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1. Be sure to communicate fully with your lender. Don’t make the mistake of NOT asking ENOUGH questions. You could end up in the wrong loan program or miss out on the best rate or terms. Make sure that before you start shopping for your dream home, you are fully pre-approved.
2. Procrastination! If you find the home you love and really want, don’t wait until it is too late. It can sometimes be tempting in this market to wait it out and see if the listing price gets reduced, or you may feel the need to see a few more to make sure this is the one you want. if you find the perfect place, jump on it. Multiple offers mean you may end up paying MORE for the home than you would have if you would have taken action right away.
3. Don’t try to go it alone. Having a Realtor on your side is priceless. Having a dedicated Realtor that has a team of professionals behind them is even better. If there are problems in the transaction, you will greatly benefit from the experience of a good Realtor. If you have never bought a home before, you may miss important deadlines and details by trying to represent yourself. Working directly with the listing agent isn’t always your best bet either. When ‘dual agency’ comes into play, you can’t be fully represented. Find a buyers agent you can trust, it will make a world of difference.
4. Don’t waste time with junk offers. Knowledge is powerful and there is plenty of it available about todays market prices and market conditions. If you plan on a serious low-ball offer, you may offend the sellers to the point of them rejecting your offer all together. Make your offers solid offers and you will have much better luck than if you end up with 15 counteroffers back and forth.
5. Think about selling the home BEFORE you buy it. Statistics show that the average first-time homebuyer only stays in the home for 4 years before moving. When that time comes, are there any pitfalls of the home that will make re-sale harder for you in the future?
[...] If you’re new here (and you like what you read), you may want to subscribe to my RSS feed. Thanks for visiting! ScottAlthough this post was written to First Time Home Buyers, I thought it actually applied well even to first time investment property buyers. Take a read of Nichole Frederickson’s post on South of the River News. [...]
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