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Six Common First Time Home Buyer Mistakes

Don't make these same common first time home buyer mistakes that could cost you thousands of dollars in additional expenses or even save you rent money because... You can buy a home!
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1. They don't think they can buy a home

Many people living in apartments, renting a home, or those that find themselves ready to find a place to live often think they can't afford a home. Or they think no one will lend them the money to buy a home. This is a common first time home buyer mistake. Since there are so many programs available for first time home buyers to assist with financing, you might as well at least try to buy a home.

  • FHA Mortgages – These typically only require a 3% down payment which can be gifted. Some programs even allow the seller to gift the down payment money.
  • Rent to own arrangements.
  • Down payment assistance programs.

Even with the financing options available many first time home buyers think that there is no way a lender will let them borrow the amount of money necessary to purchase a home. Prior to the sub-prime mortgage fiasco that began in 2004 I would have told you that lenders are protected by the appreciation of the home. In a soft housing market that may not be the case, but we have had rough real estate markets before and it has always bounced back.

As long as you have a job, a decent credit score, and are looking to purchase a home that is affordable you will likely qualify and be able to find a home.

It never hurts to look and see what you can afford. I work with some of the best mortgage brokers in Arizona and encourage you to contact one of them. Visit my Arizona business partners page for more information.

2. They don't make a decision quickly enough and someone else buys the home

I know everyone hears that it is a buyer's market right now. While that is true, it doesn't mean that great homes aren't snatched up quickly and sometimes with multiple offers.

When a high percentage of the homes for sale are foreclosures there is a lot of downward pressure on home prices. This means a home buyer can get a great deal. That doesn't mean there isn't competition for the homes. Often times a foreclosed home that is owned by a bank has multiple offers on it. The banks don't typically accept an offer until they receive multiple offers so that they can gauge the value of the property.

Also many of the foreclosed homes have been severely neglected and maybe outright vandalized by the former owners. Those homes that are desirable are usually bought and sold very quickly.

If you find a home that you want, make an offer. Don't make these first time home buyer mistakes and assume the house will be there for you next week.

3. They don't find the right agent willing to help them with the home buying process

First time home buyers are often a little more difficult to work with than someone who has purchased a home before. That makes sense since there are going to be a lot more questions to answer and probably a lot more patience needed throughout the process.

It is often times more expensive and time consuming to work with a buyer rather than a seller. I have driven around the city with a buyer for months before they found a home they liked. The purchase didn't go through because of financing and then we spent another month looking before we found another home. It may sound corny, but I think finding the perfect home for someone is an awesome feeling.

I hear all the time from my clients that they contacted other real estate agents that never called them back. That blows me away!

My Promises To You

  • I will respond to your emails, return your calls, and show up on time for appointments.
  • I will work my butt off helping you buy, sell, or rent for the best price as fast as possible.
  • I won't pester or push you to do something that you are not 100% comfortable with.
  • I will tell it like it is even if it's not what you want to hear. (I can't help it. It's genetic.)
I am a full time real estate professional and you will receive my full attention.

Continuing reading about the Six Common First Time Home Buyer Mistakes on the next page...

Educate your self. Don't make these first time home buyer mistakes!

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