Wednesday, February 21, 2018 / by Susan Annis
MISCONCEPTIONS OF BUYERS WHEN PURCHASING A HOME
Everyone buying a home has different level of experience. Some are first-time home buyers and some have bought and sold several homes. Obviously, the first-time home buyers run across more misconceptions of what to expect when buying a home but as Real Estate Agents, in the business for 20+ years, we have even seen the most experienced home buyers have many of these misconceptions. Here is a list of some common misconceptions to watch out for:
Foreclosures are always the way to go to get a deal- The truth is, foreclosures are not always a good deal. If the market is thriving and the bank only has a couple of homes in inventory, they don’t feel the urgency to drop the price and quickly get these homes off the books. An experienced Real Estate Agent can help advise you on whether a foreclosure is worth the money in the condition it is. Often these properties have sat empty for many months or over a year and have not weathered well. There are also nightmare stories from buyers that purchased foreclosures only to find out the plumbing lines were solid with concrete poured down toilets, furnaces were just boxes and the parts inside that make it run were removed, electric lines were cut in several places that were hidden from view, etc. Much cash is often needed to prepare a foreclosure to be lived in by a new family.
You can save money by not using a Real Estate Agent- Most often this is just simply not true. Real estate professionals play a valuable part in the entire home purchasing process. They will provide a thorough comparison of homes in the area to evaluate for the home’s value including comparing features and condition, the seller’s motivation to move is important and negotiating should be handled by a professional with hours of education in this field. Not all agents are equal, but the selection of the correct professional real estate consultant can make many dollars difference in what you pay for the home. The savings can be realized in closing with a lower price, closing costs that are paid for the buyer at time of closing, problems in a neighborhood or with the home that are not discovered before too late, and in many ways that just come from knowledge of negotiation and processes in the home buying experience. The real estate professional that works for the buyer will most likely be paid by the seller at time of closing, their fees can be addressed and covered by the seller. This would give a buyer the best representation for their purchase and the seller pays for it. What a great way to save money.
These are just a few of the many misconceptions buyers have when buying a home. Remember Real Estate Professionals go through extensive learning to get their license and continue that education with classes every year. Having a professional guide you in one of the biggest investments you will ever make, is a wise choice and we at Susan Annis & Associates have the perfect team to be in your corner.