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First Time Home Buyer Mistakes: A Thread
Mistake #1: Not Getting Pre-Approved For A Mortgage. Not getting prequalified for a home, won’t give you an idea of what the bank will loan you. You’ll need to know this regardless of what you want your monthly payments to be. Can’t buy a house without funds 🤷🏾♀️
If you’re curious about what you can get pre-approved for apply here: thebrokernetwork.com/Client/PreQual…
Mistake #2: Not Taking The Process Of Hiring A Buyers Agent Seriously. The agent does more than just help you pick the house. Agents make sure your interests are protected. They make the process easier. Find someone who works best with you, don’t just pick anyone.
If you’re looking for an agent please feel free to email me at kasondra@kdmrealestate. com
Mistake #3: Going Directly To The Listing Agent. This includes new construction. They work on behalf of the seller, not you. So they’ll be looking out for their clients best interest. They could be a dual agent but you really don’t want that, too many conflict of interests.
Mistake #4: Forgetting To Factor In Additional Expenses Of Owning A Home. Expenses such as monthly utilities, HOA, homeowners insurance, and general maintenance expenses are some of the most common to keep in mind. Also prior to purchase inspection and appraisals.
Mistake #5: Putting Too Much Weight On Online Home Value Estimates. I love Zillow & Trulia, but the estimated home values can be way off. Even comps from those sites have to be taken w/ a grain of salt. There are factors that you may not consider with comps. Agents will however.
Mistake #6: Skipping The Home Inspection. Inspections are ways to protect yourself. You want to know what’s broken so you can negotiate for a better deal or be prepared to fix those issues.
Mistake #7: Making Financial Changes Before Closing. Moving cash. Buying cars. Making new debt. Quitting a job are all big NO NO’s. The lender will need 2 months of bank transactions. Be sure to manage your finances wisely. No significant cash deposits or withdrawals.
Banks have to source where money comes from. If you are depositing money from cash app from random ppl this could also hurt you. Refrain from doing anything other than paying bills and depositing payroll checks. Unless you can source the other funds.
