You’ve scoured the new home listings, been to all the open houses and have finally found the home of your dreams. It is now time to draft an offer and begin the negotiation process. Below we’ll share four mistakes that you will want to avoid when making an offer on your dream home.
Mistake #1 – Not Working With A Real Estate Agent
The first mistake that home buyers make is trying to buy a home without an experienced agent working for them. Even the best Realtors often use an agent to give objective help when buying a home. Help with inspections, and help in negotiations with a seller.
A seller and their agent work together to come out on top of a real estate sale, so it’s important to have someone in your corner that can make sure you get a fair deal in your home purchase.
Mistake #2 – Skipping The Home Inspection
The second mistake – and one that is more common than you think – is skipping the home inspection. There are countless instances of home buyers thinking that the house looks great on the outside without realizing that there are issues with the roof, the foundation, the plumbing, inside the walls or some other area that’s tough to see.
Working with a professional inspector you will get detailed information about anything that is wrong, or could soon go wrong, with a property. This will help you know what you’re getting into, and could also offer some negotiating room on price depending on what an inspection shows. Even when buying new construction, it’s important to have a professional inspector do a thorough check on the home you’re buying.
Mistake #3 – Not Being Pre-Approved For Financing
A really big mistake that can cost someone the chance at getting their home is going to see a home before being pre-approved. Most sellers will require a pre-approval to be submitted with an offer, and if it’s a great home in a hot market, someone else could come in and buy the home while you’re busy getting a pre-approval.
A Pre-approval shows the seller that you’re a serious and qualified buyer who has the means to fulfill a contract if you do decide to make an offer.
Mistake #4 – Buying Things for the House Before Having the House
You don’t want to take on any debts between the time you apply for mortgage pre-approval until after you buy your home. Opening up accounts for credit cards or things like furniture or cars could affect your credit negatively, and in the worst case scenario, could jeopardize your mortgage approval completely. It’s best to hold off until the home is yours before you make additional purchases. If you must buy something or open up a credit account prior to settlement, be sure to ask your loan officer if there will be any negative effect.
When you’re prepared and know what to look out for in the home buying process, the process can be very simple and stress-free to navigate. Your Mason Mac loan officer is here to answer questions and do what they can to make sure you have the best possible home buying experience.