Mistake No. 2: Falling in love at first sight
With real estate, there should be no such thing as love at first sight, says Nick Jabbour, a New York City real estate agent and vice president of Nest Seekers International. He has a simple rule for homebuyers.
"We will look at no less than five properties before we sign any contracts," Jabbour decrees. "It's easy to fall in love right away. (But) jumping on the first or second home that a buyer looks at will often result in buyer's remorse, overpaying and the inability to sell at a reasonable price down the line."
Infatuated buyers who leap at a property tend to overlook the value of the process itself -- from inspection to appraisal, says Fiona Dogan, a Realtor in the Rye, N.Y., office of Julia B. Fee Sotheby's International Realty.
"Buyers can make the mistake of falling in love with a property after a first visit (but) before they do their necessary due diligence," says Dogan, who adds that love-struck buyers sometimes waive key conditions in a rush to make an offer. Sometimes those overlooked details end up sinking the deal down the road.