Top Five First-Time Homebuyer Mistakes
5 Common First-Time Homebuyer Mistakes
1) Buyers don’t ask enough questions of their lender and miss out on the best deal. There are many different financing options out there, from interest only to lender-paid mortgage insurance. You need a loan officer who will help you understand your options.
2) Buyers don’t act quickly enough to make a decision and someone else buys the house.
3) Buyers don’t find the right agent whose willing to help them through the homebuying process… you need someone who is dedicated to the home search process and quickly notifies you of homes that just came on the market.
4) Buyers don’t do enough to make their offer look good to a seller. It is critical that Buyers look at their offer from the seller’s viewpoint. For example, a pre-qualification letter from your lender let’s a seller know that you are financially able to purchase the home. Your agent can also help you prioritize the requests in your offer, whether closing costs are more important to you or a reduction in overall price.
5) Buyers don’t always think about resale before they buy. The average first-time buyer only stays in a home for four years, so it is critical to consider potential resale value.
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