Avoid making common Buyer mistakes when locating and purchasing real estate. We have identified 10 common Buyer mistakes in this report so that you can avoid them when purchasing a home.
- Not getting pre-approved. Before you start shopping for a new home, the first priority is to get pre-approved. You will then know the price range of homes that you can afford. Also, when you submit an offer it is important to provide a pre-approval letter along with the offer so that it assures the Seller you are a qualified Buyer for their property.
- Running up a high credit card balance. Before purchasing a home you should work on getting all credit cards paid down. Then after you have an accepted contract on a home do not make any major purchases until after you close on your home.
- Searching for homes outside of your price range. Do not waste your time or your Buyer Agents time by looking at homes that are out of your price range.
- Not acting fast enough on homes that you like. Once you find a home that you like, do not waste time. Be prepared to make a strong offer so that you do not lose out to another Buyer.
- Not checking sold prices on similar homes before you make an offer. You want to make a strong offer but it needs to be an informed offer too. Have your Buyer Agent pull sold prices of comparable properties so that you can decide together what your offer should be.
- Overdoing contingencies. Do not make so many sale contingencies that it scares off the Seller. Make sure to do the important contingencies without over doing it.
- Getting too attached to a specific house. People love Montana and want to live here so it can be a competitive market. You might have to put offers on several properties before you have one that is accepted. If you are not able to make a deal on specific home just remind yourself that it was not the house for you and move on to the next one.
- Not getting a home inspection. It is of utmost importance to have a home inspection performed by a certified home inspector. This will give you peace of mind the home you are purchasing is in acceptable condition.
- Not getting a radon inspection. When ordering a home inspection make sure to purchase a radon test too. You can have high levels of radon in different areas so for the peace of mind of your family order the radon test. If it does have high radon then usually you can negotiate with the Seller to have it fixed. Otherwise, the Seller will have to disclose the high radon to the next Buyer.
- Not understanding what is included in the sale. Be specific when writing up the offer on what is included in the sale of the home. (i.e. appliances, hot tub, etc) This way you will not be surprised after closing when the items you thought were supposed to stay are gone.
Here are some additional links for Buyers.