Realtor - Amanda S. Davidson: 5 Ways Buyers Sabotage Their Home Purchase

5 Ways Buyers Sabotage Their Home Purchase

5 Ways Buyers Sabotage Their Home Purchase

Buying a home is a big event and it can lead to a lot of different emotions. The excitement is wonderful but, the stress can get to you if you let it. Don’t sabotage your dream of owning a home. Steer clear of these mistakes and you’ll stay on track right through closing on your new home!

5 Ways Buyers Sabotage Their Home Purchase 

Maintain Your Pre-Approval – just because you’re pre-approved doesn’t mean it’s good forever or that it can’t be changed. You need to stay pre-approved until after closing – even after your loan is fully approved do not make any changes to your job, credit score, or debt to income ratio. Lenders verify this information throughout the loan process and can continue to verify it up to the day you actually close. Do not open new lines of credit, don’t charge new debt on your credit cards, and don’t make any late payments. Furthermore, do not and we repeat DO NOT buy a new car or anything new for your future home. After you close you can buy whatever you want but, only after you close!

5 Ways Buyers Sabotage Their Home Purchase 

Don’t Delay – if there’s a house you want to go and see do just that. Don’t delay or wait until its perfect timing for your schedule. Homes that are new to the market get a lot of attention and in our current seller’s market time is not on your side. Adjust your schedule to make house hunting a top priority. Waiting until the weekend or even waiting a day with the market we’re in right now can mean you never get a chance to see the home you like much less ever get a shot at making an offer.

5 Ways Buyers Sabotage Their Home Purchase 

Low Ball – as we mentioned above it’s a seller’s market. Sellers are in the driver’s seat and low ball offers do not fly. As a buyer you have competition, sometimes a ton of competition and you have to put your best foot forward. That doesn’t just mean price (see the next mistake) it’s the terms as well. If you really want the house don’t play games, rely on your agent to run comps and to determine if multiple offers are expected. The market prices a home and if you’re competing with other buyers it is not the time to test the waters.

5 Ways Buyers Sabotage Their Home Purchase 

Don’t Ask For Too Much – price is just the tip of the iceberg when it comes to an offer. Sellers are going to consider price, down payment, contingencies, conveyances, closing cost assistance, and settlement date (list is not all inclusive of what a seller will consider) and then from there determine which offer is best for them. Make your offer as appealing to the seller as you possibly can. Asking for closing costs in a seller’s market where you’re competing can be a deal breaker, so can a long settlement period. Talk to your agent and rely on their expertise when deciding on what to include or exclude in your offer.

5 Ways Buyers Sabotage Their Home Purchase 

Nitpicking The Home Inspection – first, let’s start with there’s no pass or fail when it comes to a home inspection. No house is perfect, not even a new build. It’s an inspectors job to give you an idea of everything little thing that’s going on with the home so that you know what you’re getting into. That does not mean the seller needs to address every item or lower the price. Do not ask for minor items, if something major is found be realistic and work with the seller to find common ground. There’s always a win-win for everyone but, it requires keeping a level head throughout negotiations. Don’t be the buyer that wants a $5,000 price reduction because the HVAC is older and “might” break in the future.

5 Ways Buyers Sabotage Their Home Purchase 

With the right preparation and the right agent with a team of exceptional professionals (lender, title company, tradesmen, etc.) to guide you every step of the way you’ll not only be successful in accomplishing your dream of homeownership you’ll also have a lot of fun buying a home!

 

 

 

Amanda Davidson Real Estate Group

 

 

      

 

Amanda Davidson

Amanda Davidson Real Estate Group

Broker - Owner
Licensed in VA and DC

6485 Old Beulah Street
Alexandria, VA 22315

Cell: 703.431.3755
Fax: 703.562.7057




Comment balloon 38 commentsAmanda S. Davidson • July 10 2018 12:49PM

Comments

Great information Amanda S. Davidson  sometimes people forget that charging on credit cards can effect their approvals .Good reminder

Posted by Hannah Williams, Expertise NE Philadelphia & Bucks 215-953-8818 (Re/Max Eastern inc.) 4 months ago

Great tips, Amanda... it's a "song I sing" to all buyers, especially first-time buyers... and yet how often many of them have to lose a home or two before the light bulb really goes on!

