Five things I would not do as a Real Estate Agent when purchasing a home

As a real estate agent in Virginia, I guide countless first time homebuyers and have seen a lot of crazy things. Knowing what I know now, here are five things I would NOT do:

One: I would not skip on a home inspection!

It’s important to get a qualified home inspector to come in and check your home for potential safety issues. A home inspector will check for obvious leaks, check outlets, make sure all appliance that are included in the sale are in working order. They often times will keep your appliances on a recall check so that you are notified if your appliances have been recalled by the manufacturer. A good home inspector will also provide valuable insight on how to maintain your home moving forward and things to keep an eye on, preventing costly repairs down the road. Please keep in mind a home inspector may not catch everything wrong with the home.

Two: I would not use a large financial institution for my mortgage when making an offer on the property.

I would work with a local lender who is familiar with the local economy and has a great working relationship with my agent. Communication between all parties is essential during a real estate transaction. Local lenders don’t have traditional banker’s hours and are available weekends and evenings in the evenings in the event of an emergency. With large institutions, you may see slower turnaround time on questions and documents needed as well as delayed closings.

Three: I would not trust Zillow when it comes to home values or listing information.

Zillow uses an algorithm that guesses the value of homes based off of recent sales. It does not account for condition or updates and may include sales outside of the neighborhood that are not truly comparable. The site also receives listing information from the MLS (multiple listings system) and takes a while to update the information. I can not tell you how many times a client has sent me a listing showing for sale when the home had sold months prior. A real estate agent will provide you access to the MLS to receive the most up to date information and can provide you with a more accurate value for the homes you are interested in purchasing. If you want access to the MLS- click here.

Four: I would not go up to my max pre approval amount.

When getting pre approved for a mortgage, a lender will qualify you based on your debt to income, this is also known as DTI. Basically, the amount of money you bring home every month before taxes (W2 employee) minus the monthly debt payments reporting on your credit = your DTI. Some lenders can go over 50%. It’s important to make sure you are comfortable with your monthly payment. You should budget for regular maintenance, future home repairs and updates.

Five: The last and one of the most important things I would not do is try to purchase a home alone!

A qualified real estate agent knows the ins and outs of the contract and is well versed in the nuances of offer negotiation & strategies and can use these skills to maximize your offer to fit your budget and goals. And best of all, typically the agent commission is paid by the seller making it a free service to buyers!

If you have questions about purchasing a home, let’s set up a complimentary home buyers consultation!