Homebuyers Myths

This is a list intended to set first-time homebuyers straight about myths circulating about the real estate industry.

Myth 1. All real estate agents are the same. Of course not. Some agents have more experience than others and some are Accredited Buyer's Representatives who have demonstrated a special interest in helping buyer's through increased buyer education and experience to achieve this designation.

Myth 2. The agent on the for sale sign can help. The agent on the for sale sign is representing the seller. Not you. The seller pays a buyer's agents commission so take advantage of the opportunity to have representation.

Myth 3. I can find properties for sale on my own. The internet has made it possible for the consumer to search for properties but the consumer information on public search sites is not as complete or up to date as what is available to a Realtor.

Myth 4. If I keep looking, I'll find the perfect house. There is no perfect home. The best way to proceed is to prioritize a list of things you want and pick the house that most closely matches your list.

Myth 5. I can work with more than one agent to find a home. All agents have access to the same information. If you work with more than one agent you will become frustrated by duplicated information. Get a commitment from an agent with whom you have confidence to represent you.

Myth 6. to buy a house you simply agree on a price and sign some papers. It actually involves a number of processes and negotiations on everything from price to when you get the key. A professional can guide you through the process and negotiate on your behalf for the best results.

Myth 7. Foreclosures are a good deal. Don't even get me started. Briefly, foreclosures are priced at market value less the cost of needed repairs. So in the end, you'll pay about the same to purchase and repair as you would a move- in condition home.

Myth 8. Getting a mortgage should be easy. Lenders need particular information so they can be assured of a buyer's credit worthiness before they will lend the money.

Myth 9. All mortgages are the same. There are many different kinds of loan programs and a mortgage broker should be able to assist the buyer in choosing the one that best suits their needs.

Myth 10. A house must pass an inspection or the seller must repair all that is wrong. There is no pass or fail with a home inspection. The inspector will provide a report of what is not working in the house or in need of repair and the buyer may negotiate with the seller as to which repairs the seller will make.

Hopefully this information will get you started out right as you become a first-time homebuyer.

And, I want to be your REALTOR®! If there is any information you would like regarding relocating to the Austin area, let me know. You can contact me at robin@robinscottrealtor.com, 512.589.7988 or just comment on this blog entry.

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