Windermere Professional Partners

Don't Make These House Buying Mistakes

testing September 6, 2011

If you’re looking to buy a house in Pierce County this year, read this post to avoid making some common buying mistakes. MSN Money just did a great post on the Top 10 First Time Homebuyer Mistakes, and we wanted to share them with you. Even if you’ve bought a house in the past, it’s highly likely your next homebuying experience will improve as a result of perusing this post. We really liked #2 & #9:

2. Skipping mortgage qualification- What you think you can afford and what the bank is willing to lend you may not match up, especially if you have poor credit or unstable income, so make sure to get preapproved for a loan before placing an offer on a home. You’ll be wasting the seller’s time, the seller’s agent’s time and your agent’s time if you sign a contract and discover later that the bank won’t lend you what you need or that it won’t give you a mortgage you find acceptable.

Be aware that even if you have been preapproved for a mortgage, your loan can fall through if you do something to alter your credit score, like finance a car purchase. If you cause the deal to fall through, you may have to forfeit the money that you put up when you went under contract.

9. Not hiring your own agent or using the seller’s agent- Once you’re seriously shopping for a home, don’t walk into an open house without having an agent (or at least being prepared to throw out a name of someone you’re supposedly working with). Agents are held to the ethical rule that they must act in the best interest of their clients, but if you’re a buyer, you’ll probably have a stronger advocate for your interests if you use your own agent and not the seller’s. 10 First Time Homebuyer Mistakes – MSN Money

This is a great starting place for beginning your home search, but the right agent giving you advice can make all the difference. Please feel free to contact us if you’d like help buying your next house.