FAQ: 10 Home Buying Myths To Stop Believing NOW! (If Not Sooner!)

By
Real Estate Agent with Coldwell Banker Residential Brokerage | Charlotte, NC
https://activerain.com/droplet/5cjB

 

If you are new (or even not so new) to the home buying process, there are 10 myths about buying a home that you need to stop believing NOW!

 

MYTH #1

 

ALL REAL ESTATE AGENTS ARE THE SAME

 

FACT: Buyers think anyone with a real estate license is equally capable of assisting them in buying a home. But does everyone with a driver’s license operate a vehicle the same way? Of course not. And just as drivers approach roads differently, so do real estate agents vary considerably in how well they perform for their clients. Before selecting a real estate agent to help you find a home, you want to find out about an agent's experience, training, reviews from past clients, what types of real estate he/she specializes in and where, etc.

 

 

 

MYTH #2

 

THE AGENT WHO IS ON THE “FOR SALE” SIGN WILL LOOK OUT FOR MY INTERESTS IF I BUY THE HOME THROUGH THEM

 

FACT: The agent whose name is on the “For Sale” sign by law must represent the sellers’ best interests and NOT the buyers’ best interests. Buyers should “shop” for an agent who will assist you in finding the right home and will represent your best interests. Afterall, the seller has representation, so why shouldn't you?

 

 

 

MYTH #3

 

I CAN FIND ALL PROPERTIES FOR SALE ON MY OWN

 

fact versus myth when buying a homeFACT: Not all available properties are advertised or have a sign. Some don't even appear in the multiple listing service. Not all available properties are listed on the internet even if it seems like they area. Updates to many online real estate portals can lag real-time changes in status, particularly during hot markets. Buyers need an agent who can make sure they are seeing the latest home listings first. And don’t forget about Myth #2… sellers and their agents have no obligation to represent any of your interests if you do find a home on your own.

 

 

 

MYTH #4

 

If I JUST WAIT LONG ENOUGH, I’LL FIND THE PERFECT HOME FOR ME

 

FACT: There really is no such thing as a “perfect” home. Regardless of budget, buying a house requires compromise,  dose of reality, and some knowledge of market conditions. Unless  your name is Bill Gates and  “money is no object” in your purchase, there will always be compromises in the final purchase decision. Let your agent help you figure out the appropriate compromises for your needs and lifestyle. Before you start house hunting develop your list of "must haves." "would like to haves" and "nice to haves." That way    you'll know when and what to compromise.

 

 

 

MYTH #5

 

 I'LL IMPROVE MY ODDS OF FINDING THE RIGHT HOUSE IMPROVE IF I WORK WITH MORE THAN ONE AGENT

 

FACT:  In reality, agents work harder for clients who are loyal to them. When you commit to one agent under an Exclusive Buyer Representation Agreement, it ensures that the agent is working strictly for your best interests. And exclusive means exlcusive.... you can’t have more than one Exclusive Buyer Representation Agreement at the same time. Work with more than one agent and you’ll soon find no one is looking out for you! The best agents won’t work with buyers without an exclusive buyer representation agreement. If you want loyalty and attention from your agent you need to reciprocate with your loyalty and attention. Think about bankers... don't they pay more attention to the client who has all or most of their money in a specific bank rather than to one who maintains only a small portion of their assets in the bank? It's the same in real estate... agents have only so much time each day and that time will be devoted to loyal clients.

 

 

MYTH #6

 

BUYING A HOUSE IS  SIMPLE:  AGREE ON A PRICE, SIGN A CONTRACT, WRITE AN EARNEST MONEY CHECK

 

FACT:  wouldn't it be nice if  it were that simple! Purchasing a home involves many other issues beyond price… property disclosures, legal issues, financing issues, inspection issues, loan approvals, appraisals, title search, insurance issues, etc. Your agent will coordinate the entire process for you and ensure that nothing drops between the cracks... something hard to do on your own if you don't know what you don't know.

 

 

MYTH #7

 

FORECLOSURES ARE THE BEST DEALS

 

FACT: Not all foreclosure sales are “deals."  Some have undesirable conditions attached to them. To determine whether or not a foreclosure truly offers a good value requires considerable research, lots of due diligence, and patience (another good reason to have a top agent representing your interests in this type of transaction). And don't forget that with foreclosures what you see is what you get—and what you don’t see is also what you get. And all this assumes you are buying at a time when the market has foreclosures available to buy, which is not always the case.

