COMMON MISTAKES OF FIRST-TIME BUYERS: UYERS:
Please keep in mind that the following list of mistakes can be — and are — made by all buyers, but they are more commonly made among first-time home buyers.
• Not getting a pre-approved home loan • Not conducting a home inspection • Compromising on your needs • Relying solely on online services
Mistake #1: Not Getting a Pre-Approved Home Loan
Not getting a pre-approved home loan is one of the most common mistakes made by buyers — particularly first-time home buyers. Why? Some people looking for the first time are so excited and anxious to get the process going that they want to dive in, head first, without doing the appropriate financial research and preparation. Many aren’t sure they can even afford it, but believe that once they’ve found the right home, they can simply “make it work.” This is a major mistake. If you’ve already started checking out homes in person, going to open houses, without first talking with your bank or other home loan lenders to obtain a pre-approved loan, and without a buyer’s agent to work alongside you, this is a major mistake that can really hurt you. It shouldn’t come as a surprise, but the truth is that many listing agents won’t want to work with you if you promise them a certain amount, and then
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