Selling Reno And Sparks Real Estate Blog

head_left_image

Avoid These Common Home Buyer Blunders

~~~Don't lose a home by making these common home buying mistakes~~~

 

It is the beginning of a new year and many people are setting goals, reviewing their expenses, creating new budgets and are starting to think about the upcoming home buying season.  Those who have waited for the holiday season to pass and are now ready to jump into the home buyer game should avoid these common mistakes that could jeopardize their purchase. 

Home Buyer

 

1) You didn't get pre-approved and were shopping outside your price range. This is a big one. Always start your home search with a pre-approval from your lender. This way you know exactly what you can afford. Often times home buyers have a hard time staying on budget, especially when searching for homes online. Knowing exactly what you can afford will help you narrow your home search and will save you a lot of time and heartbreak should you find the home of your dreams but you cannot afford to buy it. 

Home Buyer Blunders

2) Submitting lowball offers in a hot seller's market. Housing inventory is low in Northern Nevada, making it a seller's market. For many sellers, even those who have had their house listed on the market for a while, the low ball offer can come across as frivolous, or even be insulting.  If you are truly interested in a home, bidding so low can actually backfire badly.  Insulted sellers are less willing to negotiate and in many cases are not even willing to counter. Be smart about your offers. Trust your real estate agent to help you craft a competitive and fair offer. 

Home buyer mistakes

 

3) Making a big purchase while in escrow. Don't make large purchases while in escrow. Mortgage Lenders often run last-minute credit checks and a new credit line could jeopardize your final mortgage approval. This is often a hard one for home buyers because buying a new home is very exciting. Once you have gotten past the contingency period and things are looking much more definite, sometimes it is easy to think closing is a done deal. But it is not. Those home purchases, appliances, washer, dryers, cars, trips, all could cost you your new home. Large withdrawals from your checking or savings accounts are also huge red flags and could derail your transaction. 

Home buyer blunders

 

4) Forgetting to budget for closing costs. Buyers don't just need money for the down payment. There are a lot of extra fees at closing, too. Make sure you review your estimated closing costs for your mortgage with your lender and Realtor. While these costs vary from state to state, here in Nevada closing costs typically range from 3% to 5% of the home's purchase price. Some of these fees include, but are not limited to,  the appraisal, credit report, home inspection, pest inspection, title fees, escrow fees, home insurance, HOA set up fees, etc. Compared to the overall cost of the home you are buying, the closing costs are just a minor portion. But if you don't know what to expect at closing, these costs could be very overwhelming.

Home Buyers Blunders

5) Not hiring the right Realtor® to help you with the home buying process. Purchasing a home is not only a big decision and extremely large investment, it’s also a complicated and detailed process. Learning about different neighborhoods and what they have to offer to find the home you want to purchase is just the tip of the iceberg. You’ll be signing a legally binding contract that has multiple deadlines to meet and contingencies to fulfill. Hire a local expert that you feel comfortable with and trust to guide you through the process. Going at a home purchase alone is opening yourself up to both financial and legal risks. Not all agents are created equal and selecting the right one to represent you is imperative.

Home Buyers Realtors

If I can help you with your home buying requirements, the home buying process or help to find the right lender for pre-approval, in light of your budget and other factors,  or just answer any questions about buying a home, please give me a call or text me at 775-846-5424. Then we will get started on finding you the right home, for the right price and get you into escrow.

__________________________________________________________________________________________________

REALTOR®

Certified Distressed Property Expert (CDPE)
Certified Default Resolution Specialist (CDRS)
Short Sales & Foreclosure Resource ~ Certified (SFR)
NAR's Green Disignation ~ Certified Green
Certifed Negotiation Expert (CNE)

Ferrari-Lund Real Estate

775.846.5424

 

Facebook   LinkedInTwitter

Comment balloon 2 commentsTerrie Leighton • January 03 2018 10:39PM
Avoid These Common Home Buyer Blunders
share
~~~Don't lose a home by making these common home buying mistakes~~~ It is the beginning of a new year and many people are setting goals, reviewing their expenses, creating new budgets and are starting to think about the upcoming home buying season… more
When Interest Rates Start to Rise…
share
What happens when interest rates start to rise? If you are thinking of buying a home, you may be wondering what to do if interest rates start to rise. News reports of rising interest rates may leave you anxious to lock into the lowest rate you can… more
7419 Europa, Sparks NV 89436
share
7419 Europa Drive - $395, 000 Modern Updates Throughout Gorgeous, open concept home with 10 ft ceilings located within the desirable Foothills at Wingfield Village. This beautifully maintained home shows like a model, and is completely… more
Take Your Dreams To New Heights!
share
more
Exceptional Home In Sparks, NV For Sale
share
Exceptional Home For Sale Overview Maps Photos Features $399, 500 Single Family Home Main Features 4 Bedrooms3 BathroomsInterior: 2, 758 sqftLot: 0. 23 acre(s)Year Built: 2005MLS #: 150012847 Location 3705 Comet LinearSparks, NV… more
A Mortgage That Can Save You Money ~ The Energy-Efficient Mortgage
share
Energy-efficient mortgages can add value to your home and reduce your utility bills! If you are like me and would rather buy a older home but want the energy efficiency & monthly cost savings the new construction homes come with, then you… more
The New Mortgage Laws for 2014 ~ Are You Familiar With The Changes?
share
Do your plans for 2014 include buying a new home? If you are thinking of financing a new home this year you have probably already heard or read about the new federal regulations that recently took affect & changed the… more
Open House at 2010 Margot Circle ~ Reno Nevada Real Estate
share
~ Open House at 2010 Margot Circle this weekend! March 16th & 17th ~ Saturdays are always great days to go out for drive and check out some neighborhood open houses ~ especially in this weather we are experiencing! Join Steve… more
New HUD Guideline For Determining Housing Discrimination
share
Connecticut Mortgage lender George Souta read the new FHA guidelines that went into effect on Friday, February 15. Here is what if found in the new guidelines. Very interesting… I read an article last week on the New HUD Guideline For… more
New Construction Home 1250 Whistler Court Reno, NV 89506 ~ Pending
share
New Construction Single Family Home Overview Maps Photos Features Description &… more