1. Not trusting or confiding in your expert adviser, whether it's your agent, lender or inspector. Al thought each transaction is different for an experienced agent there isn't much we haven't seen or heard of. It is our duty when we are representing you the buyer as a buyers Representative to keep what you have told us in confidence. A transaction will go much smoother if you are upfront and forthright in how your are feeling and what you need,
2. Not having a home inspection. Always have a home inspection, even new construction should have a home inspection. It's much better to spend a couple hundred dollars before you sign on the dotted line then own the single largest investment of your life and find out a month latter the foundation or roof have major problems. It is the buyers responsibility to do his or her due diligence in making sure all pertinent inspections are done - this is not the sellers responsibility.
3. Duh - Buying the wrong house for the wrong reasons. Sounds pretty basic but many people fall in love with a home for all the wrong reasons. I have heard buyers oh and awe decor decor, paint, even stainless steel appliances while forgetting one of their basic requirements for a new home was a large yard for the kids and dog. Don't be swept away by how well a home has been staged. And also don't overlook the home that meets all your needs but needs new carpet or the furnishing style isn't the same as your. Rely on your real estate professional to keep you on track.
4. Altering your financial picture prior to closing. Your new dream home is now in escrow, the home inspection came out fine and you want to go out and furnish your house with brand spankin' new furniture bought on your new line of credit from the local furniture store (or a car, appliance, electronics, etc). Repeat after me - I will not buy anything with a credit card or on credit prior to your home closing! Altering your credit ratios could cause the underwriter to through out your loan and your stuck with new furniture and no place to put it.
5. Buying too much house. Don't be married to your house. Yes the bank may tell you you qualify got a mortgage much higher than than you ever thought was possible. Take a realistic look at your financial picture, do you like to go on vacation or even out on the town occasionally. With the proposed mortgage payment will your life style have to change dramatically? If so look for a home you can realistically afford.