 

 

 

MYTH #8

 

I'M FINANCIALLY QUALIFIED, SO GETTING A MORTGAGE SHOULD BE QUICK & EASY

 

FACT: These days, the paperwork involved in applying for and getting approval for a mortgage is enormous. Thorough documentation and creditworthiness will be critical to getting a loan approved. Your real estate agent can help introduce you to the appropriate mortgage professionals to ensure you actually qualify for a mortgage and that the mortgage professional is one who can get the job done.

 

 

 

MYTH #9

 

ALL MORTGAGES/MORTGAGE LENDERS ARE PRETTY MUCH THE SAME

 

FACT:  All mortgages are not the same! There is considerable complexity in choosing the right mortgage, a decision that should be made together with a top mortgage professional. Just some of the key questions to ask are: how does one rate compare to another over the long haul? How does the APR affect total long term costs? How long will you be in your home? What are your long-term investment goals? And oh yes, what kind of a loan you can qualify for based on your credit scores, income, down payment resources, etc. Like real estate agents, all mortgage lenders are not the same... experience counts, specialization in certain lending counts, etc.

 

 

 

MYTH #10

 

WHATEVER SHOWS UP ON MY INSPECTION REPORT, THE SELLER MUST FIX IT FOR ME

 

FACT: Each state has its own regulations and practices as to what a seller must address pursuant to an inspection report. And many states have "as-is" contracts. Inspection results canresult in re-negotiations on a house. Knowing how hard to push for repairs or price adjustments may be difficult for both buyers and sellers not experienced in this kind of negotiation and who may also be emotionally involved in the transaction. When emotions run high the result might be a cancelled contract, which no one really wants.  Depend on your real estate professional  to help you navigate the murky waters of inspections and repairs. And it's also important to remember that the purpose of an inspection is not to deliver you a "like new" home, but to let you, as the buyer, understand what issues might be facing you in the future as the homeowner.

 

 

 

IF YOU HAVE QUESTIONS, WE HAVE THE ANSWERS!

 

 

This information about home buying myths is provided by Nina Hollander/Carolinas Realty Partners with RE/MAX Executive. Contact me if you have any questions about buying or selling a home in the Charlotte metro area.

 

If you are considering selling or purchasing a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:

 "The Right Broker Makes All The Difference."

 

 

 

 

 

 

 "Faqs Word Indicates Frequently Asked Questions And Kids" Image Courtesy of Stuart Miles from FreeDigitalPhotos.net.

"Fact Myth Switch Shows Facts Or Mythology" Image Courtesy of Stuart Miles from FreeDigitalPhotos.net.

 

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SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

Nina Hollander

Broker, Realtor, MBA, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Residential Brokerage
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From Charlotte/Ballantyne/Waxhaw/Fort Mill
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

2007 - 2018 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

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Re-Blogged 8 times:

Re-Blogged By Re-Blogged At
  1. Jeff Dowler, CRS 06/24/2017 09:14 AM
  2. Roy Kelley 08/12/2017 01:00 AM
  3. Tony and Suzanne Marriott, Associate Brokers 06/25/2017 10:11 AM
  4. Gabe Sanders 07/06/2017 11:37 PM
  5. Lise Howe 05/17/2018 05:10 AM
  6. Barbara Todaro 05/17/2018 05:27 AM
  7. Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents 05/17/2018 08:16 AM
  8. Gita Bantwal 05/23/2018 06:20 AM
Topic:
Home Buying
Location:
North Carolina
Groups:
Buyer Information - What Buyers Need to Know in Today's Market
Advice for Buyers
ActiveRain Contests
Tags:
home buying myths
10 home buying myths to stop believing
how not to buy a home
questions and answers about home buying

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Ambassador
4,217,687
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Nina Hollander - little late to comment on this.

I go over few of these myths at my buyer client consultation. The big one is - There is NO such thing as a perfect home!

(And I wait to see the expressions on their faces!)

Jul 14, 2017 10:09 PM #75
Rainmaker
2,626,242
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Praful Thakkar ~ good morning, Praful... never too late to comment on a post. But the idea that an inspector is there to help them make a home perfect or like new is one that needs to be dispelled before the inspection is even ordered.

