- Not making your best offer
- Over-Analyzing the Purchase Price
- Working with an inexperienced agent
- Not being prequalified (or better yet, preapproved) for a loan
Prequalification means that you simply told your lender your financial story. Preapproval involves submitting a mortgage application, complete with providing verifying documents. “Preapproval from a reputable lender is key,” says New York agent Ryan Stenta. “Presenting this shows the seller that the buyer has already set the wheels in motion and is serious about making [the deal] a reality.”
- Not being prepared for a bidding war
- Not learning from your mistakes