Here are the ten most common buyer mistakes we see today.

So you’re ready to buy the house of your dreams; what home-buying mistakes should you avoid? 

First off, if you’re getting a loan, you shouldn’t change jobs, as it can greatly impact the lender’s decision on whether to give you a loan at all. Also, if you’re planning to buy appliances and furniture for your new home, don’t actually make those purchases in the midst of the home-buying process. 

Along those same lines, you shouldn’t allow for any credit inquiries after you’ve applied for the loan. The underwriter must see that you’re financially responsible and stable; too many inquiries for too many different reasons raise red flags. 

Don’t give earnest money directly to the seller of a For Sale by Owner listing. An earnest money deposit should always be deposited into a trust account with a credible attorney who will be representing you through the closing process. 

Before closing, don’t forget to switch your utilities and, even if you’re paying cash, be sure to get your hazard insurance with your insurance provider. 

“You shouldn’t allow for any credit inquiries after you’ve applied for the loan.”

As a buyer, keep a clear head; don’t let emotions take over. Real estate transactions can be very emotional affairs, so let your Realtor—a detached professional—guide you through it and make it as pain-free as possible. 

Everyone likes pleasant interactions, but don’t make friends with the seller. If you’re talking to the seller behind your agent’s back, it quickly complicates what we do as professionals to protect your interests. We like to get everything in writing and in order so that all parties can enjoy a smooth process. 

If the appraisal comes in low, don’t panic. 99% of the time, we’re able to come up with a resolution that works for everyone involved. 

Submit every single lending requirement to the lender as soon as possible. If a lender asks you for a bank statement, verification, or any other paperwork, get it to them immediately so you don’t incur a delay in your closing. 

Lastly, don’t do this alone. I’ve been an agent in the area for 25 years, and you simply can’t imagine some of the most difficult or even downright strange situations that we’ve helped people through over the years. Working with an experienced professional who knows the home-buying process and the local market inside and out is the best thing you can do for yourself as a buyer. 

If you have any questions about these buyer mistakes or concerning real estate in general, please reach out via phone or email. I would love to help you.