1. Failing to provide all requested paperwork to your Loan Officer in a Timely fashion. This could lead to a delay in closing and might result in you paying a per diem or risk losing your Earnest Money deposit.
2. Buying a home without doing your due diligence eg. Home inspections.
Let me know if you have any questions about the home buying process, will be glad to help.
Or they want to low ball an offer AND ask for closing costs credits. The closing cost credit is NOT working in this market. Whatever you're reading from wherever you come or whoever you're talking to in your hometown does not reflect the market in the metro Phoenix area.
Inspection issues. After an inspection was completed for one of my clients, they had their out of state contractor come up with the amount it would cost to fix "all" items the inspector pointed out and then asked for a $12,000 price reduction on a $150K home. The surprisingly answer by the seller was NO. Take it or leave it. You're getting a good deal...Seller has lost $110K since 2005.
When a home is in good condition and has a few "minor" issues that would cost under $400 to fix but you provide the seller a list of 10-15 insignificant items that you must have fixed but don't realize the property has cash backup offers and you've been a pain in the "you know what" since the seller accepted your offer, they are just waiting to see you go and reject your 10-15 items in which case, you lose the property.
Using Trulia or Zillow as the absolute pricing for a property, regardless of what the "neighborhood" comps show.
No, the home is not Active and it has not been active for some 30+ days.
No, I don't know why that web site doesn't show AWC.
No, that home is in Whitman, not Mesa.
No, I don't know why that web site listed it in Mesa when it's really in Whitman.
No, that house is not $650,000. I confirmed with the Listing Agent the price had not dropped from $799,000 to $650,000. Geez, for $650,000 I'm buying that house!
No, I don't know why that web site said it was $650,00 then it "disappeared". Black helicopters stole it?
Yes, I know that Seller only paid $220,000 for it in 2009 and now wants $375,000 for it. Yes, I have tax records like you do. I see your stuck on what he paid for it and I just spent an hour doing comps for you and see that $375,000 is not out of bounds. Now do you want to watch on your web site for the property to go "pending" with somebody else or do you want to be the one that makes it happen?
No, I don't believe that the other guy that made that sale happen at $375,000 was a "moron".
I also see the listing agent noted "multiple offers received"!
OK...I'll get off of my soap box now!
Almost every buyer I have worked with lately has expressed regret that they didn't offer more on the home they lost to a higher bidder.
I have a listing in Phoenix, AZ for only $107,000.00 and I'm receiving offers in the mid $90,000. The home I sold 2 months ago in the same area was listed for $107,000.00 and after 3 days and 14 offers, sold for $120,000.00.
Happy Hunting and don't be discouraged. Your home is just around the corner so find a straight shooting Realtor who has your best interest in mind-Like me.
Another common problem or mistake made by homebuyers is prior to closing is making a purchase that either impacts their credit and/or their debt-to-income ratios..
Another problem is to expect a used home to be in the same shape as a new home. They need to be reasonable when asking for repairs. I try to have them put themselves in the opposite parties shoes and see what they would feel is reasonable.
it's really important to know what you qualify for and stay within that budget.
Buyers have the ability to align themselves with a real estate professional that can help guide them through a buyer consultation so problems that are self created are not surfaced.
Not getting pre-approved for a mortgage
Submitting low offer
Submitting offer with cash but are finance offer - hard money loan
Not conducting a property inspection
Offering more than appraised value
Please let me know if I can be of any additional help with your real estate needs.
Sean Heideman, Broker / Owner