Top 5 Most Common Mistakes (I’ve Witnessed) People Made in their Real Estate Purchases

Sometimes the biggest lessons in our lives are from the mistakes we committed. However, it is better to learn from other people’s mistakes so you can avoid to experience the same misery.

In my previous article, I’ve discussed about Joshua Dorkin’s "Top 5 Mistakes Made by Real Estate Investors During the Housing Bubble".

In addition to that, here is an excerpt from one of my previous articles:  "Set your Emotions Straight: The First Step in Real Estate Success"

Top 5 Most Common Mistakes (I’ve Witnessed) People Made in their Real Estate Purchases were:

1. Buying for the sake of having a property, even if it’s not the best one to buy.
2. Joining the bandwagon, even if it is going the wrong way.
3. Buying because it is cheap, without even realizing there might be an underlying reason why it is selling at that price.
4. Settling for second best, simply because it is the only thing they can afford.  Your budget is important in your real estate purchase, but don’t let it take control of what you can buy.  If you need to look in another location, to find a better property, then do so! It is better than getting stuck with a dump.
5. Over improvement of a property on the wrong location.  It is good to improve one’s property, but not when you cannot recover your cost.

In The Digerati Life, Silicon Valley Blogger also pointed out 5 Things he Learned from Casey Serin, the "I am Facing Foreclosure" Guy.

1. Let’s learn from some serious fiscal and personal mistakes
2. Why not capitalize on one’s strengths?
3. This confirms my motto: Keep it sweet and simple
4. Smile in the face of adversity and try and try again
5. Shunning mediocrity can lead to big successes and equally huge failures

Casey Serin foreclosed 6 properties and has $2.2 Million in debt from his failed real estate investments.  Here are the 10 mistakes he committed.

Mistakes are normal part of our lives.  Don’t be sorry if you committed any…irregardless of the degree of  the consequences…what matters is you learned from it.