6 Mistakes Every HomeBuyer should avoid.

Mistake #1:  Thinking you can't afford to purchase a home.  Buying a home may be the smartest financial decision you will ever make. In fact, most American and Canadian home owners would be financially broke at retirement if it wasn't for one saving grace - the equity in their home.  It just comes down to knowing the right strategies, and working with the right people. See below.

 Mistake #2:  Not having a buyer's agent and/or an attorney to represent you. Beware if you do not have a written agreement of agency for representation, if not,  then you have none by Idaho law.  See http://www.irec.idaho.gov/publcs/agency-eng-05.pdf .   Buyer's agents have a fiduciary duty to you. That means they are loyal to only you and are obligated to look out for your best interests.  Best of all, in most cases, the buyer's agent is paid out of the seller's commission, even though he/she works for you.

Mistake #3: Using an unqualifed inspector. This is no time to not check out your inspector, all inspectors are not alike. Do not let your real estate agent, a patty-cake inspector or anyone else talk you into skipping the qualified individual by using a handy man or other look alike inspector or using their hand picked inspectors. You should seek an unbiased professional inspector that has no conflict of interest and one that works for you. Handy men and contractors will only look at things they are familar with and can make money repairing. Hand picked inspectors work for the real estate agent for more referrals.  Look hard and you might determine the only person that is a disinterested third party is your qualified inspector.   Choose wisely.

Mistake #4: You are making the deal and not any one else. Ensure you have realistic time frames to get the inspections done. Short time frames such as three days  may not be adequate to schedule the inspector you desire. Ten  business days is much more realistic.

Mistake #5:  Do not limit yourself to a small dollar amount the seller is obligated to repair. I can tell you from experience that I have had sellers say they do not care what I find as they are responsible for "X" number of dollars (sometimes "X" is a very small amount").  Stay away from the term "code repairs" as it is a very subjective term. Your qualified inspector will probably provide you with documentation of concerns far exceeding his fees. There is a obvious reason that offers are most often made prior to the an inspection. Logic tells us the inspection should come first then the offer. This is not the case and is the very reason you, your attorney and/or your buyer's agent should negotiate hard for your interest. The use of well thought out contingencies in the offer can protect your financial interest. 

Mistake #6:  Failing to have the home inspected and this includes new homes.  Warranties are not required on new homes in Idaho.