1) – Not Being Pre-Qualified For Financing Before Looking

Before you start to look, it is important that you know how much you can comfortably spend on a home. Getting pre-qualified for financing will keep you in your price range.  You don't want to fall in love with a home you can't afford. It will also save you the strain of having to choose a lender in a rush after signing a contract to purchase. In times of fluctuating interest rates it would benefit you to lock in the rate. This could save you thousands of dollars if the rate increases while you are in the process of buying.

2) - Failing To Seek Out The Services Of An Experienced Real Estate Agent

Many Buyers are unaware of the fact that in almost every case they are not responsible for paying the agent’s fees; that the agent is usually paid a commission by the seller. It is always best to seek out an experienced real estate agent knowledgeable about the area to represent your interests and find the best property to meet the needs and wants of your family. 

3) - Failing To Research The Market Before Making Your Offer

Have your agent prepare a report of all the sales and comparables in your area. This will help ensure that you do not offer too much or too little for the property you want.  Offering an unrealistically low price can cause the seller to stand firm on his listed price and refuse to negotiate. In most cases, this is the same type of information that the seller saw when setting the price of their home.

4) - Not Being Informed Of Your Rights & Obligations During Your Offer To Purchase

Be aware of your rights and what to expect from a good real estate agent.  A small mistake in a condition or clause could end up costing you time and money, or in some cases even void your contract.

5) – Not Understanding The Common Negotiating Methods Used At Offer Time

Some buyers have been told that the best way to get a good price is to low-ball the seller from the start in hopes that the seller will drop his price quickly. In reality this often does nothing more than upset the seller and could ruin the chances of reaching an acceptable price for both of the parties involved. Too low an offer could also have the effect of prolonging the negotiating process and leave the property on the market for another buyer to step in.  Have good communication with your agent, and he or she will be able to advise you in negotiating.

6) - Failing To Use  Home Inspection Company

Buying a home is usually the most important investment and financial transaction that you will ever make. A professional home inspection can save you hundreds or even thousands of dollars in avoiding unexpected problems after you move into your home. In addition to including the inspection contingency in your offer, you should ask the Seller to provide a Home Warranty to cover most of the cost of any repairs needed during the first year.  A warranty will serve to give the Buyer and the Seller peace of mind after the closing.  There are many warranty policies and providers available.  One-year home warranties range in price from about $300 to $500.

7) - Letting Your Emotions Cloud Your Judgment

Buying a home is an important and exhilarating process!   Avoid letting your emotions take over the process.  You should be excited about the home you're buying, but make your purchase decision based on facts and careful research.