Six Errors HomeBuyers Make

by Dana Dratch Published September 11, 2012

What Not to do When Buying a Home

Buying a home is not an everyday activity. There’s a learning curve, which explains why real estate experts see the same blunders again and again.

From confusing the seller’s agent for your new best bud to putting all your available cash on the table at closing, here are six common — and costly — mistakes home buyers make.

Believing the Showing agent is your new BFF

Sure, real estate agents are friendly. They’ll share confidences over coffee, tell you stories about their kids and commiserate about work.

But unless you hire your own buyer’s agent, the agent repping that house works for the seller, says Barry Zigas, director of housing policy for the Consumer Federation of America. That means that, if you admit that you can go as high as $250,000, you probably won’t get the house for a penny below $250,000.

Commentary from Bob Karp of Karp Properties LLC:  This and the other “mistakes” homebuyers may make are indeed possible.  However, I take a small exception to the one above.  Even if a buyer talks to my agents about a home that we are selling we try to make it clear that we represent the seller unless the buyer wants us also to represent them.  When buyers as customers ask questions we always indicate that are answers are based on our seller’s instructions (unless it is clearly a material disclosure issue.)  If a buyer wants to make an offer on a property we always tell the buyer to offer what they think they are willing to pay for the property.