There are few experiences that can compare to the excitement and optimism that comes with buying your first home. Unfortunately, misinformation will often plague first-time buyers.
Myth: Real Estate Agents Are An Unnecessary Expense
There are homebuyers that might want to assume that the costs of hiring a real estate agent are unnecessary. Yet, there are a vast number of services that these professionals can provide. From curating lists of potential homes, arranging tours, preparing paperwork and handling the negotiations, a real estate agent will be able to drastically reduce the work and confusion of the homebuying process. Furthermore, it is generally common practice for the seller to pay for the real estate agent fees, which can help you to avoid having to pay for these services out of your own homebuying budget.
Myth: A Home Seller Is Required To Disclose All Of The Issues With A Home So A Home Inspection Is Unnecessary
Regardless of the visual condition of the home, you should always have a thorough inspection done. While some new buyers may assume that they can avoid this due to laws requiring the seller to disclose problems, this only applies to known issues. A home inspection can uncover potential issues that the seller may not have had any idea existed, which can be essential information when you are considering buying a listing.
Myth: All Of The Available Properties Are Listed In Online Directories
While there are many online directories homes for sale, these directories will not include all of the local homes that are actually for sale. Many sellers will want to avoid the spectacle and traffic that can come with placing a listing on the internet. Rather, these individuals may want the privacy that can come with a private listing. This is a type of listing that will only be available to real estate agents.
Myth: Financing A Home Is Always Extremely Difficult
Financing a home may represent one of the largest loans that you ever take out. This can lead individuals to assume that it will always be extremely difficult or impossible to get financing unless they have perfect credit. However, it is possible for individuals with average to good credit to also qualify for this financing. These individuals may have additional stipulations for their loan, such as a higher down payment or mortgage insurance. The exact terms will vary as there can be factors that may mitigate weak credit scores. The most common examples of these factors will be a high income, liquid assets or other collateral that may be used to secure the mortgage.
Contact a real estate agent for more help.