There are many mistakes that inexperience and experienced home buyers make. Here is a short list of the most common.

1. Going it alone.  Buying a home now days is a complex transaction. If you decide not to use a Realtor it’s in your best interest to find a good lawyer, lender, home inspector, insurer and a title company. Get the help you need early in the buying process.
2. Buying at first sight.  Be sure to check out the neighborhood at different times of the day and week.  Noise and traffic patterns can vary greatly at different times. Make sure the home fits your budget and needs. Think about if you had to move quicker than you planned would the home have decent resale value.
3. Not Getting  pre-qualified and pre-approved. pre-qualification gives you a general idea of how much you could borrow. Pre-approval means a lender has verified your information and credit rating and agreed to provide you with a specific amount if all conditions are met. You are in a much better negotiating position if you are pre-approved and a competing purchaser is not.
4. Overbuying. You may qualify to borrow a higher amount but do you really want to.  Being “house poor” is never a good idea.  You may love your new home but you still want to  have an occasional dinner and a movie out without having to worry. Analyze you monthly cost:  food, transportation, credit cards, car loans etc..be sure there is a little left over if circumstances should change.
5. Misplacing your trust. No matter how much you like your agent, the sellers, various inspectors or the people who vouched for them always keep in mind that this is a business transaction. Your decisions can be binding so do your research and be sure to read and understand the reports you receive. If possible use a real estate agent that understands what buyer representation means. A buyers agent has a fiduciary responsibility to represent and protect you..not the Sellers.
6. Not Getting it in Writing.  Do not rely on oral agreements. There is an old saying to get it right, get it in writing. written contracts  always take precedence over oral ones. People will say all sorts of things, if you want to hold them to it get it in writing.
7. Betting or Forgetting about Resale. Avoid if at all possible buying the most expensive home on the block. Your neighbors’ lower value will pull down your value. A rule of thumb is to never pay more than 40-50% of what comparable neighboring homes have sold for.
8. Glossing over the Fine Print. Before you  pick up a pen you need to understand what you are signing. A good Realtor will be happy to explain everything and anything you’re not sure of.  Ask questions if your not sure of something. Try to get copies of important documents ahead of time so that you can read through and make sure you understand them.
9. Making unconditional offers.

• Mortgage contingency: If you will be applying for a loan (like most home buyers) making sure to check the box for mortgage contingency is pretty much a no brainer. Before the bank will loan you any money they will want an appraisal, this is of course to protect their interest.  They will want to confirm that the homes value is sufficient to warrant the loan. If the house appraises for a lower amount than the sales price the loan could be denied.
• Home Inspection: While a good home inspector will charge a few hundred dollars this is usually money well spent . If the home has problems he will find them and the issues can be dealt with.  If their are no issues you will have piece of mind knowing that at least for a few years you should have no major outlays of money.

• Home Owners/Hazard Insurance. Confirm that you will be able to get adequate coverage. Your agent should be able to recommend several insurance agents to you. Although rare you still want to be sure you will be covered.

10.  Having Buyers remorse. People will fret over which candy bar they should have bought. They mull over whether they made a good choice on the menu after they place their dinner order. It’s  human nature to wonder if we’ve made a good choice.  So it’s only natural after a major purchase like a home to wonder if we made a wise decision. Keep in mind that no place is perfect. Do your homework, study the market and make your decision. Once settled in most people realize they made the right decision. Don’t miss a great house waiting for a perfect one!