Top three mistakes first time home buyers make
#1 Assuming the Realtor on the for sale sign must look out for the best interest of the buyer. Many buyers still have misconceptions about how representation works and the many advantages of having a buyer agent working with them.
#2 Buying a forclosure is the best deal you can get. No in this climate. Many of the forclosures in this market are overpriced, require a great deal of attention and offer no warranty to the buyer. This is not a good fit for buyers in thier first home.
#3 Sellers must repair every item on an inspection report. Buyers must prepare them selves for the news that a seller will not repair all items. In my experience sellers are more than willing to repair items if the repairs are within thier means. Buyers need to remember that not all sellers have a large profit margine to work with and in some cases may be loosing money.
Many home buyers are still eligible for zero down fianancing
Many home buyers are still eligible for zero down financing. Some home buyers have the option of using the credit for only a limited time using the temporary $8,000 tax credit for down payment and closing cost. Other home buyers will continue to see 100% financing in select areas with approved credit. Ask your Realtor or contact me for further details.
Krishna Perkins, Realtor
Visit http://www.sahomelocator.com
