According to an article on Realtor. com, there are some people that want to purchase a home with an unrealistic approach. If you think you want to buy a house, read ahead and avoid the following pitfalls:
1. Not getting pre-approved for a mortgage loan before searching for a property.
2. Not using a reputable lender, unreliable or dishonest. Your transaction may fall through, if your lender is not dealing correctly.
3. Getting a pre-qualification letter is not a pre-approval for a mortgage. If you find a home that you want to place an offer on, you won't get in the door unless you have a pre-approval indicating that the lender has verified your income, funds for closing and proof that you can afford to maintain mortgage payment.
4. Searching for property without knowing what your budget is, will only bring disappointment if you find something you really like and can't afford to buy it.
5. A knowledgeable real estate agent will research comparable properties for the house that you have chosen and guide toward making an appropriate offer. If you property of choice is priced correctly and your offer is low, it will probably be offensive to the seller. Chances are that they may think that you are not serious enough about the home and they will not even consider countering the offer.
6. It is common in a real estate transaction for a property to have several offers. A tactic used by many prospective buyers to is to write the seller a letter stating reasons why their offer should be accepted. Be aware that a letter looking for sympathy, instead of simply stating that the home is perfect for you, could be a turn-off to the seller.
7. Be aware not to open new credit accounts or make a high cost purchase during the mortgage pre-approval period. Your finances will be reevaluated right before closing and you may no longer be qualified to complete the purchase.
8. It is a legal requirement for your mortgage lender to provide you with an estimate of down payment needed and closing costs. Make sure that these are in your budget before you make an offer on a home property. If you are not ready to close, you may lose your earnest money deposit!