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10 Big Mistakes People Make When Buying Real Estate

It’s no secret buying a home or investment property is the largest purchase most people make. The Internet has been a game changer for the real estate industry. It has given buyers and sellers unlimit

It’s no secret buying a home or investment property is the largest purchase most people make. The Internet has been a game changer for the real estate industry. It has given buyers and sellers unlimited access to nearly infinite amounts of information and listings. While education is key, the depth of information available has essentially deluded buyers into thinking they already know everything, which can lead them to making big mistakes.

One thing that many people looking to buy real estate don’t understand is the difference between an agent, a broker and a Realtor®. The definitions can vary slightly state by state, but for the most part, their roles are the same everywhere. A real estate agent is a licensed real estate sales person who works for a broker. A real estate broker can do everything an agent can do, plus more and has additional experience and education. They are also licensed by each state and can have agents working for them. A Realtor®, which is often mispronounced “Real-lit-tour,” is an agent or broker, who is a member of the National Association of Realtors®. Members of the National Association of Realtors®, agree to abide by a specific code of ethics and complete required educational courses.

Below are ten things buyers need to know when they start looking for property to avoid mistakes. These tips not only save time, but ultimately save money and prevent stress.

10 Don't Go At It Alone

9 Finding The Right Agent Is Key

8 Every Agent Has Access To The Same Exact Listings

7 If There Is An Agent Who Sells The Majority Of Properties In A Specific Market, Go With That One

6 Begin With An Open Mind

5 Determine How Much Work You Want To Do

4 Determine Your Deal Breakers Early On

3 Get Pre-Approved For A Mortgage ASAP

2 Hire An Attorney

1 Short Sales and Foreclosures Aside, There Are Always Deals To Be Had

Some people avoid looking for a new home during the Holiday Season because it’s considered an off-time. However, any time is a good time to buy real estate. There are always people who absolutely need to sell and are willing to negotiate, especially when the offers aren't pouring in. Maybe someone was just transferred to a job abroad and needs to sell their home quickly. Perhaps a seller has purchased another property and and they need to sell their current home to afford the down payment. Don't ignore the possibilities because you don’t think the time of year is right.

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10 Big Mistakes People Make When Buying Real Estate