1.) NO PRE-APPROVAL
This is absolutely the best first step! It will let you know the max you can afford in the event you find the perfect home and/or you end up in a multiple offer situation. By knowing your max, you can establish what you are comfortable paying each month. If you can afford your max, anything lower will be easier for you. You DO NOT have to show the seller your maxed out approval letter, they can make other approval letters at lower prices.
2.) UNREALISTIC EXPECTATIONS
It is a seller's market now and inventory is dropping with price increases. This is the time for the SECOND greatest deal, but know the market is not what it was a few years ago. Have your Realtor explain the current market trends, absorption rate, list to sold ratio, and what to expect and plan for with a multiple offer situation.
3.) DELAYING TOO LONG AFTER FINDING THE RIGHT HOME
With the competition being fierce, being undecided can cause you to miss out on your dream home. If you decide to wait one more day to think about it, know that someone that saw the home the day before who wanted to think about it, is deciding today! Also another reason to have your pre-approval letter ready to go.
4.) SKIPPING INSPECTIONS
Always get inspections done. You never know what may be lurking in the home. If you’re in a market that moves quickly, you might be tempted to skip an inspection to make the offer more appealing. Insisting on an inspection might slow the process, but any seller that is going to knock you out because of that is probably hiding something anyways. If inspections show something terrible, you can walk away with your binder. Before going under contract, especially ff you are worried about jumping on the deal because of hidden problems, the standard PASA has protection built into it - so act!
5.) NO REALTOR
Buyers think with Zillow and Trulia and Google, they are just as informed as the professional. While this is the information age, Realtors have more access to more updated information. They do this everyday. Without someone representing you and your interests, it will be EASY to miss out on your dream home. You may not even be able to find it....