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When You are Buying a Home, Take Care to Not Make Any of These Mistakes

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By : marco benavides    99 or more times read
If you have decided to purchase a home, be careful that you do not make any of the mistakes listed in this article. Some mistakes that are made during the home buying process are irreversible, and they can end up costing you thousands of dollars in the process, if not the opportunity to make the purchase.

One of the most common mistakes that is made, and one that can be easily avoided is not listening to the real estate agent that you are paying for the advice that you are being given. If you are not going to bother listening to the person you hired to protect your interests, you are simply throwing money down the drain.

You must take the time out to find a competent, qualified, and experienced real estate agent to guide you through the home purchase process. If you have found a good agent, then it makes absolutely no sense not to listen to what the professional in this line of business is telling you. If you fail to listen, you may end up paying a whole lot more than the agent's fees, and it is something that is completely avoidable.

Another common error that is often committed, and another one that can easily avoided is altering your financial picture just before the deal is closed. Your mortgage lender is relying on a certain ratio in order to grant you the mortgage loan, and you will be changing the ratio if you finance anything before the deal goes through.

Be careful with the cash purchases you make so that you can be sure that you will have enough cash on hand at closing, and do not make any large purchases with your credit cards or apply for new credit cards or other types of credit. Any credit transaction can affect either your ratio, credit score, or both, and all you have to do is hold off, have some self-discipline, and wait until after closing. If you make any purchases after closing, make sure that you are not going to put yourself in a financial bind.

Another mistake that can be easily avoided during the home buying process is not sticking to your list of needs and priorities. You wrote down a list for a reason, and forgetting all about your list can get you caught up in the moment, and you might end up buying more house than you can afford, or less house than you actually need.

If you have a list handy, you will have the things that are truly important to you and your family in mind when you are in the middle of looking at homes. You will also have a list of all the things your family needs, as well as the reasons why you need them, and looking at your list may prevent you from allowing your feelings and emotions to get the better of you.

There is nothing worse that can happen to buyer, or a seller for that matter, than falling in love with a house. If you become emotionally attached to a property, you will end up overpaying, or you will end up getting something that will not fit your actual needs.
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