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Wednesday, August 5, 2009 @ 4:02:00 PM - Written by Ryan Vuaght

August 5, 2009

Get ready to learn a lot!  For the next 10 weeks I will be blogging on some detrimental home buying mistakes that can really cost you.  Some of them may seem obvious, but there is more to them than the superficial title so read on.  I have found most of this information from one of my favorite user-friendly sources for real estate information for the public,

Over the next 10 weeks I will take one home buying mistake a week and cover it in detail.  Even if you are not looking to buy a house right now, this is good information for any future home-buyer to have.  Also, if you are already a home buyer there are still things you can learn! 

Starting it off with #10, here they are:

#10:Not getting pre-approved before house hunting

Do you know how much of a home you can afford?  Well, most people think they have a good idea of what they can afford...until reality hits when they go through a pre-approval process.  You might be thinking, "oh, of course I could buy a half a million dollar home, no problem", when in reality lenders may not be willing to loan you that much and you may find with a pre-approval that you should really be looking at homes in the mid-300,000's range. 

Before you being you house-hunt it is crucial to get pre-approved for a loan amount.  This simply means you need to find a lender (i.e. you bank you bank at or possibly another bank or mortgage lending company) that you can trust and feel comfortable dealing with.  The mortgage professional you choose will then review your credit, income, assets and debts, and recommend a mortgage with monthly payments that fit your budget.  They will thenk come up with a pre-approved loan amount, or a "magic number" as I like to call it. This "magic number", will give you some clear boundaries for what you are really in the market to afford.  It is considered a "good faith estimate", a document that spells out the likely terms or you loan, including the prospected interest rate and closing costs associated with a certain loan amount. Besides knowing that magic number, being pre-approved for a certain loan amount will also let seller know that you are serious about buying a property and aren't merely a "looky-loo". 

Another great part of being pre-approved is you're not wasting time- your time, sellers time, or your realtors time by looking at homes that are out of your price range. 

Another side-note to consider is just because you are pre-approved for a certian amount doesn't mean you have to spend that much.  That pre-approval amount it ususally the highest loan amount a lender is willing to lend you. 

Check back later this week to learn about pre-qualification vs. pre-approval and more.

This information was obtained from:

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Currently Ryan has about 30+ listings in inventory, and has sold 23 homes in 2009. Please don't hesitate to contact me with any questions about Chico area real estate.

Interested in learning more about the Chico area or Ryan?
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Office Phone: (530) 343-2959

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Today's New Chico Listings:

2038 Huntington Dr , Chico, CA $287,500.00
  Residential 3 Bedroom 2 Bath Built in 1996   1498 Sq. Ft.
  Wow, Upgraded to perfection. This beautiful Huntington Village home is just a short walk to all your favorite shopping. Home features granite counter tops with custom back spl...

More information on 2038 Huntington Dr
291 East 1st Ave, Chico, CA $329,000.00
  Residential 4 Bedroom 2 Bath Built in 1930   0.15 Acres  1876 Sq. Ft.
  Come take a peek at this Classic Chico Charmer . This home has 4 bedroom 2 bath. Lot size 50 ft by 125 ft on .15 acre. R-1 low density residential. Detached one car/car shop g...

More information on 291 East 1st Ave
MLS Properties
1130 NEAL DOW AVE, Chico, CA $149,500.00
  Residential 3 Bedroom 1.5 Bath Built in 1976   1056 Sq. Ft.
  Very well maintained 3 bedroom, single story, interior unit at Chico Oaks Condominium complex. Unit has been remodeled over the years and shows nicely. Condo complex is cent...

More information on 1130 neal dow ave
27 PARKHURST ST, CHICO, CA $267,500.00
  Residential 3 Bedroom 2 Bath Built in 1973   1130 Sq. Ft.
  Clean home close to services and schools. Great first time buyer or investor property with laminate flooring, newer applainces and hvac, good sized rooms, can lighting, newer ...

More information on 27 parkhurst st
4152 RIO BRAVO DR, CHICO, CA $299,000.00
  Residential 3 Bedroom 2 Bath Built in 1987   1.05 Acres  1804 Sq. Ft.
  Priced to sell! Open floor plan with vaulted ceilings, woodstove in family room, very spacious living room, upgraded appliances in kitchen, and property sits on 1.05 of an acr...

More information on 4152 rio bravo dr
12 REDEEMERS LOOP, Chico, CA $299,000.00
  Residential 3 Bedroom 2 Bath Built in 2009   0.11 Acres  1608 Sq. Ft.
  Under construction. Home features granite counters and tile floors. Den/Office could be a 4th bedroom. Can accomodate an optional fireplace. Quality craftsmanship throughout. ...

More information on 12 redeemers loop
3676 DURHAM DAYTON HWY, Chico, CA $299,950.00
  Residential 3 Bedroom 2 Bath Built in 1948   0.63 Acres  2480 Sq. Ft.
  One of kind! Charming country property on almost 2/3 acre. Huge 3 br 2 bath w/spacious LR, FR, DR & kitchen all with sunny picture windows overlooking private setting. 3 side...

More information on 3676 durham dayton hwy
19 GLENBROOK COURT, Chico, CA $309,900.00
  Residential 4 Bedroom 2 Bath Built in 2005   2051 Sq. Ft.
  Newer home in a quiet location. Needs applaiances and a little TLC. This is an exceptional value. Act quickly!

More information on 19 glenbrook court
1205 BANNING PARK DR, CHICO, CA $365,000.00
  Residential 4 Bedroom 3 Bath Built in 1994   0.26 Acres  2369 Sq. Ft.
  This california park property is priced to sell and waiting for you. Amenities include separate living, dining and family areas. Large kitchen with dining nook, eating bar and...

More information on 1205 banning park dr
3131 CLEAR LAKE DR, CHICO, CA $420,000.00
  Residential 3 Bedroom 2 Bath Built in 1998   2451 Sq. Ft.
  Gorgeous amber grove home featuring formal dining room, family room, den and eat in kitchen area. Master bath has large jacuzzi tub (one of the few in the development). Enjoy ...

More information on 3131 clear lake dr
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