First-Time Home Buyers | Common Mistakes Smart People Make When Buying Their First Home

From research and experience with First-Time Home Buyers, I have compiled a list of some common mistakes smart people make when buying their first home. This is not an exhaustive list, but I hope it will help you avoid making a few mistakes yourself.

Avoid These Common Mistakes Smart People Make When Buying Their First Home

Mistake #1 Not knowing how much they can afford before they make an offer.


The easiest way to avoid this mistake is to get pre-approved for a mortgage so you know in advance exactly how much you can afford.


Mistake #2 Not realizing in advance whom the real estate broker represents.

When you call the broker on the sign in the yard, that broker is most likely working for the seller (the one paying the commission). So be aware that any information you give that broker may be used against you in negotiations with the seller. The best way to avoid this conflict is to find a broker willing to work with you as a Buyer's Representative. Ask about our Exclusive Buyers Service Agreement and remember this agreement is a binding contract. Always read through a contract carefully and ask questions until you understand every part of the agreement before signing.

Mistake #3 Not discovering hidden defects before they buy a home.

One of the most expensive mistakes is also one of the easiest to avoid, by having a professional do a whole home inspection before buying the home. Even if the home is new construction, we recommend full home inspections to avoid any problems in the future. Be informed. Know what you are buying, from the crawlspace to the roof.


Mistake #4 Giving a Social Security Number out to several different mortgage companies while shopping for rates.

Before you give out your personal information, decide which lender you would like to work with. Credit inquiries may affect your credit rating and have a negative impact on loan amount, interest rate, etc. There is a short window in which you can shop for loans without it damaging your credit rating. Check with your lender concerning this matter. To avoid these mistakes and others, visit my website at http://www.newberghome.com/ for additional First-Time Home Buyer tips and information. I can explain the home buying process in simple terms, and show you how I can help make the process of buying your first home much smoother and less stressful.



Anyone can sell you a house. I’ll teach you how to buy your first home.
-Teresa Kolb

http://www.newberghome.com/


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