Calling First Time Buyers!

You First Time Buyers represent 40% of all Homebuyers! Following are some Myths that as first time buyers, you might believe!

1. All Real Estate Agents are the Same: Advice: Interview agents and make sure the one you choose is an ABR or an agent that has been trained in representing you as a Buyer.

2. The agent on the For Sale Sign will look out for my interest. Advice: Ask who the listing agent is representing? They have a listing agreement with the Seller. So how are they representing you?

3. I can find all properties for sale on my own. Advice: Your agent can know about other properties that do not have signs and are not on the market at he present time.

4. If I wait long enough, I’ll find the perfect house. Advice: There is probably not a thing as a perfect house even if you build it yourself! Buying a house requires compromises, a big dose of reality, and an awareness of market conditions.

5. I’ll improve the odds of finding the house I want if I work with more than one agent. Advice: Ask your agent to explain buyer representation so you know how your agent works and sign an agreement that that agent is working for you. You hire them so you can fire them!

6. Buying a house is as simple as agreeing on a price and signing a few papers. Advice: Be educated up front what the process for buying is and what it will take. There are at least 100 important phone calls and emails with a time frame, over 35 signatures and over 10 different types of businesses to be coordinated to make the process go smoothly.

7. Foreclosures offer the best deal: Advice: Check out foreclosures but have a qualified agent representing you that will inform you what it will take to bring that property to market value and if you are getting a good deal. There are lots of things to know in buying a foreclosure and lots of things that are not available to you to know!

8. Getting a mortgage should be quick and easy. Advice: Listen to your agent when they tell you that you need to get pre-approved before looking for homes. That means you are credit approved. You are ready to buy and know what price range you can purchase.

9. All mortgages are essentially the same. Advice: Listen to your agent when they refer you to their trusted Mortgage Consultant that will advice you of any and all loans that would fit you the best. Whether it be FHA or Conventional, 30 year or 15 year, adjustable or fixed. It can be all very confusing but if you have someone that knows your goals, they can fit the loan to your needs.

10. If something appears on the inspection report, the seller has to fix it. Advice: Read your contract. In Texas, you are buying the “house in its present condition.” You can ask in the contract for the seller to fix some things but you haven’t had an inspection as yet. The buyer has the right to terminate if something is broken and the seller won’t fix it. Your trusted agent advisor, Magee & Associates, Realtors, will guide you through this process.