Philadelphia, Bucks and Montgomery Counties Real Estate. Tips for home buyers, home sellers by Gita Bantwal,Realtor at Re/Max Centre Realtors.

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

This is a good time to buy a house. The spring market is here . If you are thinking of buying a home it is important to work with a buyer agent . If you are looking to buy a home in Bucks County call me to be your buyer agent. 

This great post by Nina Hollander explains some of the home buying mths.

 

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.

 

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

Nina Hollander, Broker, Realtor / REMAX / Carolinas Realty Partners / Ph: 704.779.0813 / F: 704.341.3346 / E: Nina@NinaHollander.com / W: www.GreatHomesInCharlotte.com

Nina Hollander
Broker, Realtor, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: http://activerain.com/blogs/ninahollander
Search for Charlotte Area Homes: www.HomesInCharlotteArea.com

2007 - 2016 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

 Connect with me also on these sites:  

 

facebook google plustwitterlinkedinpinterest

  

                                                                                                                                          

Oh by the way, I'm never too busy for any of your referrals!

 

Search Charlotte Real Estate

 

 

 

 

 

How Much Is Your Home Worth

 

 

 

 

 

 

 

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.

 

When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

 

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE   OR EMAIL ME AT Gita01@aol.com

 

Comment balloon 12 commentsGita Bantwal • May 20 2018 12:27PM
FAQ: 10 Home Buying Myths To Stop Believing NOW! (If Not Sooner! )
share
This is a good time to buy a house. The spring market is here If you are thinking of buying a home it is important to work with a buyer agent If you are looking to buy a home in Bucks County call me to be your buyer agent. This great post by… more
Active adult communities in Bucks county, homes for sale 5-20-18
share
Bucks county is a great place to live. I looked up Trendmls this morning for homes for sale in 55plus communities. There are 75 active listings. 27 of these are new construction. In reality there are more that 27 new homes that will be built as… more
Bluestone Creek, Active adult community in Warrington, Bucks county,…
share
Bluestone Creek is an active adult community in Warrington, Bucks county. The community has a clubhouse where they have lots of activities. The homes are located within minutes from PF Chang Panera Bread, Wegmans, and are convenent to routes 611… more
Advice for First time home buyers Everything you need to know…
share
This is a great time to buy a house. Mortgage rates are still low and we have a good economy. If you are renting a home or thinking of buying a home read the articles mentioned in this post. Joan Cox has written a post that all renters should read… more
May 25 is National Towel Day
share
I do not know who started this or when they first named May 25 as ' National Towel Day ' I just read it in the carrier Pigeon a monthly free magazine that I receive. Check out www. theuptightsuburbanite. com. It is interesting to see that they… more
May 23, 2018 is Lucky Penny Day
share
I do not know who started this or when they first named May 23 as ' National Lucky Penny Day ' I just read it in the carrier Pigeon a monthly free magazine that I receive. Check out www. theuptightsuburbanite. com. It is interesting to see… more
May 22 is Buy a Musical instrument day
share
I do not know who started this or when they first named May 22 as ' National Buy a Musical Instrument Day ' I just read it in the carrier Pigeon a monthly free magazine that I receive. Check out www. theuptightsuburbanite. com. It is… more
ActiveRain Contest idea. Initial buyer consultation.
share
ActiveRain challenge idea. There are many agents here who work with buyers. In some states we have buyer agency I do not know the laws in all states. We find it difficult to get buyers to sign buyer agency contract. There used to be a time when… more
ActiveRain Challenge suggestion. Relocation information
share
Many years ago when I first got into real estate when I received calls from people from out of state for information about housing and amenities in Philadelpha and suburbs I used to mail them a relocation package. I would write about schools,… more
Log College condos Warminster, homes for sale/homes pending 5/8/18
share
Log College condos are located in Centennial school district. I looked up the mls this morning, May, 8 2018 for active listings in Log College. There are no active listings as of today There is a 2 bedroom condo oending It was listed for $116… more