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Last Updated: Feb 6, 2017 - 2:32:04 PM |
Can you believe it’s already September and summer is over kids are back to school and it’s time to talk Real Estate again. While you are thinking about Real Estate don’t be mislead by home buying myths that can mislead you. As many of us have experienced, the winding trail that leads to your new home can be full of twists, turns and potential detours, marked with signposts of misinformation and half-truths that can mislead even the most worldly-wise homebuyer. The real estate business is subject to the opinions of would-be experts, armchair consumers who presume to know all about buying and selling homes. That is why the advice of an experienced real estate agent is essential to keep you moving in the right direction.
Here are a 3 common myths that confuse buyers into making misguided decisions they have reason to regret later on:
1. You can buy a home with no money down. While there are special loan packages that allow buyers to purchase a home with a minimum down payment and some sellers will make very special finance deals to make life easy, every real estate transaction requires the buyer to come up with some amount of cash. Even if the down payment is very low, there are other expenses associated with buying property. Closing costs, for example, are the responsibility of the buyer, unless a special agreement can be made with the seller.
2. For Sale By Owner (FSBO) homes are always a better bargain. Owners who sell their homes without benefit of representation by a professional realtor often misread the local market and overprice the home. The property may not be worth what you and the seller think it is, and the result could be that you pay more than you should while thinking you are getting a great deal. The inexperienced seller can mishandle key aspects of the process, such as the choice of contingencies, inspections, title clearance, deadlines and disclosures. Expensive real estate lawsuits often arise as a result of disputes over undisclosed material defects that the FSBO seller is hoping will go unnoticed. And worst of all without a real estate agent deals can fall apart over silly little items as the emotions get hot.
3. Buying real estate is a simple, straightforward process. This is at best wishful thinking, but untrue: real estate transactions are complex and negotiations can get tricky where buyers and seller want to walk away from the table. Buying a home requires the correct execution of an assortment of documents, including property inspection reports, mortgage documents, deeds, insurance forms, disclosure forms and the government-mandated closing or settlement papers. A variety of complications can and do arise and it is the experienced real estate agent who knows how to make the deal work!
Thanks for reading Lets Talk Real Estate and good luck to all you buyers, sellers and good luck to all the students! Until next week.
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