Mistake #5: Not Being Represented by a Buyer’s Agent
Plenty of buyers don’t engage the services of a qualified real estate agent, which can end up being a big and costly mistake. Sure, you can go ahead and start browsing online without an agent, for curiosity’s sake and to get the ball rolling, but once you are considering seriously looking at a house, please hire a professional buyer’s agent. Don’t make the mistake of relying on the listing agent to represent you, and never walk into an open house without your own agent, as you could look vulnerable, making you an easy target, and the listing agent could really take advantage of you. The seller’s agent has the seller’s interests in mind, whereas a buyer’s agent will be paid from a commission that’s split with the seller’s agent. Overall, it’s just too risky to try on your own to negotiate the home’s sale prices and conditions without your own professional representation.
Mistake #6: Not Getting a Pre-Approved Home Loan
Not getting a pre-approved home loan is one of the most common mistakes made by buyers. Why? Some people hoping to avoid foreclosure by selling their current home and then purchasing another are so eager 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 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
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