Are you thinking of purchasing a home or perhaps an investment property?  Interest rates are low, prices are down, now could be the time.  But you don’t want to make a rookie mistake. Avoid the top six home buying mistakes:

1. Hiring an inexperienced real estate agent. Your doctor isn’t just out of medical school and I am certain your accountant has years of experience.  As the home seller pays the real estate commission, why wouldn’t you hire an experienced real estate agent?

2. Not asking the right questions when interviewing lenders.  Read: Home Loan Shopping: What questions to ask your lender before you sign on the dotted line?

3. Taking too long to make a decision.  When the weekend approaches the greater the likelihood another buyer will jump in.  When negotiating, time is a home buyer’s worst enemy and can be a home seller’s best friend.  Read: Multiple Offers

4. Not doing your homework.  It’s not only about the money; often terms are just as important. If the home is vacant, the seller will likely want a quick escrow.  A letter from the buyer’s lender stating that they can close quickly may save the buyer thousands of negotiating dollars.  Read: Los Angeles home buyers, do you have the secret weapon?

5. Not having your home thoroughly inspected.  You should hire an appropriately designated inspector who will often recommend hiring additional specialists such as: chimney, seismic, sewer scan, etc.  Inspections are not the place to try to cut costs.  Cracked chimneys are common in Southern California and I have seen estimates exceed $30,000.00 (for a two story hillside home).  In the event you are purchasing a foreclosure keep in mind that as the lender didn’t occupy the home, the lender is exempt from many standard disclosures.  Most homeowners slack off on routine home maintenance prior to losing their home; when purchasing a foreclosure a buyer should be extra diligent in their inspections.

6. Not keeping an eye on resale.  Remember that it is just as costly to remodel a kitchen in a home on a cul-de-sac as a home across the street from the freeway, and we all know which remodel will offer the better return on investment.

Home Buyers Guide found here 

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