Cannon Home Team

Call Lisa: (210) 884-9515

Avoid these Typical Buyer Mistakes

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Avoid these Buyer Mistakes:

Know what to expect before you start the home buying process.

I know the ins-and-outs of San Antonio real estate. Over the years, I’ve identified several traps that tend to frustrate home buyers. Let me walk you through this process. I can help you avoid mistakes that may cost you time and money.

Please call Lisa Cannon at (210) 884-9515 or click here to email so we can get started finding your dream home.

Buying a Home in San Antonio

Mistake #1-Looking at homes before you are approved for a loan.

Unless you know how much you qualify for and that you are willing to spend that amount, looking at homes prior to be prequalified through a lender is a waste of time for you and your agent. Additionally, most sellers will want to know you are pre-qualified before seriously considering your offer. Don’t put yourself in the situation that you find your dream home only to lose it because you have not prepared on the front end of the process.

Mistake #2-Not having the cash available for the earnest money, option money and the inspection.

It is also wise to have additional monies to assist with closing costs. There are many variables associated with closing costs and are part of the negotiations so better to be prepared.

Mistake #3-Potential first time homebuyers not staying informed.

Talk to a lender to see if you qualify for any programs they are familiar with that can assist with down payments or closing costs. These programs are available for first time home buyers or may be based upon income. Be aware of how your credit score, debt to income ratio or job change can affect your ability or timing to buy a home and inquire as to resources that a mortgage lender or real estate agent may have to assist in these areas.

Mistake #4-Having unrealistic expectations of what you can get for your money.

Your price point, area and neighborhood have great impact and each will reflect on the other. Discuss with your agent the things you are wanting in your home to ensure your price point and the area you are looking will bring you these items.

Mistake #5-Buying the most expensive home in the neighborhood.

While you may have found your dream home remember you will want to sell it eventually. Buyers looking at $400,000 home will want to be surrounded by other homes that are of equal or preferably higher value. Most buyers will not want their $400,000 home to be surrounded by $100,000 homes.

Mistake #6-Not allowing for delays in the transaction.

Keeping as much flexibility in the schedule as possible will minimize stress and can keep negations going. Time sensitive things like termination of a lease, additional documentation for the loan, or unforeseen things on the seller’s side can be reasons for changes in the closing date. Alternate plans, should the closing date be moved, will save stress and in some cases may even keep the deal from terminating.

Mistake #7-Skipping the inspection process.

An inspection should be done on new construction as well as a pre-existing home. An inspection should tell you the general conditions of the homes mechanical systems-HVAC, plumbing, structural and electrical. A home inspector should be able to guide you in the key things to address in the purchase of your home. An inspection is an important factor in making an informed decision on the purchase of a home.