There are few events in life as exciting as buying your first home. After all, home ownership means you have arrived; you're successful; you're living the American dream. But caution is advised to keep that dream from becoming a nightmare.

In my years of practicing Real Estate, I've noticed a commonality among the mistakes of first-time home buyers. Before you rush out and start making appointments to see your dream house, read my list below of the top five mistakes first-time home buyers make and learn how you can be a savvy buyer and avoid them.

SHOPPING BEFORE YOU KNOW WHAT YOU CAN AFFORD.
You've decided to buy a house so you start looking at houses and find one you just can't live without. When you go to make an offer, your dream falls apart. You've spent weeks shopping for a house only to find out you can't qualify for the loan.

The first step on the journey to home ownership is selecting a mortgage consultant and getting a pre-qualification. He will take a credit application, check your debt ratios and let you know how much you can expect to borrow. Shop for the best rate. Lenders are competitive.

Most sellers won't consider an offer from someone who isn't pre-qualified; a big consideration if multiple offers have been received. Be ready and have all of your documents in order.

NOT HIRING A REALTOR
You see a beautiful house with a sign in the yard. You call the number on the sign and talk to the listing agent; one of the worst things a buyer can do. It's imperative that you hire a Realtor to work exclusively for you. Without your own representation, you are entering the competitor's territory unprotected. Anything you say can and will be used against you in the negotiation of a contract. Realtors are trained to ask leading questions that will help their client negotiate the best deal. That friendly conversation you have with the listing agent just might be tantamount to taking money from your pocket.

When choosing your Realtor, ask for referrals from your friends and family. Interview several then decide on one and sign a Buyer's Representation agreement. Many Realtors have professional designations such as ABR (Accredited Buyer Representation.) This means they have acquired additional formal training plus accumulated extensive experience in the legalities of representing a buyer.

PURCHASING WITHOUT AN INSPECTION
First-time buyers usually have very little cash on hand. One of the first places they try to economize is

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