Common Myths about Buying

Myth
Buying and selling a home is always a "gut wrenching" process.

Reality
Oftentimes, there's a lot of stress in both. On the other hand, a good real estate agent, aided by other professionals involved in the real estate transaction, can and should help the buyer and seller understand what to expect and sound moves to make, thereby helping to make the process relatively smooth and "pain free."

Myth
Home valuation and evaluation information available on the Internet is reliable.

Reality
This is not necessarily true. Most of the information available on Internet sites is drawn from public records, with no verification of the data. Also, public records are historical and may not provide a true indication of current trends that can impact a particular property or the property's specific characteristics when it is sold. In contrast, retaining the services of both a qualified appraiser and real estate agent (REALTOR®) in a given market will help ensure reliable, up-to-the minute feedback on local market dynamics and specific properties in question based on current, first-hand knowledge and professional experience.

Myth
As a buyer, you should first find the home you want and then explore your borrowing options.

Reality
It is best to explore your borrowing options and secure a mortgage pre-approval from a lender before you go searching for a home. This "upfront" information provides a reality check that you'll be looking in a price range you can afford. Moreover, when you make an offer on a home and it is accepted, all you'll likely need to go forward with the financing is an appraisal.

Myth
As a buyer, it makes more sense to come in with a low offer on a property, reserving the right to raise it.

Reality
Not necessarily so. You run the risk that the seller will not even bother to negotiate because you're so far apart. As well, unless the house is very overpriced, the offer will most likely be rejected.