Top home-buying mistakes

Low interest rates and home prices have convinced some homebuyers that now is a good time to buy. If you're a first-time buyer or haven't bought in awhile, take heed of mistakes you'll want to avoid.

Buying a home takes time. Invariably, your life will get busy as soon as you get serious about buying. Working with a good real estate agent who knows your area well, stays on top of details, and communicates promptly and clearly definitely helps.

However, never forget that you are the decision maker. Letting your agent make decisions for you may seem like a time-saver. But, letting your agent make decisions can lead to trouble if you and your agent don't see eye-to-eye.

To save time, take the initiative and find out as much as you can about a listing before making an offer. It's a waste of time to get into contract before investigating an issue that's critical to you, such as the length of your commute.

It's not a good idea to buy a home without having it inspected by professionals. Your offer should include an inspection contingency that gives you a way out of the contract without penalty if material defects are revealed that you can't live with and that the seller won't correct.

HOUSE HUNTING TIP: Multiple offers are making a comeback in some markets, particularly in the low-end foreclosure market. When there is competitive bidding, some buyers waive contingencies to better their offer. This is a mistake. Rather than make a risky offer, look for another home if you aren't the winning bidder.

Find out what price you can afford to pay before starting your house hunt. The mortgage qualification process has changed significantly during the past year. Get preapproved for the mortgage you'll need to complete a home purchase. Then, decide how much you feel comfortable paying.

Be sure to factor in the cost of home maintenance. This is often overlooked, particularly by first-time homebuyers. ...CONTINUED

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