Home Buying in Portland>Question Details

Trulia Portl…, Home Buyer in Portland, OR

What are the most common problems home buyers cause themselves?

Asked by Trulia Portland, Portland, OR Thu Apr 18, 2013

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Answers

7
Not being realistic in their expectations.

Taking advice form friends who have NEVER even owned a home.

Searching fro properties on REALTOR.COM, instead of allowing ther agent to search for homes for them

Kawain Payne, Realtor
1 vote Thank Flag Link Thu May 2, 2013
Why is it bad for a buyer to search on REALTOR.COM, or any other sites for that matter?

To be fair, REALTOR.COM has a horrible UI, there are better sites. But I doubt you were speaking from design principles.
Flag Wed May 15, 2013
Worrying about paying full price or even above list to get the home of their dreams in a seller's market.
0 votes Thank Flag Link Tue Apr 30, 2013
I've appreciated all the comments made so far, all of which are very applicable in today's market. I can think of at least a couple more to add:

1. It may seem very simplistic, but before you even feel you're ready to buy a house, check your credit report to see if there's anything that could cause an obstacle when you're expecting to close the transaction. I can't imagine anything being as discouraging as jumping through all the hoops of making an offer, being in a bidding war, getting the inspection done, and then only a few days before the expected closing, you find out there was something on your credit report that's coming back to haunt you, and is now preventing you from closing.

2. Maintain good communication with your lender, as well as your agent, to hopefully ward off any unnecessary closing delays. Sometimes, for numerous reasons, the communication breaks down. You're then expecting to sign documents any day, only to learn some kind of error was made during the lending process that may possibly delay closing. And when you are communicating with your lender, don't just say, "Is everything okay for closing?" Ask questions that require more than just a 'yes' or 'no' answer, such as "When will the documents be ready for closing?"

3. This problem has really been covered by many of the fine answers already give, but in this market, it can't be emphasized enough. Please realize that once you're ready to look at homes that really interest you, TIME really is of the essence - both in viewing the homes and in making a decision whether or not to make an offer. You may also likely need to have the mindset that it's possible you will need to make your absolute best offer if it comes to a bidding war. So do your homework and KNOW in advance whether you'll be willing to do that; and, if so, know your numbers. Know what will be the absolute most you'll be willing to offer.

With all that said, it really is possible to find homes. But instead of finding a 'turn-key' home, you may have to resort to more creative ways of finding a home.

I wish all home buyers success with their search.
0 votes Thank Flag Link Fri Apr 19, 2013
In this market, many of the good properties are receiving multiple offers. One of the biggest mistakes home buyers make is either hiring an agent who doesn't have the skills and experience to secure the property for them, or by not following the advise of the excellent agent they hired.

The other common mistake is being too slow. Buying a home is a BIG decision. Do your homework. Become educated about the market. Then when the right property comes along....be fast...make a good strong offer quickly. Many times, you can be the competition to the plate by having the deal wrapped up before they finished "thinking about it."
0 votes Thank Flag Link Fri Apr 19, 2013
I agree with Lana and Linda's great comments. In this tight market the buyers don't know what to do about the prices going up so quick when everywhere they read says that it is a buyers market and they don't listen to the news now that it has turned the corner and it is a sellers market but the person who is giving the buyer the hardest time is the other buyers bidding up the price of homes. Until you have watched over the past year to what has been going on it is hard for a buyer to go out and look and 5 homes and by the next day they have all been sold. the best thing I tell my buyers is to try and get as much information as you can as fast as you can so you are not watching the prices go up over a few months and don't be afraid to make some offers it costs nothing to bid on a property but be prepared if you get the offer accepted to go thru with it and not second guess yourself that you might have paid to much since you won the bidding war. I made offers trying to buy a house for a rental last summer and the 3 homes I made offers on had 7, 14 and 12 offers and I did not get any of them and I was from $12,000 over to $40,000 over. I finally got one but it was hard for my wife to look at the price and say we have to bid over list how much to maybe get the house? Good luck to all you buyers get educated as quick as you can. Tom Inglesby Broker
0 votes Thank Flag Link Thu Apr 18, 2013
Lana makes a great point! I would add that there is so much information available to buyers, and from so many sources, it can be extremely confusing for buyers. Be willing to believe in and trust, and be loyal to your realtor.
We represent you - work on your behalf - and our (my) goal is to make sure you have the information you need to make the best decision. Be willing to ask for more information if you don't feel you have enough.
That said, the buyer does have responsibility to do some homework - due diligence, follow up on personal concerns (safety, schools).
0 votes Thank Flag Link Thu Apr 18, 2013
Buying something on a credit card or credit prior to closing escrow that is large enough for the lender to stop all documentation and deny the loan. OR quit their job before closing escrow and the lender checks on it prior to recording-that will kill a transaction very quickly.
0 votes Thank Flag Link Thu Apr 18, 2013
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