How many first time buyers have felt regret and stress after making a purchase?  Many, due to enthusiasm and ignorance, have made big mistakes during the closing process.

Mistake 1 - Not Doing Research before Signing A Contract

Buyers start rushing looking for houses, surfing the internet, calling on advertisements and visiting show houses before doing some research.  Never rush to pay a deposit.  Also, think about how long you plan to own the house.  Is it going to be difficult to resell?  List all of the negatives.  Can they be eliminated?  No one likes to admit they bought the wrong house.  Nevertheless it happens.  You don't want to change your mind and lose your deposit.  To make sure that this doesn't happen to you, do your homework well before you part with your hard-earned money.  Learn from the mistakes of others.  It is the best way to ensure a first-time home buyer a good night's sleep.

Mistake 2 - Not Doing a Home Inspection

Many buyers will try to save $400 or think that the bank will do the required inspection to make sure the house does not have structural problems and does not need any major repairs. 

Mistake 3 - Not Understanding the Home Buying Process

First-time home buyers need to learn by asking questions.  A real estate lawyer who has experience and is willing to explain the entire house buying process in detail, and explain it again until you understand it.

Mistake 4 - Not Understanding What They Signed

It is true of most first-time buyers.  They do not read their agreements and have no inkling of what they have signed.  Ask your lawyer to explain all of these documents.

Mistake #5 - Not Ready for Delays in the Closing Process

Delays in closing can occur for various reasons including the Sellers' inability to move out.  Beware of telling your mortgage broker or banker to lock your rate while the Seller is not ready to close.  If you are renting, make sure your landlord is flexible with the extension otherwise this delay can cost you a lot.

Mistake 6 - Buying a Property In An Unknown Area

Don't just look at the property.  Check the surrounding area.  See if it's safe, well maintained and moderately quiet.  Is it convenient to work, schools and shops?  Find out about zoning; could the highway nearby be widened in the future?  IF you're not familiar with the area, ask friends, relatives, and realtors about it.

Call me today at 852-1888 to make sure you avoid these and other mistakes.