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2011-02-24 14:14:28
5 Common First-Time Home Buyer Mistakes

1. Not getting Pre-Approved for a loan 'prior' to shopping for homes.  Buyers commonly get the cart before the horse and find the home they want and then want to write an offer quickly before someone else gets it.  Sellers in todays market would not consider accepting an offer from a buyer without a loan Pre-Approval (not a pre-qual) letter.  That leaves the buyer scrambling to get an approval which can (depending on several factors) take several days.  The sellers of the home they are wanting to write an offer on could have accepted an offer from someone else by the time they get the approval letter.  An experienced Realtor will be able to refer the buyer to several good loan officers.

2  Not finding an experienced agent and/or not paying enough attention to their recommendations (special types of inspections, lender recommendations, negotiation tactics, etc).

3. Not knowing enough about the area they are buying the home in (traffic patterns, schools, crime, etc).

4. Not doing enough to make themselves and/or their offer look appealing to a seller.

5. Not thinking about their potential near future needs and the resale value before they buy.  Sometimes 1st time buyers only look at their immediate needs... such as we need 2 bedrooms, don't need a garage, etc.  Then, just 1 year later, they have bought a boat, the wife is pregnant, and the husband has purchased a bunch of tools to work on the home with... now they need 3 bedrooms and a garage!  The average first time buyer only stays in a home for four years.  Purchase a property that will be appealing to a buyer when you get ready to sell. 


Richard Canifax, Principal Broker 503-347-8144

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2011-02-24 14:14:28
5 Common First-Time Home Buyer Mistakes

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