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) 4 months ago

Amanda S. Davidson 

I can understand how you got to be a Broker. Your advice to buyers will help them to achieve their goals. All they have to do is listen!

You make great sense, Amanda!

Posted by Patricia Feager, MBA, CRS, GRI, Selling Homes Changing Lives (DFW FINE PROPERTIES) 4 months ago

Great tips Amanda that all buyers should be aware of. I've got one where my buyer was told not to do anything out of the ordinary with her credit cards. She decided to close one of her cards and when they pulled her credit right before closing she no longer qualified for her loan.

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 4 months ago

Those are all valuable tips that home buyers should keep in mind.

Posted by Michelle Carr-Crowe Just Call 408-252-8900 Top 1%!, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty) 4 months ago

Don't delay...Yes Amanda, with today's shortage of homes for sale, getting to see it when it's just listed is the best way to get the home you have been waiting for!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo & Home Sale Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) 4 months ago

Anyone thinking of buying a home in your area should read this post and call you to be their agent.

 

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) 4 months ago

Amanda, great tips for buyers getting out to buy their home.   Lowballing in a very strong seller's market will leave a buyer without a home!  

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) 4 months ago

Thanks, Amanda.  This is great advice for buyers that they will hopefully listen to.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 4 months ago

Hi Amanda- right on all counts. I know of someone who nitpicked over the home inspection and passed on the home he really wanted. When he had time to think about it, the house was gone. 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 4 months ago

It really is and the funny thing was that she was working with MY lender! I was the listing agent and had recommended him to her agent and he had actually notified her agent of his instructions that they were 'tight' but, as long as she didn't do anything with her credit, she'd be fine. The agent said that both she AND the lender had explicitly instructed her NOT to do anything other than pay off her credit cards until AFTER Closing! 

I felt bad for her because she loved the house but, she just didn't listen to her agent or her lender. 

Happy Friday, Amanda!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 4 months ago

Congratulations on your feature recognition. This is good advice to share with prospective home buyers.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 4 months ago

Great Article. I like that your first point had to do with maintaining credit profile. I tell all my borrowers this explicitly, especially those that are talking about ordering new furniture, wanting to redo blinds/window treatments, or other items that could be reasonably big expenditures

 

 

Posted by Bill Meloy, Private Money Specialist 4 months ago

"DO NOT buy a new car or anything new for your future home. " So glad this was among your first tips. I tell every buyer to stay away from Furniture stores and their "No Payments, No Intrest for 4 years!" Sure it may be legit, but it shows up on the credit report as a new debt which now the lender has to overcome.

Posted by Stephen Turner, The BIG Guy of NEW HOME SALES (TriCorner Homes (TriCorner Realty)) 4 months ago

Truly said - Buying a home is a big event and it can lead to a lot of different emotions. The excitement is wonderful but, the stress can get to you if you let it.

Posted by Mr Fred Dorsey, Specializing in #Divorce #Probate&Estate (Douglas Realty LLC) 4 months ago

When you are tired of playing at Real Estate Call Amanda for results please....

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) 4 months ago

These are great tips Amanda S. Davidson. Some buyers just don't realize the importance of the things they need to do to get their dream home.

Posted by Sybil Campbell, REALTOR® ABR, SFR, SRES Williamsburg, Virginia (Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia) 4 months ago

Amanda: Listening to both your agent and the lender can make all the difference. Unfortunately, sometimes consumers just cannot get out of their own way. 

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) 4 months ago

Good evening Amanda S. Davidson,

Congratulations on a well deserved featured post! You make so much sense and give excellent advice to buyers! Way to go girl!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) 4 months ago

I particularly like the #5 about nit picking on the inspection.  I like the buyers who think they deserve a new water heater or A/C unit because it MAY need replacement in the future. EVERYTHING will need replacing in the future.  These things don't last forever.  I don't understand why people look at used homes any different than used cars.  If you want everything to be absolutely perfect, buy a new build.  Even those aren't perfect. Good post Amanda and best of luck to you. 

Posted by Jerry Murphy, CRS, SRES, Anthem, Phoenix, and Scottsdale AZ Real Estate (Long Realty West Valley) 4 months ago

Good article and good comments... I always appreciate hearing from other realtors!

