What do you feel are the biggest buyers are making?

  • October 23 2010 - Cincinnati
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Answers (11)

Best Answer

HGTV did a special on the 25 Biggest Real Estate Mistakes.  It cover both buyers and sellers, but I will list the buyers mistakes in order on importance as mentioned in the article. 

I would add my own personal one that is not on the list, which is NOT buying now while interest rates and prices are low and the selection is high.  Do not try to buy at the bottom of the market, nobody knows when that is until it's over.  Who knows what interest rates will be then.

1. Buying what you want, not what you need.
2. Overlooking the extra and hidden costs.
3. Buying without a professional inspection.
4. Falling in love with the first property you see.
5. Skipping the loan pre-approval step.
6. Not being pro-active at closing.
7. Visiting the house only once.
8. Not setting a realistic budget.
9. Buying the most expensive house on the block.
10. Trusting everything the real estate advertisment says.
11. Buying without actually seeing the property.
12. Not thinking about resale.
13. Losing money with auctions.
14. Not researching the neighborhood.
15. Buying a house for it's decor.

Using a great buyers agent will help you avoid these mistakes.
  • October 23 2010
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Buyers Agents need to keep the buyer grounded in reality. Too much emotional attachment makes people do some irrational spending.
  • January 02 2012
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Profile picture for sunnyview
Biggest mistake many buyers made since this was posted in 2010 and before that was to listen to all the bottom calling done by the industry and not do their own homework.

A well informed buyer is a happy buyer and an uninformed buyer is just a pawn.
  • December 14 2011
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In our area it's "Waiting".  It's becoming less and less, but I still see folks saying they will do something in six months, next year, or they just aren't in a hurry.  Which is certainly ok.

The first time buyers that I do see purchasing homes are better educated and ask more questions than in previous years.  They have done their homework, get on the zillow's of the world, etc.  That's good to see!


Good Luck

  • December 14 2011
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Let me tell you what I'm seeing on the lender side. 
Customers are trying to clean up their own credit.  BIG MISTAKE
I give them cudos for their attempts but so sadly it backfires. 
Couple just Friday came to see me and in Sept (last month) got their credit report online ... they called and paid off all derogatory credit at what was listed on their report.  Their scores were good and because of the "stirring" up of the derogs the scores went down - down - down.  They now will have to wait probably 2 to 6 months for the scores to recover. 
Another girl recently got some inheritance money so she paid and closed all of her credit lines.  I had to move heaven and earth to get her an MI company that would take her loan. 
And of course, nearly every month I have some one that did the dreaded Credit Counseling that we treat mostly like a Chapter 13 BK.

In my recent research I have uncovered a little know fact. 
The expensive on line services charge so much and only produce a consumer's credit report VERY DIFFERENT from a lender's credit report!!
Additionally the only true report service (per my expert friend) is myfico.com and since the fight between the FICO people and Experian that particular one score will be inaccurate.  

I am begging everyone to spread the word - first step - always and forever is for the customers to contact a good lender and work through credit issues with them "hands on."  I go by the rule that if we have scores that work (600 for my loans) do not touch it.  If something needs paid off or done let the underwriter condition for it.  

Feedback is appreciated.
 
Sincerely,
Celia
  • October 23 2010
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Profile picture for the_country_hick
The biggest mistake buyers make is buying in a market where prices are continuing to decline and likely will for years.
  • October 23 2010
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Profile picture for wetdawgs
Believing everything the agents tell them without doing their own investigation!
  • October 23 2010
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Profile picture for hpvanc
Contacting a loan officer and real estate agent before doing their homework.
  • October 23 2010
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Profile picture for Ofe Polack
Jill I think the biggest mistake 1st time buyers are making is trying to buy a home without the experience of a buyer agent, primarily if they are trying to buy a short sale or bank owned home.
  • October 23 2010
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If you mean mistakes, I think the number one mistake is working with new agent (inexperienced) this market. That simple mistake can cost them thousands and lots of time.
  • October 23 2010
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Good guess, I did mean the biggest MISTAKES buyers are making. 
  • October 23 2010
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