Top Three Buying Mistakes you Can’t Reverse

Before you purchase your home, you will want to be aware of the top three home buying mistakes that are made by first time buyers. If a buyer makes one of these innocent buying blunders, they may be stuck with the unpleasant consequences.

#1. Not Being Honest With Your Agent

Your real estate agent or broker most likely has dealt with a multitude of personalities and real estate transactions. There should be nothing you need to hold back from your real estate agent. Here are a variety of reasons Tucson home buyers are not forthright with their agent:

  • Buyer doesn’t feel the subject is that important
  • Buyer believes they have all the answers
  • Buyer lacks confidence in their adviser
  • Buyer fears how their adviser will perceive them

Tucson Real estate agents have a fiduciary responsibility to their buyer client. These include loyalty, obedience, disclosure, confidentiality, reasonable care and diligence, and accounting. Therefore it is important they know your viewpoints.

If you feel like backing out of your decision, speak up and talk to your real estate agent. They want to know your concerns and address any confusion or misunderstandings. Have an honest discussion about your concerns.

#2. Making Big Purchases Prior To Closing

Altering your financial picture before closing can result in serious penalties. Your mortgage lender determines your loan amount through several ratios. Large purchases can negatively alter these ratios which can impact your loan approval. Remember any purchases during escrow that affects the buyer’s ability to qualify for his/her loan can be considered a potential breach of contract.

Big purchases, whether it is cash or on your credit card, should wait until after your home purchase and you are comfortable with your new home budget.

Do not purchase the following items on credit prior to closing:

  • Vehicles
  • Large in-house appliances (washers, dryers, refrigerators)
  • Large outside equipment (lawnmowers, garden equipment)
  • Expensive electronics
  • New furniture

#3. Purchasing the Wrong House

As a Tucson home buyer, when you purchase the wrong house it feels like your whole life is completely upside down. Create a list of priorities in the planning stages prior to your home search and this will ensure you are making the right decision. When viewing properties, make sure to weigh the pros and cons on each home and communicate with your Tucson real estate agent. No house will be perfect but there is a house out there just for you.

Now that you are aware of the mistakes you should not make, take a look at what we have to offer you as a home buyer in today’s market.