Hackney's Houses

In an article for Today's Buyer's Rep, author Randy Templeman lays out the 10 Myths Shared by First Time Home Buyers.  Even if you are not a first time home buyer, you may find yourself drawn into a few of the following myths. 

Here's an overview of the 10 Myths:

1.  All real estate agents are the same.

As with all other professions, there are varying degrees of competency.  Real Estate is no different.  Most of us have a driver's license, but we don't all drive the same. 

2.  The agent on the For Sale sign will look out for my best interests.

Dual agency is legal and under certain situations can be a valid options for both parties, but in most situations it is best to have your own representation with a Buyer's Agent. 

3.  I can find all the properties for sale on my own.

The Internet has made the home search much easier, but not all homes are necessarily listed on the Internet.  Most importantly is the lag time that many sites experience.  Your Realtor has real time access to the Multiple Listing Service that has greater information than what you will find on the public sites.

4.  If I just wait long enough, I'll find the perfect home.

Even in a buyer's market, there is no such thing as a perfect home.  Make a list of the important attributes you seek in a home and then prioritize.  As you begin your home buying search, revisit your list often as you may see things to revise!

5.  I'll improve the odds of finding the house I want if I work with more than one agent.

6.  Buying a house is as simple as agreeing on a price and signing a few papers.

7.  Foreclosures offer the best deal.

I'm getting a lot of calls and emails from clients looking for the killer deals in the foreclosure market.  There are many facets to this including short sales, distressed short sales, foreclosures, courthouse auctions, and REOs. There are deals to be had, but it involves a great deal of research, time, and preparation.  Different areas of the country have been affected differently as well. 

8.  Getting a mortgage should be quick and easy.

The days of quick and easy mortgages are gone. We are seeing the aftermath of those days right now. Expect to have your ducks in a row, your T's crossed and I's dotted.  You have to have good credit so begin that process now even if you are a ways away from purchasing or not even thinking about it now.  Credit score will dictate much of your purchasing power.  BUT...that said, the 2nd part of this myth is that banks are not lending money.  YES they are!!!

9.  All mortgages are essentially the same.

Know what you are buying in a loan.  Get a Good Faith estimate and compares apples to apples.  Knowing how your loan works, its purpose, and who it best fits, are essentials to your mortgage health.

10.  If something appears on an inspection report, the seller has to fix it.

For questions regarding these myths or any other real estate questions, please feel free to email or call!!!