Top 10 Legal Mistakes Home Buyers Make [infographic]

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Mistake #4: Failing to Get Pre-Qualified for a Mortgage Loan (8 Mistakes Home Buyers Make Series)

There are several mistakes some home buyers make, and some of them are huge!

MISTAKE #4: FAILING TO GET PRE-QUALIFIED FOR A MORTGAGE LOAN 

Don't waste hours searching for a home that is not in your price range! Save time and money by pre-qualifying for a loan.

Before you go shopping for a home, you need to determine how much you can afford. Once you are pre-qualified for a mortgage, you will know what your buying power is. You will save time by looking only in your price range.

This process is simple. A lender will ask you basic questions concerning your history, run a credit report, and determine your buying power. You can even get pre-approved for a loan! Imagine for a moment, if, when you and your Realtor initially draft your offer for the home you select, you are already approved for the loan - IN ADVANCE... No stress, no worrying about qualifying, no concern about your ability to qualify would stand between you and the home of your dreams.

In today's market, a pre-approval can be a powerful negotiating tool. The old system saw the buyer spending many hours locating the perfect home, carefully drafting an offer, awaiting acceptance of the offer, consulting a loan officer, filing the multitude of forms and applications, and sometimes this was all a waste because, for whatever reason, he was turned down for the loan.

You deserve peace of mind and negotiating power by getting an approved loan before you make an offer.

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Mistake #3: Failing to Properly "Screen" Your Realtor (8 Mistakes Home Buyers Make Series)

There are several mistakes some home buyers make, and some of them are huge!

MISTAKE #3: FAILING TO PROPERLY "SCREEN" YOUR REALTOR 

It is likely that you do not often interview people. Yet, in order to find the Realtor who is right for you, you may need to interview several. The quality of your home buying experience is dependent upon your skill at selecting the best qualified person.

It is interesting that in the real estate business, someone with many successfully closed transactions usually costs the same as someone who is inexperienced! Bringing that experience to bear on your transaction could mean a lower price at the negotiating table, buying in less time, and with a minimum of hassles.

Agents make it their business to provide every service connected with your home search, from expert advice in the early stages through careful monitoring of your settlement. The more closely you work with your agent, the better your needs are known and the more effectively you can be served.

• Your agent should be a skilled win-win negotiator
• Your agent should have access to the MLS systems: a computerized system that will assist in locating the home that fits your needs and desires. 

The purchase of your home could well be the most important financial transaction you have ever made. The person you select can make it a satisfying and profitable activity, or a terrible experience. It's your home. It's your money!

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Mistake #2: Thinking, "I Can't Afford a Home" (8 Mistakes Home Buyers Make Series)

There are several mistakes some home buyers make, and some of them are huge!

MISTAKE #2: THINKING, "I CAN'T AFFORD A HOME" 

Many people feel that they cannot afford a home, but affording a home has never been easier! Mortgage rates are more flexible today than ever, and the tax laws favor home ownership like no other tax shelter.

Homeownership is a durable (real) investment. Although no one can say if a specific home will appreciate in value, generally speaking the odds favor the homeowner.

Numerous unique tax advantages are available to homeowners. The thousands of dollars you pay in mortgage interest are deductible. This tax deduction alone can sometimes make owning your own home cheaper than renting with after tax take home dollars. Check with your accountant.

See the dramatic difference that home ownership will make.

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Mistake #1: Failing to Have a Plan (8 Mistakes Home Buyers Make Series)

(This is the first in the 8 Mistakes Home Buyers Make series.)

There are several mistakes some home buyers make, and some of them are huge!

MISTAKE #1: FAILING TO HAVE A PLAN 

Deciding to buy a home is probably the biggest financial decision you will ever make. It is an exciting decision, but it is serious business, too, and you deserve serious advice.

Zig Ziglar, a famous motivational speaker, once said that people don't plan to fail, they fail to plan. With a game plan, you will eliminate many of the headaches involved in this complicated transaction.

You need a clear plan when deciding to buy a house. Evaluate your current situation. Do you currently own a home? If so, will it be necessary to sell before making another purchase? Are you renting? How much time is left on your lease? Do you and your family plan to use the back yard? What is important about the location of your house? Do you want to live within 10 minutes or one hour from the office?

Make a list of features which are important in your home. Write down desirable locations you would consider, an acceptable price range, number of bedrooms and bathrooms, and any other amenities. Be specific. It is unlikely that you will find a home that offers every feature you desire. However, without a wish list, it will be more difficult to recognize a home which meets your expectations.

Provide your list to your Realtor. Your Realtor will look for homes that match your criteria. This will save you time – you won't need to look at homes that do not fit your needs and desires.

A proper game plan will save you time and reduce the hassle of shopping for a home. Spend a little time in advance and save a lot of time and money in the future!

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Sugar Pine Realty eMagazine (Vol 12)

Sugar Pine Realty eMagazine (Vol 12) by

Updated eMagazine ->

Sugar Pine Realty eMagazine (Volume 11)

Sugar Pine Realty eMagazine (Vol 11)

Updated eMagazine ->

The Social Benefits of Home Ownership [infographic]

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The Home Buying Process [infographic]

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Homes Are Selling Like Hotcakes [infographic]

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Moving Habits of Californians [infographic]

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Do Realtors® Earn Their Commission? (slideshow)

Do Realtors Earn Their Commission? from Chris Smith

Top 10 Legal Mistakes Home Sellers Make [infographic]

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Interest Rates: A History [infographic]

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Top 4 Most Common Pricing Mistakes [infographic]

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3 Lessons from a Sunken Ship [infographic]

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13 Lies We Tell Ourselves (About Others)

Have you ever lied? (You just did by not admitting it.) We all lie. We all have lied. We all will lie (in the future).

There are many reasons why we lie. Sometimes it's out of fear. Sometimes it's out of embarrassment. Sometimes it's because we're afraid of the consequences of the truth. Sometimes it's to protect somebody else. (Can you think of any reasons why you've lied in the past?)

And then there are the people who we lie to. We lie to potential future employers (on our resume). We lie in the way we present ourselves in public (as someone we're really not). We lie about the experiences we've had (ok, it's just an exaggeration/embellishment, not a lie).

And we also lie to ourselves. I don't know if you've ever thought about it, but it's true. We lie to ourselves and sometimes it's a minimizing/degrading in our own minds of who we are that's the issue with many people.

Usually what comes out of this wrong (self-pity/false humility~ish type) thinking is another "lying" pattern...

13 Lies We Tell Ourselves (About Others):

1. They won't like us.
2. They don't like us.
3. They won't accept us.
4. They won't forgive us.
5. They are better than us.
6. We are better than them.
7. They got/get all the breaks.
8. Their pain isn't as bad as ours.
9. They didn't work hard to get to where they're at.
10. They are not worthy of our help.
11. We are not worthy of their help.
12. They're too stupid.
13. They'll never change.

You might also be interested in:

• 7 Clues That Somebody’s Lying
• Separating Fact from Fiction

Sugar Pine Realty eMagazine (Volume 3)

Sugar Pine Realty eMagazine (Vol 3)

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Sugar Pine Realty eMagazine (and qr code)

Sugar Pine Realty eMagazine (Vol 1)

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