My name is Jon Boyd; I am a nationally recognized home buying expert and the manager of a real estate company called The Home Buyer’s Agent of Ann Arbor. We help buyers without the conflicts of interest that regular real estate companies have because we never list homes and we never work for sellers. This is called Exclusive Buyer Agency in the real estate business.

Over the last fifteen years have helped hundreds of renters become homebuyers.

However, we have also seen many renters who mistakenly believe they can’t buy a home of their own. This is unfortunate.

We’ve collected a list of their biggest mistakes and I am going share those with you right now:

Mistake 1. Thinking you need $10,000 to $20,000 to buy a home.

This just is not true. The mortgage marketplace has changed dramatically in the last two years and it isn’t as easy to buy a home with no down payment as it once was, but it isn’t that bad.

We have personally helped hundreds of renters become homeowners with less than $10,000 out of pocket. As buying experts we still have five ways to buy a home with zero or very low down payment. For example, we recently helped a couple who had been renting for about six years buy a nice 3 bedroom home with a zero down payment loan and less than $3,500 out of their pocket.

Mistake 2. Not choosing a real estate agent carefully.

Most experienced traditional real estate agents focus on listings because that is where the easiest money is. That often leaves buyers like you with new or inexperienced agents. One study said that the average real estate agent only represents 2 homebuyers a year. That kind of agent barely knows more than you do.

Other times buyers just meet agents at open houses, those agents may be friendly but if you meet them at an open house you already know that they are representing the seller and they should be trying to get the highest price for the seller.

Don’t work with a seller’s agent or any agent who is not experienced working for buyers. Our people our specialists, with special training and experience to help buyers. Visit our Ann Arbor home buying website for some important ideas on what to ask a real estate agent before you agree to work with them.

Mistake 3. Being unsure of the real reasons a renter shouldn’t buy.

There are about three good reasons a renter shouldn’t buy. If you situation is like one of these then you should be holding off:

1. If there is going to be a major change in your life this year. Like getting a divorce, or having a family member who is very sick and may pass on.
2. If you think you or one of your family members is about to get laid off or quit your job.
3. If you plan on moving out of the area in the next 3 years.

These are all good reasons to put off home buying.

The basic reasons to buy are usually:

1. Improved quality of living in a home of your own.
2. More space.
3. Potential as an investment.

Mistake 4. Thinking you have to be on salary or have two years on the job to get a home loan.

This isn’t always true but is scares off a lot of buyers. If you have good income and you have been responsible with your credit, we often can find a lender to give you a good mortgage even if you are self employed or new on the job.

The rest of the “Nine Mistakes” is available at our website along with other important information for home buying at: http://buyersagentannarbor.com

Jon Boyd

Broker/Manager, CEBA-Master, CBA, CBR, GRI, e-PRO
The Home Buyer’s Agent of Ann Arbor, Inc. 1908 W. Stadium Blvd. Ann Arbor, MI 48103
734-662-6240, 888-566-2693
Helping Home Buyers Locate, Evaluate, and Negotiate
http://www.buyersagentannarbor.com

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