3 Newbie Mistakes Many First-Time Homebuyers Make

If you’re buying your first home, your real estate agent will be there with you every step of the way to help you avoid common mistakes. With that said, here are three of the big ones.

Check out these three newbie mistakes that many first time homebuyers make so you can avoid them:

Not putting forth their best offer right out of the gate
Foregoing a home inspection just to get the home
Not being flexible if the seller needs them to be

Here’s a closer look at each.

Newbie Homebuyer Mistake #1: Not Putting Forth Their Best Offer Immediately

Your real estate agent will most likely tell you to put your best offer forward right away, Particularly if you’re in a seller’s market. In a seller’s market, sellers typically have the advantage; there are fewer homes than there are buyers to purchase them, which means buyers tend to compete harder to Try to land a deal.

If you’re in a buyer’s market, which means there are more sellers than there are prospective buyers, sellers are the ones who have to compete to sell their homes. That means you have a little more leeway, and you don’t necessarily need to offer all the money you have right out of the gate.

Newbie Homebuyer Mistake #2: Foregoing a Home Inspection Just to Get the Home

Your real estate agent will build an inspection contingency into your purchase contract. That contingency means that if your home inspector discovers any issues with the home that you just can’t live with – and that the seller isn’t willing to fix or give you a credit for – you get to walk away from the deal and keep your earnest money.

However, some buyers want to waive this contingency just so they can get the home. But the bottom line is doing so means you don’t have a set of professional eyes on the home and all its systems. You’re essentially going in blind, and any issues that arise after you sign the dotted line are your problem, not the seller’s. It’s a very rare circumstance in which you should waive this contingency; if you’re thinking about it, you should talk to your real estate agent at length.

Newbie Homebuyer Mistake #3: Not Being Flexible if the Seller Needs Them to Be

Sometimes sellers need their buyers to be flexible on closing dates – and if you’re not willing to move left or right on the calendar, based on what the seller needs, it could cost you a deal. Talk to your real estate agent about what the seller wants so you can see how you can at least meet them halfway.

Are You Buying a Home or Land for Sale in Lake City?

If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.

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3 Newbie Mistakes Many First-Time Homebuyers Make