October 28, 2018 | Fernando Sandoval

In this weeks Facebook Live Episode we discussed the 6 most common mistakes buyers make when searching and buying a home.

Mistake #1 || Not Finding A Real Estate Agent First

Having a consultation with a professional Realtor prior to beginning the search can be extremely useful, informational and it is free with no obligation so why wouldn't you do that? Don't be the person that asks for advice on facebook from those who love to chime in but have no idea what they are talking about. Having a conversation with an agent can save hours of research and frustration by:

  • Clarifying the home buying process
  • Setting correct and realistic expectations
  • Dispensing with myths about buying a home
  • Adjusting the beliefs and point of views that perhaps were accurate in the past but do not apply to today's market
  • Answering questions about the market trends and strategies for a successful transaction
  • Finding out about incentive programs, bonds, loans, rebates, etc.
  • Discussing the difference in the neighborhoods or between property types

Mistake #2 || Clicking "I want more information" Buttons on Multiple Web Sites, Properties or Zip Codes

You see a home you like, you click "I want more information" what is your perception of what's going to happen next? Web sites like Realtor.com, Zillow, Trulia and many others are just waiting for you to hit that button. Buried in their privacy policy, they don't tell you that Realtors associated with these web sites pay between $50 and up to $250 in some markets each time you click that button for your personal information including your name, email address and phone number. If you click that button on 10 properties you could be asking to get calls, text, emails and Facebook friend requests from over 40 different Realtors. What a headache! When these people pay that much money for a "buyer lead" you bet they will follow up and try to get a hold of you very aggressively.

Mistake #3 || Not Talking With  a Mortgage Professional First

There are many reasons to have an initial conversation with a mortgage professional.

  • Make sure you don't shop for homes out of your price range, it can set you up for disappointment or frustration
  • When you walk into the house of your dreams you can move quicker to secure the home as a 3-4 day delay in submitting an offer can result in you losing out on the home you want
  • Making sure you have any issues with your credit addressed ahead of time prior to getting a home under contract
Making sure you understand and are comfortable with the payment amount, and discuss the monthly taxes and insurance costs

Mistake #4 || Not Giving Your Realtor Honest Feedback

Changed your mind about the location or property features you are looking for? Tell your agent! don't like homes with carpet or closed floor plans? Tell your agent! we don't live in the home, we don't own it and we certainly did not decorate it. It is to your benefit to be honest with your feedback so that we can make any necessary adjustments to your search criteria

Mistake #5 || Looking at Homes Too Far Outside Your Loan Pre-approval amount

Sellers on average are getting 90% of their asking price on homes. If your pre-approval is for $250,000 and you are shopping $275-300,000 homes, you are just setting yourself up for disappointment, frustration and an uphill battle if you believe you can bid $250k on a $300k home. After you learn by trial and error that the strategy won't work, you will be frustrated with the shape of the homes in a much lower price range.

 Mistake #6 || Not Reviewing the Purchase Contract Sooner than Later

The purchase contract has many features and benefits. If you are the kind of person who wants to wait until you found a home and then go through each paragraph, questioning the verbiage, legal theory and impact to your transaction for every area of the contract, you could be setting yourself up for days if not weeks of delays in submitting the final contract for the home. Time is of the essence so if you waste several days asking questions and trying to understand the contract it could cause you to lose the home you want to buy.

Questions Asked By the Audience:

Is it a good idea to engage multiple Real Estate Agents when searching for a home?

The short answer is no. While it's a good idea to interview more than one agent to make sure they complement your personality, they are competent and they have the time to assist you, once you have selected an agent you should continue exclusively with that agent unless something happens that causes you to fire the agent and get someone else. You should not waste agent's by having multiple ones because they will find out and best case scenario they won't take you seriously or give you the attention you deserve or worst case the agents could end up in a legal battle over who is entitled to the commission on your purchase.

Are there rebates, grants and first time home buyer programs still available?

The short answer is yes. Talk to your mortgage professional and with us about all kinds of active programs that you can take advantage of.

Be sure to catch the next episode Thursday at 5:30PM on November 8th, 2018 where we will be discussing seller challenges and solutions for a 30 minute episode. We will be taking your questions live on the broadcast.

RSVP to the event by visiting our fb page at this link

Fernando Sandoval and the rest of The Saltwater Ventures Team at RE/MAX All Star are always available to answer your questions in English or Español.

Text or call 727.344.9139 or send us an email by filling out the contact us form on our website. We look forward to working with you.

What’s next? Click below to:

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Author: Fernando Sandoval

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