Part I: The 12 Biggest Mistakes Even Smart Peninsula Home Buyers Make

I have been talking for years about home buying mistakes that even my smart clients make and many real estate experts agree that these recommendations are vital to successful home buying. Don’t let enthusiasm cloud your good judgment. From emotions to economics observe the following guidelines and increase the likelihood of achieving the best home buying experience possible.

Here are the first three…

Mistake #1 — Working with the wrong agent

Real Estate Agents are hired to provide their clients advocacy, technical expertise and professional advice. Not all agents are alike. For example, the Seller is represented by the Listing Agent whose job it is to get the Seller the highest price, best terms, fastest sale and fewest problems. The Listing Agent cannot do anything that will undermine the Seller’s financial interests or help the Buyer get a better business deal.

Recommendation: Use a Buyer’s Agent Specialist

A Buyer’s Agent’s duty is to promote and protect the Buyer’s interests…not the Seller’s. Select a Buyer’s Agent based upon knowledge, skill, experience and the commitment to exceeding your needs and expectations. The best Buyers’ Agents will offer a performance guarantee whereby if you’re not satisfied with the Agent’s performance you can terminate your Buyer’s Agency relationship.

Mistake #2 — Not being genuinely pre-approved for a loan before starting your home search

Some lenders pre-approvals are nothing more than a condition laden, cursory pre-qualification. It’s only a best guess of what you can borrow without verification of your credit worthiness.

Recommendation: Find a loan first, and then find a home

A genuine pre-approval is the lender’s firm commitment to loan you money at a specific rate and terms. Have a “genuine” loan pre-approval in hand before starting your home search. A pre-approved buyer is tantamount to a cash buyer. And, a pre-approval demonstrates to the seller that you are a serious, credible and financially capable buyer.

Mistake #3 — Shopping solely online for a home

Shopping for a home online may be convenient and fun, but it’s not without drawbacks and inefficiencies.

Recommendation: Personally view 20 homes before you buy

Gather first-hand market experience. Nothing can benefit you more than knowing what’s out there, and what your choices are. All real estate is local. The composition, structure and dynamics of the local housing market vary with place and time. Understanding its make- up and present market conditions helps you make a more informed decision. A professional Buyer’s Agent knows the market and is there to help you make the right decision.

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Tags: first time home buyer, home buyer checklist, home buyer mistakes, san mateo county real estate, san mateo home buyer