Top 10 Real Estate Myths - Closing Costs

Top 10 Real Estate Myths
Closing Costs

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Top 10 Real Estate Myths

1.  Oftentimes, costs associated with closing go over estimations, but luckily, closing companys and attorneys take checks from a personal account when the amount is over $2599

2. In Virginia, insurance rates are significantly higher, due to perceived liability, of having a fire hydrant on one's property

3. Buyers should immediately buy Mortgage Insurance upon closing their transaction

4. Closing costs can be avoided by buying a home from a distressed buyer or even an REO (foreclosure)

5. Two (2) story homes are usually more expensive to build than same sq footage ranches, or single family homes

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6. When trying to sell a home, it's best to make your home stand out - perhaps by painting your home a bright color (yellow?), not mowing the lawn (going naturale), or maybe by painting bright red arrows on the road pointing to your home

7. Installed solar panels are just a fad, offer no practical return or appreciable increase in home value over time

8. Buyers who are thinking of buying a home, should wait 'till interest rates go down further, they save more money, and home values go down - perhaps next year

9. A "specialized property" never maintains its value (what IS a specialized property? Ask me!)

10. The further you get from Charlottesville, the less home you can get

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Charlottesville, VA