What mistakes did you make the first time you bought a home?

Question

I'm totally going crazy over here. Today I had it out with my real estate agent. She is rushing me all of a sudden. I understand she is working for "free" right now, but I can't be rushed. I signed with her in early August. Is that bad? There is too much inventory! (in Michigan). I'm afraid of making a bad decision :(

EVERYTIME I see a perfect house, it either 1) has an accepted offer, or 2) too much money!

Any advice?

Answer 1

You are on the right path, the your poor real estate agent is starving and is trying to push you into bad decisions. You will look at at least seven or eight houses, and go into contract with at least two houses before you get to your house.

First know your budget, and REFUSE to look at any house that is 5 cents over your price.

Second its a buyers market so you play hardball tell them you want the sales price to be reduced up to 15% (common practice) and you want the seller to pay your closing costs.

Since there is so much inventory you have the option of walking, and looking else where.

And since you are arguing with your real estate agent, guess what, you can dump her! you are not obliged to work with her, there are a lot better ones out there.

And my final advice (My ex did this and she paid dearly for it for years) DO NOT FALL IN LOVE WITH A HOUSE.

Like it, but love your wallet more.

A side note it took me six months to buy my house, in that six month period I put two under contract and had three banks back out of the deal at the last moment.

I didn't quit purchased a house priced at 81k at 77k, which the seller paid my closing costs. The key is educate yourself and never give up on Your terms.

Answer 2

I hate to say it, but if you are EVER uncomfortable with your real estate agent, FIRE THEM. Terminate the contract. There is no good reason to hurry you up (except that she needs a commission).

First time I bought a house it didn't appraise to the contract price which put my financing at jeopardy. I wasn't putting much down either. Instead of making the seller deal with it and getting the price lowered or backing out of the deal I came up with the difference (at great cost to me). I would never do that now.

Good luck!

ps - GET A HOME INSPECTION done. They can be the best investment you make.

Answer 3

I would have bought outside the city limits.
City government = hassle and expense.
I would have bought more land. I would never have bought the lowest (elevation) house in the neighborhood, even though the city engineer told me the drainage was built for a "100 year rain"
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Never ever,ever buy a house on low land, or in a "spoon" or anywhere else it could conceivably in your wildest imagination flood.
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Answer 4

I didn't have them fix the little things, they are inexpensive fixes, but add up to a lot. Also, I did not get an extended home warranty. I regret that, the water heater and dryer have both gone on me!

Answer 5

sugestion from cleveland take your time ,as bayer in past 3 and next 2/4 month you are king take adventage of it dont hury good luck