First Time DFW Home Buyer Mistakes

Real estate agents have said that some first time buyers need to learn a hard lesson first hand before they will listen to what I have been trying to tell them. By giving a first time home buyer the leeway to make a terrible mistake, standing to the side and letting the buyer make a mess up on their own, the agent is taking a chance that the buyer will instead blame them.

Sometimes agents will share with each other behind closed doors the mistakes made by their first time home buyers, but they don't tell their buyer. To hear the agents talk, they may have tried to warn their buyer but they say their buyer doesn’t listen to them. Perhaps buyers believe some other person's advice like a relative, friend or coworker over the advice from their own agent. agents owe it to their buyers to put their interests above their own even if it means they will get upset with them and decide to work with another agent.

Three serious first time home buyer mistakes.

Not Listening to Their Agent

First time home buyers might not trust their agent they have hired. If that is the case, they should terminate that relationship. These types of fiduciary relationships are based on trust. There are great agents and there are terrible agents just as in any business. The bottom line, hire an agent that you trust. Once you like and trust that agent, listen to the advice given by your buyer's agent.

Your buyer's agent wants you to buy the home of your dreams. Every real estate market is different, and your agent might give you advice that you find difficult to swallow or even understand. Keep asking questions until you feel comfortable with them. Your agent is the best person to advise you about any type of real estate market. Don't lose your home just because you didn't listen.

Not Getting a Preapproval Lender Letter

Because first time buyers have not purchased a home before they may not know that market demands a preapproval letter. Sellers don’t want to show their home to a buyer who don’t prove they can afford to buy it. A first time buyer often feels that the opposite is true, that the buyer decides to buy the home, then the buyer will get a preapproval letter, but that is backward. The preapproval letter is not for your agent. It's for the seller. Don't even think about trying to write an offer without it.

Buying the Most Expensive Home You Think You Can Afford

It is human nature that buyers often pick the most expensive home. They are incredibly excited when home shopping and can easily get carried away. Buying a home is an emotional decision. It's normal for buyers to want the best home they can possibly afford, but sometimes these emotions can override common financial sense.

It often makes the most sense to buy a home that has all of the basic requirements as far as floor plan and location but may need some TLC. If you can buy a home a little bit under what the lender tells you, you can afford you will probably sleep better at night. Look for a starter home, a home that in 5 to 10 years you can sell to move up. An affordable home not of your far off future, because most first time home buyers have one thing on their side that experience buyers do not, which is time.