Resist The Desperation! Common Mistakes Buyers Make
You’ve spent months getting your finances in order, getting pre-approved, and now you’re house hunting. And, luckily, with a tight inventory of listed homes on the market right now, you’ve found one that you and your family love. But then it starts slipping away.
We’ve talked on our blog before about desperate sellers making big real estate mistakes, but what about desperate buyers?
What Are The Common Mistakes We’re Seeing Desperate Buyers Make When It Comes To Omaha Real Estate?
Mistake : Making an offer without seeing the home in-person first.
Sometimes this is unavoidable - such as when you’re relocating from one state to another. But in the market that we’re in right now, we’re seeing sellers make offers without walking through the home first. With real estate being such a huge investment, we almost always advise that the buyers walk through themselves first.
Mistake : Stalking your dream home.
Don’t spend all of your time hanging out in front of the property. Yes, of course, investigate at different times of the day so you can see what the neighborhood is like, but don’t set up camp.
Mistake : Contacting the owner on your own.
This is never a good idea. Ever. You’ve hired a realtor for a reason. So has the seller. Let them do their jobs and earn their commissions. Best case scenario, you’re seen as a stalker or wacko. Worst case, you say something that can be held against you legally.
Mistake : Bidding well above asking price.
This is never a good negotiation tactic for buyers. We know that panicky feeling once you’ve found your dream home and worrying that it may slip away from your grasp. We’ve counseled more than a few families to resist this urge, and we’ll continue to do so.
Mistake : Lying to your mortgage company about anything.
Potential buyers who lie to their mortgage company on any of their paperwork or in their application have just lost out on their dream home. The mortgage company will find out the discrepancies and will most likely turn down your mortgage. People who do this are literally tanking their dream of owning their own home.
Mistake : Waiving the home inspection as part of their offer.
No. Just no. Don’t waive your property inspection. This is an important step in the homebuying process. It will tell you how much you are going to be investing over the first couple of years in your home, it will tell you any underlying problems (infestations, foundation problems, etc.), and it will shine light on some things that the seller may not have disclosed.
Want to read more about how to be a smart house hunter this spring?
Check out our blog post from last month: Omaha House Hunting Tips For Spring 2018.
If you and your family are getting ready to start house-hunting for a new home or are preparing to sell your home, contact the Fairfield Team and we can help you get started or answer any questions about the Omaha housing market and the real estate process!