thing, and your family will tell you another, and your Realtor will tell you something else. Now who do you listen to?
Also, everyone has different opinions, interests, and tastes. Example, you may like condos; however, your family thinks that is a terrible idea. Will you still go forward with a condo? Or will you now change your mind because your family thinks you should? See what I am saying?
My suggestion to you is to only involve the people who are paying the mortgage because, at the end of the day their opinions are what matters. 


Another mistake I see home buyers do too often is, begin celebrating, buying furniture, taking the week out of work WAY too early. Typically a real estate transaction takes about 45 days to complete. I have seen buyers take professional photos in front of the house they are under contract with, and they did not even own it yet.. I have heard buyers purchasing bedroom furniture within 72 hours of an accepted offer. What if the deal did not end up working out?  I advise that you DO NOT do this.
Real estate transactions are long, and can go south fast. Do not celebrate until the transaction is complete. Do not buy EXPENSIVE furniture until the closing day. Purchasing expensive furniture could actually put you at jeopardy of getting a mortgage. When you are under contract with a property, you should spend as little money as possible and keep your money spending at a standstill until the closing.


One of the biggest suggestions I want to make to you as a home buyer is to NOT get pre approved for a mortgage on a virtual brokerage website, or a place like rocket mortgage. It is EXTREMELY important to get pre approved with a local loan officer. A person who works for a lending institution that is local, and you can meet in person if you had to! 

 

Trust the professional in the process! Your agent, your lender, your closing attorney.. Etc Trust them! They are working on your behalf. I know real estate agents have a bad reputation. I have seen buyers override what their agents tell them, and they take the advice of a family or friend and it bites them in the end. If you're working with a true professional; more than likely, that professional has been involved in hundreds of different real estate transactions. They are the expert with the experience, and the ones getting paid the big bucks.. Trust their guidance!

 

Another mistake I see often is buyers who get their offer accepted, and THEN decide to shop around with TOO many different lenders.
Once you are under contract, the clock starts to tic, and we have deadlines to meet.
It is OKAY to check in with another lender to see if they have anything better to offer; however, I suggest you do this before you have an offer accepted.