Not purchasing an Owners Title Policy. A title policy is required to obtain financing from a lender but it only covers the amount of the loan. An Owners Title Policy protects (among other things) your equity. It usually is a small cost and well worth the price.
Not getting a survey of the property being purchased. You need to know exactly what you are buying and where the exact boundaries are.
Not using an attorney to represent you throughout the whole process. This is a legal transaction and probably the one of the biggest investments of your life. It is worth a few bucks to have some one looking out for your best interests. There is no one else in the transaction that solely represents you. A Realtor that states they represent you is paid only and if the transaction closes and he is paid out of the sellers proceeds. You don’t call a plumber when you have a toothache. A Realtors job is to find you a property not advise on legal matters.
Not getting a Home Inspection. A couple of hundred dollars well spent.
Not fully examining all options in home financing. We offer wide variety of loan programs and ways to finance a home. You could save thousands of dollars by getting the right loan that fits your financial needs.
Not checking the zoning of the surrounding area of the property being purchased. Know what the surrounding area will be in a few years. Airport, nuclear plant, shopping mall?
Not reading and understanding the Covenants, Conditions and Restrictions of the subdivision. (If applicable). Know what you are allowed and not allowed to do to the property.
Not doing a thorough walk-thru before closing.
Letting the seller stay in the property after close of escrow. What if they decide not to leave or damage something on the way out? You would have very little recourse.