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5 Common First Time Homebuyer Mistakes

1. They don’t ask enough questions of their lender and make sure they have a firm pre-approval for financing. Know what loan program you are approved for, how much your closing costs will be ( your lender will provide you will a "good faith" estimate for loan costs), approx. how long will it take to close the mortgage once you have an accepted offer on a home and what information and documents your lender needs from you and when. Even if you don't 100% all of these details or why you need to know them your real estate agent will and it will greatly help your agent to better help YOU!

2. They don’t act quickly enough to make a decision and someone else buys the house. In today's market most people take the stance nothing is selling...the home will still be here if and when I decide to make an offer.  I cannot tell you how often buyers make this mistake and when they finally decide to make an offer someone else has snatched it up. If the home fits your needs, the price is right and your gut says " this is the one" don't delay...believe me you will regret it later when the home is already sold!

3. They don’t find the right agent who’s willing to help them through the homebuying process.  Choose an agent who knows the local market, is knowledgeable about the buying process, especially for first time buyers, and is willing to spend the time and energy to help you find the right home for you but also is honest and upfront about what you can reasonably expect with in your price range and parameters or whether you will need to make some compromises from your wish list. Also make sure your agent has an effecient and regular way of keeping you up to date on new listings & price changes that meet your criteria!  Jon has an automatic notifier program that will get these to you within minutes of them hitting the market - 24 hrs a day- 7 days a week!

4. They don’t do enough to make their offer look appealing to a seller.  Talk to your agent and find out what is "realistic" for the local market in terms, price ( make sure you don't over pay but if you really want to buy a home expect to pay "fair market value"). Your agent will help you determine this by showing you comparables listings and recent sold listing in the area of your potential home.

5. They don’t think about resale
before they buy. The average first-time buyer only stays in a home for four years. When I am working with home buyers I always ask them " what is your long term plan?".  Knowing if my buyers intend on being in a home for 2 years or 20 years helps me advise them on realistic resale value in their time frame and if they can expect to make $$$, lose $$$, or break even within their given time frame to resell the home.

I sincerely hope you find this information imformative and helpful and if you are considering purchasing a home please contact me anytime! I would be more than happy to discuss the process further and assist you in finding a great home that meets your needs!

 Jon Becker

Century 21 Northland



Buyers: In todays competitive market many homes(especially the "great deals") and properties are sold  even before they are advertised to the public. With my New Listings Notification System you can instantly be sent any new properties matching your parameters from my website or take it one step further and contact me and ask to be setup on my auto-prosepcting program direct from our multiple listing service and recieve ALL new MLS listings or price changes within 15 minutes  of them hitting the Traverse City MLS, giving you, my clients ,FIRST DIBS and being a step ahead of the competition!  Looking for bank foreclosured homes or short sales ? Contact me  for a complete list of local foreclosures & short sales with advice on the special buying process for these properties. See what my other buyers,sellers and collegues have to say about me on my "Client Testimonials" page.   Area residents thinking of  buying out of area? I can help with that as well. I will get you set up with a quality agent in the area you are considering. 

Posted: Wednesday, February 10, 2010 12:55 PM by Jon Becker


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