Homebuyers Beware: Mistakes That Could Cost You the House!

Homebuyers Beware: Mistakes That Could Cost You the House!

Here’s a handy guide to some common missteps homebuyers should avoid.

1. Don't Drag Your Feet

Finding a house you love is just the beginning. If you're too slow to make an offer, you risk losing out to faster, more decisive buyers, potentially ending up in a costly bidding war or missing out entirely. Have your pre-approval letter ready to go so you can act swiftly.

2. Avoid Offering Your Max Pre-approved Amount

Just because you're pre-approved for a certain amount, doesn't mean you should offer it all up front. If you’re pegged at your financial limit, it shows no wiggle room, which can be a disadvantage in a competitive market where cash offers or slightly higher bids could edge you out.

3. Don’t Make Lowball Offers

In a seller's market, a lowball offer is more likely to alienate the seller than entice them into negotiations. Trust your real estate agent’s advice on the bidding strategy. An offer should be competitive and backed by market research, not just wishful thinking.

4. Never Skip the Home Inspection

Whether it's new construction or not, an inspection can uncover costly issues that you’ll want to address before finalizing the purchase. Waiving this contingency could lead to major regrets if serious issues are discovered later.

5. Be Wary of Too Many Outside Opinions

While it’s normal to seek advice when making such a significant decision, too many opinions can cloud your judgment. Those offering advice may not be as informed about the market or the specifics of your situation. If you value their input, involve them in the viewing process as much as possible.

6. Sell Yourself

Remember, in a competitive market, it's not just about the house selling itself—you need to present yourself as the ideal buyer. The process starts the moment you walk through the door. Be polite, positive, and enthusiastic. Avoid criticizing the property or the decor, as you want to leave a good impression that sets you apart from other potential buyers.

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