Knowing what not to do when buying a house is almost as important as knowing what you should do to get the deal done. So many times we’re told never to open new lines of credit, take career moves, or make drastic life changes when in homebuying mode. But, no one tells you how to navigate the minefield of misconceptions when bidding, buying, or getting under contract for your new house. Whether it’s a rental property or a primary residence, these mistakes can sink your ship before you close.
But, we’d never let you go into the unknown in the realm of real estate! Mindy Jensen, co-host of the “BiggerPockets Money Podcast” and licensed agent in Colorado, has seen the mistakes that most homebuyers make. She knows that even a slight slip-up can cause your deal to crumble, leaving you with a property that may not be worth the price. These five tips can help you stay out of trouble before and after you close and leave you with a little less headache than most homebuyers.
Are there any other tips you’d give first-time homebuyers or repeat real estate investors? What would you have done differently on one of your latest deals? Let us know in the comments below!
00:00 1. Seller Credits Are Better Than Repairs
00:49 2. Do the Walkthrough
01:50 3. Keep Your Contingencies
02:41 4. Know If It's a Flip or Flop
03:02 5. Ditch Dual Agency
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5 Things I Would NEVER Do When Buying a Rental Property:
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7 Home Buying Mistakes to Avoid While
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