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The tax credit for first time homebuyers expires on November 30. That means there's lots of new buyers in the markets right now. In fact, due to the tax credit and new home buyers, house prices in the $250,000 and under category are rising, those over $250,000 are declining (but that's a different issue). Three rookie mistakes to avoid:
1. Don't make a buying decision on just the offering price. Just because the listing price seems too good to be true you need to dig a little to make sure its really a good price. Have the property inspected. Have a sales agent value the property for you using comparables. If you don't have an agent, spend the money on minimal appraisal. If its a condominium, inspect the condo's finances to determine that adequate reserves are being funded to pay for deferred maintenance.
2. Don't buy the first house you see. Take some time to shop around.
3. Read the contract carefully and understand it. Spend a few hundred dollars for an attorney to explain it to you. We'll do that for free if you close with us and mention this blog.
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