Ten Myths Shared By Buyers
1. All real estate agents are the same
You wouldn’t want just anyone with a license to drive your child around, so why would you think anyone with a real estate license can help you make a huge investment decision?
2. The agent on the FOR SALE sign will look out for my interests
It is a lot more fun to shop for houses than to shop for your own agent, but you deserve representation and the seller’s agent is not the best choice. Spend a little time interviewing buyers agents and get a much better result.
3. I can find all the properties for sale on my own
Public websites are good but nothing is as complete and up to date as the multiple listing service’s website that agents subscribe to. Nothing. And not every home is listed on the public sites.
4. If I just wait long enough, I’ll find the perfect home
It is good to look carefully until you feel you understand the market but it is bad to think that you will make an irretrievable mistake if you don’t find exactly what you thought you wanted. You may not be able to afford those features in a good neighborhood and your agent should help you come to that realization.
5. I’ll improve my odds if I use more than one agent
A good agent will not want to play the game of fighting over who showed you the same house—it is unprofessional and unethical as well. There is no reason a good agent should not be telling you about all the houses that are available. Sign up with one and ask for a right to terminate if you find that not to be true.
6. Buying a house is as simple as agreeing on a price and signing a few papers
Would that it were so!! That should really be only a small part of what your agent does for you. Every step is complex and fraught with potential issues if not handled correctly. Loan pre-approvals, inspections, title insurance, local inspections and many other things need careful attention. Use someone with experience and the time to be with you the entire way.
7. Foreclosures offer the best deal
Some are good deals and many are not—but the one thing that is sure is that you do not have the same amount of leverage to find out the monetary and physical problems.
8. Getting a mortgage is quick and easy—leave it until the last thing
The mortgage process is annoying and seems to be in the way of getting that home you really want. But all that paperwork is required in today’s market because almost all lenders sell their loans on the secondary market and must meet those bureaucratic guidelines. It seems like an invasion of privacy as well. If you start early and have the help of a good buyers agent, it will seem less painful.
9. All mortgages are pretty much the same
Not to analyze all the options is a serious mistake and no one should make it. Rates differ, fees differ, and the lengths of the loans differ. Each can make a huge difference over the life of the loan. We tell buyers you’d have to clip a lot of coupons to make up the difference in what you will pay out with only a ¼ point difference in rate.
10. If the inspector finds something, the seller has to fix it
Not true at all. The contract says what happens and your agent should go over the options you have before you even find that perfect house. Done right, this part of the process should not be stressful and should not allow the deal to fall apart. A good agent will be an invaluable resource at this time of the process.