Did you know about these myths?
1. No upfront costs to a buyer
- Generally it’s the seller proceeds that pay your Realtor’s fees
- Normally no up front costs to a buyer for hiring a Realtor
- The same applies to a lender
2. Rent payment versus mortgage payment. Which one is higher?
- Many times you can purchase a property for a monthly payment that is lower than your current rent!
- Use the Rent Vs Buy Calculator
3. The asking price is not necessarily selling price
- The asking price is always negotiable!
- Sometimes sellers are willing to sell for less than the list price
- Some factors that can affect this are:
- Days on market
- Seller motivation
- Condition of property
- Your Realtor can help you with the negotiation process
4. Loan pre-qualification is not the same as a loan pre-approval
- Pre-Qualification: General information- Monthly payments and how much for down payment
- Pre-Approvals: Exact number- Exact numbers base on personal information you provide to your lender
- Best to have this when presenting an offer
5. The seller does not make all the repairs that are discovered during inspections
- All repairs are negotiable!
- Depending on the type of loan program you are utilizing, the lender may require some repairs, if they are called out on the pest report or appraisal.
6. You don’t need 20% down to purchase!
- Check with your lender. There are many loan programs
- There are some programs with 0% down and 100% financing!
7. Create your Team!
- You should find a Realtor and Lender to work for you!
- They will be able to help streamline the process, provide guidance, and help with negotiations.