Article borrowed from Inman, written by Cara Ameer
As is the case with nearly every significant purchase someone makes, the armchair experts come out in force: Whether that entails buying a car, computer or home, everyone has something to say.
Friends, family, neighbors, friends-of-friends, co-workers, cousins and relatives near and far are all self-proclaimed “experts” when it comes to buying a home. And if a buyer does’t have a tribe of so-called “experts” they can trust, everything one needs to know about buying a home can be learned from home improvement and real estate television shows.
Advice ranges from avoiding a particular area or neighborhood, only buying homes that are more than 10 years old or avoiding new construction because they don’t build them like they used to.
Other advice buyers have been given ranges from never paying full price, only considering brick homes, avoid buying a corner lot — and don’t forget — you don’t want to buy a home with skylights because they leak.
The list of what a buyer should or shouldn’t do goes on and on.
Opinions are exactly that and can lead to false perceptions or fears that are unfounded. Incorrect assumptions can cause a buyer to have unnecessary frustrations and false expectations about the buying process — versus what really should happen.
By debunking these myths, a buyer has a better chance of embarking on the arduous home buying process with more a realistic understanding. They’ll therefore be better prepared for the major endeavor.
Here are seven myths about the buying process — busted! Share them with your friends, family and potential clients.
1. Agents are paid a salary by the brokerage and the commission is ‘extra’
Guess what? The agent only gets paid at the end of the transaction through a commission. Meanwhile, the best agents will work their tails off to get buyers their dream houses.
That usually entails at least 20 trips back and forth to show buyers homes, finding out answers to the buyers’ questions, triangulating between the listing agent, homeowners association, county and city, researching public records, making phone calls to the mortgage lender with continually revised closing cost spreadsheets prepared with different down payment scenarios and interest rates.
We must then spend the time explaining how all this works to the buyers, write offer after offer and cancelling or rearranging personal plans so that we can show the buyer a house so they don’t miss out.
All of that is done without a paycheck the day the agent starts working with the buyer.
If the buyer decides to purchase and purchase through that agent, and only ifthat transaction goes to closing will the agent get paid.
How long the process takes from end to end is anyone’s guess, and could range from a couple of months to years, depending on the buyer.
2. Every home that’s for sale can be found on consumer websites
Not exactly. You see most multiple listing services (MLS) share their database of properties for sale (and rent) through a feed that syndicates to numerous websites.
Not all of these websites update regularly or show the true status of a property.
In fact, most times properties that are shown for sale that are in fact no longer available and are under contract or sold.
So, by relying on consumer websites, you could be missing out on a hot new listing that just hit the market before it shows up on sites other than the MLS.
Furthermore, working with an agent affords you access to properties that may not be formally on the market yet through their network of contacts.
This could include someone who is interested in selling but had not taken any steps to put their property on the market.
3. There is nothing wrong with calling listing agents to see if homes we are interested in if our agent is not available
Buyers tend to think, “We hate to bother them every time there is something