Jul 15, 2017 04:16 AM #76
Rainmaker
933,106
Brigita McKelvie, Associate Broker
Cindy Stys Equestrian and Country Properties, Ltd. - Lehigh Valley, PA
The Broker with horse sense and no horsing around

Good morning, Nina!

Excellent post!  I end up going over some of these points with my clients.  Buying and selling real estate is a complex transaction.  It is not as easy as it may seem.  And there is NO perfect house nor property.  Each requires the new owners own personal touches to make it perfect for them.

Brigita

Jul 24, 2017 07:33 AM #77
Rainmaker
589,987
Tracy Lee Parker
RE/MAX Dallas Suburbs/PLATINUM PROPERTIES & MANAGEMENT - Rockwall, TX
Buy*Sell*Lease

Hi Nina, 

Love your post ! 

So many buyers think we just show pretty houses and make all this money! 

Your list is proof there is alot more to it! 

Jul 24, 2017 08:29 AM #78
Rainmaker
2,626,242
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Brigita McKelvie, Associate Broker ~ thanks, Brigita...I'm still working on part 2 of this... but have been so busy, just not enough time to focus on it.

Jul 24, 2017 10:25 AM #79
Rainmaker
2,626,242
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Tracy Lee Parker ~ hi Tracy... and don't forget about driving the luxury car! People really don't have a clue!

Jul 24, 2017 10:26 AM #80
Rainmaker
2,910,691
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Great list and unfortunately much of it is shared universally across the country...sigh. 

Aug 12, 2017 01:46 AM #81
Rainmaker
2,626,242
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sally K. & David L. Hanson ~ hi Sally and David... and that's what makes them "urban" myths that won't go away for decades now.

Aug 12, 2017 03:42 AM #82
Rainmaker
1,462,841
Sandy Padula and Norm Padula, JD, GRI
Realty National - Carlsbad, CA
Presence, Persistence & Perseverance

Nina Hollander You 'hit this one out if the park' and this was an enjoyable read, since I have personally encountered so many of these misconceptions in my dealings with the public.

Aug 12, 2017 05:55 AM #83
Rainmaker
2,626,242
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Sandy Padula and Norm Padula, JD, GRI NMLS#1483386 ~ thanks, Sandy and Norm. Always amazing to me that no matter how often we tell our clients what reality is they still believe in some of these old myths.

Aug 12, 2017 09:43 AM #84
Rainmaker
2,495,392
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Nina Hollander Home buyers need to avoid those list of myths.

Aug 12, 2017 01:29 PM #85
Rainmaker
2,626,242
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

John Pusa ~ good morning, John... amazing isn't it how these myths hang on and on for decades?

Aug 13, 2017 04:26 AM #86
Rainmaker
4,510,642
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

Good morning Nina Hollander wow... what a terrific post and I'll be reblogging this today.... 

May 17, 2018 05:22 AM #87
Rainmaker
3,582,489
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Nina Hollander ,

I'm so glad that Barbara Todaro re-blogged your post! What an escellent well written post..right on points! Unfortunately these myths do continue for decades!

May 17, 2018 05:52 AM #88
Rainmaker
2,626,242
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Barbara Todaro ~ hi Barbara... I've already thanked you for the reblog. Until Lise reblogged it, I'd pretty much forgotten about having written it.

May 17, 2018 06:10 AM #89
Rainmaker
2,626,242
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Dorie Dillard ~ thank you, Dorie... these silly myths continue and continue and continue... we need to keep debunking them.

May 17, 2018 06:11 AM #90
Rainmaker
1,398,274
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Nina, I'm so glad Barbara Todaro re-blogged your post. You did such a great job not only sharing but, also explaining these home buying myths. Spot on!

May 17, 2018 07:10 AM #91
Rainmaker
2,626,242
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Amanda S. Davidson ~ good morning, Amanda... thanks so much. I just wish these myths would disappear once and for all!

May 17, 2018 07:59 AM #92
Rainmaker
125,309
Khash Saghafi
Liberty Home Mortgage Corporation - Cleveland, OH
Mortgage Loan Officer, Cleveland Ohio

This is a GREAT post Nina!! Gita Bantwal shared it and that is where I saw it, so I am thankful that she did.

May 28, 2018 06:40 AM #93
Rainmaker
2,626,242
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Khash Saghafi ~ thanks, Khash! I almost forgot I wrote this post! Every time someone reblogs one of my posts, it reminds me of something I wrote and then forgot about!

May 28, 2018 07:03 AM #94
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