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Buyers Do’s and Don’ts

Buying a house is a huge step for most people. They don’t really teach you how in school so you must rely on the people you are working with. Try as we might, there are just some things that don’t always get addressed prior to buying. In order to make the experience easier, here are a few thoughts and ideas on buying a home. Yes, it’s the Do’s and Don’ts of home buying!

Do get pre-approved
This makes you a stronger buyer. If you are in a multiple offer situation, having a stronger financial position “on paper” will help seal the deal.

Do be realistic
Look, everyone wants a great deal, but at some point you have to be realistic about pricing and terms. A good rule of thumb is to see how you would react if you were the seller. If you ask for too much, you are going to have a struggle to get to a meeting of the minds. Take a look at the comparable, assess the property and offer realistically. You should also understand that sometimes sellers are just overpriced and there is simply no way they will get that amount. You might have to wait them out for a few months to help them understand. You should expect that a home in the 250K price range will sell for 200K. Would you sell your home for 50K less in this situation?

Do get a home inspection
If your agent says you don’t need one (unless it’s newly built and under warrant), you should run away. Spend the money and get one done!

Do your research
Look online at homes. Do drive-byes in areas you are not familiar with. Your agent can’t possibly know every single street. Try and figure out where you want to be ahead of time.

Don’t buy any big ticket items before you close
Your debt to income ratios could be thrown off and your loan not approved. This includes opening new lines of credit.

Don’t work with multiple agents
Choose one you like and stick with them. A good agent will know what you are looking for and guide you.

Don/t take too long to react to contract offers
By the time you “take a day or two to think about it”, the other buyer has thought about it and already responded. If you like the property, changes are other people do too.

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