Posted by Dianne McKenzie, Marketing properties & cultivating relationships (Kachina Mountain Realty) 4 months ago

Heard of Buyer's Remorse? It happens. frequently.............

I think I'll do a post on that!

Posted by Jim Holder, REALTOR EMERITUS, ABR,ePRO,CNC,SFR, (HomeSmart Connect) 4 months ago

Don't ask for minor items! AMEN. Let's get real, people.

Posted by Anne Corbin, Serving Lake Anna & Central Virginia (Fritz Realty LLC) 4 months ago

Excellent advice, however, not all buyers will heed their lender or agent's advice. Things begin to unravel soon after the buyers offer has been accepted. 

Posted by Kimo Jarrett, Pro Lifestyle Solutions (WikiWiki Realty) 4 months ago

Great post!  I always have the conversation with buyers about what not to do but they don’t always listen.  I remember one I saved as I called them a couple of days prior to closing and they were at a furniture store getting ready to charge a bunch of new furniture for the home.  I reminded them of our conversation and told them if they financed the furniture prior to closing they would end up with new furniture but not the home.  They thought since we had clear to close all was good but that of course wasn’t the case

Posted by Terry McCarley, REALTOR, SRES, CDPE - Cape Coral, FL (REMAX Realty Team - Cape Coral FL) 4 months ago

I have worked with buyers that have done these things, then they wonder why they aren't finding a great home to buy, haha.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) 4 months ago

Good afternoon Amanda -  congratulations on this well earned feature.  All of these points are important and you can't let up until you finally close.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 4 months ago

Congratulations on the Feature Amanda S. Davidson ... Excellent Advice! Great Post!  Every Buyer needs to have this information brought to their attention BEFORE they go shopping!  

Posted by Diana Dahlberg, Real Estate in Kenosha, WI since 1994 262-308-3563 (1 Month Realty) 4 months ago

Wow Amenda,  Always love to see your picture with happy clients.  I hope you are having a great year with you and your team.  Eagle season soon!!!

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 4 months ago

Right on, Amanda. I've had a number of buyers who thought sellers were deperate enough to accept the lowball offer along with closing costs and oddles of repairs. They weren't. In each case, the buyers eventually had an "ah ha" moment and made a reasonable offer and they are in their new home today. 

Posted by Mike Cooper, Your Winchester, VA Real Estate Sales Pro (Cornerstone Business Group Inc) 4 months ago

Great post,  Amanda S. Davidson ! All 5 points are so important for buyers to understand ahead of time. I try to explain to buyers...and sellers...that the home inspection is a time for a conversation about the information that was shared by the home inspector. As you said, it's a great idea to prepare buyers that the the detailed information from a home inspector doesn't mean every last thing has to be replaced or negotiated! I also encourage buyers to choose a dollar amount based on items that come up during the home inspection, below which they won't ask the seller for anything. Another way to make their offer stand out in a sellers' market.

Posted by Nina Rogoff, Sells Real Estate! (RE/MAX Executive Realty) 4 months ago

Hi Amanda, I have had buyers do each of these things. Very frustrating from an agent point of view.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 4 months ago

Hi Amanda S. Davidson - Congratulations on your well deserved feature!  I saw this on Facebook from the ActiverRain Network. All buyers should see this. 

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) 4 months ago

Well written. The home inspection is not to make sure everything in the home up to new construction standards and codes.

Posted by Derrick Guevremont, Rochester MN Homes for Sale (Counselor Realty of Rochester) 4 months ago

Good morning Amanda S. Davidson, some buyers truly sabotage their home purchase, it usually starts with the inspection. Well deserved feature! 

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) 4 months ago

Asking for the sun, moon and the stars rarely flatters the Sellers !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) 4 months ago

Great post!  In this market especially, buyers have to do EVERYTHING they can or they lose out, again and again

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) 4 months ago

Those of us in the business for any length of time have seen things go wrong when buyers don't heed this advice. Don't make any purchases prior to closing! Not even the refrigerator for the new home. 

Posted by Pat Starnes-Front Gate Realty, 601-991-2900 Office; 601-278-4513 Cell (Front Gate Real Estate) 4 months ago

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