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Which common problems do homebuyers cause for themselves?

Asked by Trulia Cape Coral, Cape Coral, FL Thu Apr 25, 2013

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A common mistake that a lot of buyers make is spending a lot of time looking at houses without consulting with a Realtor or getting a pre-approval from their lender. They find a perfect house and they then call a Realtor only to find out that they need to be pre-approved before submitting an offer. The other common error is that they don't want to commit to one Realtor. The benefit of sticking with one Realtor is that they get to know what your criteria is and they can narrow your search down for you. Each time you get a new Realtor to show you a house, it is like starting all over again in the consulting stage. Visit my website at http://www.westrealtynoco.com for more advice on buying a home.
1 vote Thank Flag Link Thu May 9, 2013
Great Question,

First, they do not get pre-approved.

They do not think about what they want in a new home.

They think every home, regardless of price should be in newly built condition.

They are "afraid" to sign and work with an agent because of a myriad of reasons, none of any value unless they don't interview the agent and feel comfortable with him/her. So, they jump from agent to agent and wonder why nobody is on their side or don't call them back.

Then they do not research comps with the agent for the home they want to make an offer on and make a circa 2006 offer, usually way too low to be anything but insulting to the seller and think they can just keep doing it until they find a desperate seller. Problem is, there are thousands of buyers now buying so only that buyer looses.

Finally, they do not listen to the agent they are working with and in some cases, it ends up not being an enjoyable and exciting thing for them, but pulling teeth.

Most of us are professionals and take their position as a Realtor as a thing of pride and integrity. We are told we make too much. Yet every client wants to be treated like they are our only one. And if you take a commission and divide it by the hours we actually work to earn that commission, you would find some of us may be making less than minimum wage. And be sure to know that NOBODY is more valuable to you than your REALTOR in the entire process because all others involved take their cue from what your Realtor gets signed.

Kevin Cloutier, Commercial & Residential Realtor
A HouseSOLD Name
Southern Premier Realty
1 vote Thank Flag Link Thu Apr 25, 2013
From a financing standpoint, if the borrower goes shopping after applying for the mortgage and opens new debt (6 months same as cash furniture, new car, anything) it could result in their loan being denied after being approved initially. Most lenders are now doing a soft-pull within 24 hoursof closing to ensure that there hasn't been any new debt opened. If the lender sees an inquiry, the closing will be stopped and more documentation and underwriting of the file will happen.

Regards,
Julie A. Horvath
Area Manager
Northpointe Bank
555 Metro Place North, Suite 320
Dublin, OH 43017
NMLS ID: 563029
julieh@northpointe.com
866.901.3570 phone
740.602.3320 mobile
866.901.3571 fax
1 vote Thank Flag Link Thu Apr 25, 2013
Right now insurance companies require 3-5 years of roof useful life in order to get insurance. I see buyers focusing on cosmetics, kitchens, master bathrooms etc. when in fact an S-tile roof is more expensive to replace AND can lead to insurance problems. Buyers should focus on the bones of the home.
0 votes Thank Flag Link Thu May 9, 2013
I would say a common problem homebuyers cause for themselves is being unprepared for what they can buy on their set budget. When buying a home it’s best to set priorities of the needs and wants, be prepared to compromise.
Unrealistic buyers think they will find a $400K home for $200K. Everyone wants a bargain. Underpriced homes get multi offers and sell above asking price.
Another issue is wanting to make low insulting offers. Then they are surprised when the seller comes back with full price or they are outbid. The SW Florida market is competitive. Homes here sell close to asking price.
Barbara Klare, Broker Associate
Gulf Coast Realty
cell: 239-292-1358
e-mail:bklare@comcast.net
http://www.barbaraklare.com
0 votes Thank Flag Link Wed May 8, 2013
Good answers below.

I should only restate is you have to feel as if you can trust your Realtor to shoot straight, and that the Realtor knows of what he/she speaks. Realtor should be able to back up what he says with data that he can show you. Sometimes Realtors, fly by the seat of their pants, and that does not serve you well.

And Get approved by your lender, or have your Realtor suggest a lender, as the Realtor most likely knows lenders that have worked well in the past.

John
0 votes Thank Flag Link Thu Apr 25, 2013
Over excitement can become over analyzing...

First make sure you are working with a knowledgeable Realtor. Secondly ask for market information and community info and research what is best for your lifestyle and budget. Thirdly ask questions, the person with the most information wins.

That being said, I would say the most common problem is sharing to much information with friends and family members. Although it is an exciting time that people want to share with loved ones, when you are purchasing a new home. It is also when EVERYONE you know becomes a real estate expert. Some buyers get scared and start to second guess market facts, trends and information provided to them by their Realtor and miss opportunities because of listening to everyone that is not directly involved. I have seen "dream homes" vanish because taking too much into consideration.
0 votes Thank Flag Link Thu Apr 25, 2013
There are a variety of ways for them to cause problems for themselves. Most common is, unrealistic expectations of their own abilities and the outcome of the whole experience. A good client allows a good agent to truly assist them in the endeavor and guild them to the best end result. Another is TELL the TRUTH.
0 votes Thank Flag Link Thu Apr 25, 2013
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