TOP 10 BUYER LANDMINES TO AVOID
- Looking for a home before getting pre-approved for a mortgage.
- Affordability answered. Clarity is Power!
- Ready when the right home appears.
- Assuming 20% down payment is required.
- Many programs available, talk to your mortgage loan officer for clarity.
- FHA (3.5%), USDA (0%), Conventional (3%), VA (0%), MHDC, Beyond Housing, Bridge…
- Buying more house than is affordable.
- Monthly payments include Insurance & Taxes.
- Less expensive than renting.
- Moving too fast.
- Pre-approval is good for 90 days & easily renewed.
- 3 months ahead ideal, credit repair pays off.
- Waiting for the unicorn.
- Perfection does not exist – Sweat equity is a good thing.
- 2 – 10 showings common.
- Being careless with credit.
- Pause before applying for credit – especially while under contract.
- Hold off on that car purchase & job changes til after home purchase.
- Waiving or skimping on home inspection.
- Condition report of the house valuable for further negotiation.
- Repairs or credits may be available.
- Using the seller’s agent.
- Commissions are paid by the seller – no charge to buyer to have an agent involved.
- Meeting with Buyer’s agent ahead of time saves time and surprises.
- Listening to too much input from family and friends.
- Family isn’t as clear on budget.
- Market conditions may not be the same as when friends bought last.
- Looking on Zillow for your home.
- MLS search is 24-48 hours ahead of Zillow, Trulia, Realtor.com, Redfin, etc.
- The Internet is cluttered with obsolete and under contract listings.
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