Too much online research
Be careful, too much online research can be overwhelming. Trust what your agents says. 

Working with an out-of-area lender
An offer is more appealing if the lender is local and known by all of the agents involved.

Unrealistic expectations
You’re budget is $700,000 and you’re looking at $5,000,000 homes, you won’t like what you can afford. 

Looking at too many homes
You look at every home, and I mean every home on the market. Now, you’re overwhelmed and can’t make a purchase decision. 

Not taking the advice of your agent
If you’ve picked a quality agent, take their advice. They know the market, prices, and the pros and cons of each property you’ll see.

Working with an out of area agent
Working with an agent who doesn’t know the area intimately, may cost you money in the long run. Simple items such as who pays what tax, if done wrong, cost you money. 

Waiting for someone else to buy it
Not wanting to make an offer until someone else shows interest. If you like and can afford a particular home, try and buy it. Why wait for a competitor to drive up the price?

Not considering closing cost and supplemental taxes
Don’t’ forget to add a little less than 1% of your purchase price to cash on hand needs. Supplemental taxes can be a shock, too. Ask your agent about these items, so you’ll know what to expect.

Trying to negotiate verbally
As the market has slowed, many buyers toss verbal offers at sellers. Verbal offers don’t work. To find out what a home can sell for, you need to put your offer in writing. 

Getting stuck on a number
Time and time again, we’ve seen deals fall apart because the buyer won’t budge off of a number they’ve set for themselves, even if the  price in front of them is very close. 

Last updated on January 24, 2012 by Blake Roberts