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Five Frequent First Time Buyer Mistakes

1. Afraid to ask questions(from their lender, real estate agent, lawyer etc.).

Questions are a great tool and as a first time buyer, they might be your only one (besides realestatetaxi.com of course). You should be asking as many questions as possible and never be afraid to do so. Remember the adage, “He who asks a question is a fool for five minutes, but he who does not ask remains a fool forever.” That holds true ten fold in this industry.

2. Hesitation. A key way to prevent hesitation which ultimately results in losing your dream home is creating a dream home checklist. That will be your template and your grounds of judging all the homes you see. You should write down all your MUST and MUST NOT’s, which is only the things you are strongly committed to. You need to know what you want in life because if you don’t that leads you running in circles. If you see a home that you love and it’s in your price range, evaluate it then go for it.

3. Finding the wrong agent to work with. Find one that fits your personality and flow so they are easy to work with. A real estate agent you’re comfortable with and who is responsive to your questions is INVALUEABLE. They have the tools, knowledge, access, experience to make your dream become a reality. Search the realestatetaxi.com website for more advice on evaluating on choosing an agent. Oh yea, they are also (for the most part) paid by the homeowner of the home you purchase, so they are free to you.

4. Not selling the offer to the seller. You need to express your interest to the seller, more then a handshake. Your real estate agent would tell you’re that you need to get pre approved for a loan amount before you start searching. A pre-approval is one of the best negotiating tools you could have. It tells the seller that you can afford there home and that a lender will approve you. It is the best way convince them that you will now waste there time. Writing a personalized letter to the seller complimenting the home and why their home stuck out from all the rest. This is extremely effective in numerous ways. (if you need help on creating a letter that can practically guarantee success contact us right away!)

5. Not thinking about tomorrow. An average first-time buyer only stays in a home for four years. Even though you are looking for a house, it’s a good idea to understand perspective view of the seller. Could you see yourself selling the home, with ease? If so it only confirms to you that you should purchase the home.

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1 comment to Five Frequent First Time Buyer Mistakes

  • Great list, thanks for sharing! What a great time to be a buyer. Interest rates and prices are low & inventory in high. Don’t foregt to ask your agent about the $8000 tax credit for 1st time buyers, it is for real! Buying a home is generally one of the largest financial decisions a person will ever make. Put a “buyer’s agent” to work and have the benifit of an experienced professional on your side. Your “buyer’s agent” is your advocate, your advisor, your negotiator and your confidante throughout the buying process.

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