Home Buying in 75025>Question Details

Hunt Holdrid…, Real Estate Pro in Dallas, TX

What would you consider the top 5 Biggest Real Estate Mistakes when Buying your home?

Asked by Hunt Holdridge, Dallas, TX Mon Jul 30, 2012

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Hello, this is a great question.

1. Not interviewing several REALTORS and selecting the right one to represent you.

2. Not getting pre-approved for a loan.

3. Not staying within a reasonable price range (living within your means).

4. Going on a spending spree during the loan process or after the home purchase.

5. Not allowing enough time for the home search process.
1 vote Thank Flag Link Mon Jul 30, 2012
Here is another big mistake, picking the wrong mortgage lender (one who doesn't answer e-mails or phone calls) or one who waits until the very last second to ask for that one missing document that they never asked you for in the first place.
1 vote Thank Flag Link Mon Jul 8, 2013
YES!! The lender can mess up the whole deal. Be careful in deciding which lender to go with. Don't just go by the "rate"! Go with who can get your deal closed ON TIME!
Flag Tue Jun 10, 2014
1. Not selecting the right neighborhood

2. Not getting preapproved

3. Not working with a knowledgeable, passionate and experienced agent who listens to your needs and works very hard to get you the right home at the very best possible price

4. Not listening to your agent's advice

5. Thinking you know more than your agent about the housing market
1 vote Thank Flag Link Mon Jul 8, 2013
Great Question!!!
1. Not using an agent and simply calling signs (waste buyers time)
2. Not working with a good lender to get well educated on lending options and pre qualified
3. Over spending
4. Allowing cosmetic issues like paint and carpet to become major factors in home selection
5. Not having a new home inspected.
1 vote Thank Flag Link Tue Jul 31, 2012
I wrote a blog-post on this very subject; hope you find it helpful:

http://amyareyrealtor.wordpress.com/2014/05/05/12-inexpensiv…

-Amy S. Arey, Realtor
Halo Group Realty, LLC
214.901.1341-Cell
http://www.aarey.haloagent.com
AmyAreyRealtor@Gmail.com
0 votes Thank Flag Link Tue Jul 15, 2014
This would obviously be when "selling" your home...
Flag Tue Jul 15, 2014
1. not using an experienced "full time" local agent

2. assuming the best values are "short sales" or "foreclosures."

3. going after FSBO's

4. not having a clear appreciation of your personal search criteria

5. when buying not considering a home's resale potential at that point
0 votes Thank Flag Link Tue Jun 10, 2014
All of these are great answers!!! I think the choice of Realtor is key, and the choice of lender is the other key point. Choose an agent with experience in the area you are looking in.
0 votes Thank Flag Link Tue Jun 10, 2014
1. Choosing the wrong Realtor
2. Not using the Loan Officer your Realtor trusts the most
3. Assuming that pre-qualified and pre-approved for a mortgage are the same
4. Lack of advanced planning
5. No exit strategy

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Mon Jul 8, 2013
Choosing the wrong lender
Sellers want/need the assurance of closing.
If your mortgage is through Bank of America, Chase, Wells Fargo, or any of the other 11 biggies, you are rolling the dice. The seller knows there are three elements in the process of these banks that make the outcome randdom and PUNITIVE for the seller and buyer.
-
A buyer REALLY needs to listen to their real estate professional. It matters not how 'super' your agent is, if you are rolling the dice with a big bank, you are on thin ice.
0 votes Thank Flag Link Mon Jul 8, 2013
Not taking the time to properly interview buyer brokers. Experience counts.

Not getting yourself pre-approved (not pre-qualified) for a mortgage. (Your buyer broker can and should be an excellent resource to check with. )

Pushing the envelope, just because a bank tells you that you can qualify for $XXX doesn't mean that you won't be better off if you can stay 10-15 % below this maximum amount.

Opening up new credit cards or running up large bills once you are under contract, this will lower your credit score and may either disqualify you from getting a mortgage or cost you a higher rate.

Putting yourself under pressure on some self imposed timeline. You need some time to do your own diligence in regards to neighborhoods, schools, etc.

I've attached a link below to one of the more popular blogs I've ever written on how to find a great buyer broker to help you regardless of where you're buying a home. I hope you find it useful.

I wish you good luck and happy house hunting.
0 votes Thank Flag Link Mon Jul 8, 2013
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