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8 Mistakes Home Buyers Make eBook

8 Mistakes Home
Buyers Make

Courtesy of Sugar Pine Realty
(Sonora, California)

Sugar Pine Realty

8 Mistakes
Home Buyers Make

1

Sugar Pine Realty

Table of Contents
Mistake #1: Failing to Have a Plan

3

Mistake #2: Thinking, “I Can't Afford a Home”

5

Mistake #3: Failing to Properly “Screen” Your
Realtor®

6

Mistake #4: Failing to Get Pre-Qualified for a
Mortgage Loan

8

Mistake #5: Choosing a Loan Based Only on
the Interest Rate Myth

10

Mistake #6: Failing to Obtain a Home Inspection
from a Qualified Home Inspector

13

Mistake #7: Not Knowing Your Rights and
Obligations

16

Mistake #8: Failing to Make Your Own Inspection

18

eBook courtesy of Sugar Pine Realty
www.sugarpinerealty.com
2

Sugar Pine Realty

MISTAKE #1 HOME BUYERS MAKE

Failing to Have a Plan

Deciding to buy a home is probably the biggest financial
decision you will ever make. It is an exciting decision, but
it is serious business, too, and you deserve serious
advice.
Zig Ziglar, a famous motivational speaker, once said that
people don't plan to fail, they fail to plan. With a game
plan, you will eliminate many of the headaches involved
in this complicated transaction.
You need a clear plan when deciding to buy a house.
3

Sugar Pine Realty

Evaluate your current situation. Do you currently own a
home? If so, will it be necessary to sell before making
another purchase? Are you renting? How much time is
left on your lease? Do you and your family plan to use the
back yard? What is important about the location of your
house? Do you want to live within 10 minutes or one hour
from the office?
Make a list of features which are important in your home.
Write down desirable locations you would consider, an
acceptable price range, number of bedrooms and
bathrooms, and any other amenities. Be specific. It is
unlikely that you will find a home that offers every feature
you desire. However, without a wish list, it will be more
difficult to recognize a home which meets your
expectations.
Provide your list to your Realtor® . Your Realtor® will look
for homes that match your criteria. This will save you time
– you won't need to look at homes that do not fit your
needs and desires.
A proper game plan will save you time and reduce the
hassle of shopping for a home. Spend a little time in
advance and save a lot of time and money in the future!

4

Sugar Pine Realty

MISTAKE #2 HOME BUYERS MAKE

Thinking, “I Can't Afford a
Home”
Many people feel that they cannot afford a home, but
affording a home has never been easier! Mortgage rates
are more flexible today than ever, and the tax laws favor
home ownership like no other tax shelter.
Home ownership is a durable (real) investment. Although
no one can say if a specific home will appreciate in value,
generally speaking the odds favor the homeowner.
Numerous unique tax advantages are available to
homeowners. The thousands of dollars you pay in
mortgage interest are deductible. This tax deduction
alone can sometimes make owning your own home
cheaper than renting with after tax take home dollars.
Check with your accountant.
See the dramatic difference that home ownership will
make.
5

Sugar Pine Realty

MISTAKE #3 HOME BUYERS MAKE

Failing to Properly “Screen”
Your Realtor®

It is likely that you do not often interview people. Yet, in
order to find the Realtor® who is right for you, you may
need to interview several. The quality of your home
buying experience is dependent upon your skill at
selecting the best qualified person.
6

Sugar Pine Realty

It is interesting that in the real estate business, someone
with many successfully closed transactions usually costs
the same as someone who is inexperienced! Bringing
that experience to bear on your transaction could mean a
lower price at the negotiating table, buying in less time,
and with a minimum of hassles.
Agents make it their business to provide every service
connected with your home search, from expert advice in
the early stages through careful monitoring of your
settlement. The more closely you work with your agent,
the better your needs are known and the more effectively
you can be served.
• Your agent should be a skilled win-win negotiator
• Your agent should have access to the MLS systems:
a computerized system that will assist in locating the
home that fits your needs and desires.
The purchase of your home could well be the most
important financial transaction you have ever made. The
person you select can make it a satisfying and profitable
activity, or a terrible experience. It's your home. It's your
money!

7

Sugar Pine Realty

MISTAKE #4 HOME BUYERS MAKE

Failing to Get Pre-Qualified
for a Mortgage Loan

Don't waste hours searching for a home that is not in your
price range! Save time and money by pre-qualifying for a
loan.
8


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