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11
May

The Top Misconceptions of Buyers

For most people, their house serves as their biggest asset there is a need for care, protections, and abiding by the law. The major obstacle to reducing this stress is often the parties that are involved, and their lack of understanding and either not asking questions or they don’t know what to ask. In addition, many times buyers have some misconceptions, which hinder them. Most believe information a friend has provided them is correct without doing any investigation.

The Top Misconceptions of Buyers

1. Buyers Have To Pay a Real Estate Agent

This misconception is very common in today's market. Many buyers believe working with a real estate agent will cost them more money. In reality, some real estate agents work with buyers for free. These agents are paid by the sellers when the property is sold and closed. Therefore, buyers can go ahead and contact a real estate agent and ask them - it's a good decision to make before purchasing your next property.

2. Going Directly To the Listing Agent Will Save Money

Most times, a buyer will want to go directly to the listing agent thinking of saving money by asking them to reduce their commission or negotiating the commission. Reducing a commission will help the seller and hurts the agent, and most agents are unwilling to do so. Many buyers are inexperienced negotiators, and they may not include other negotiable items apart from the price of the property.

3. They Know It All, and They Don't Need Agent

Most times, this may be the case. However, unless someone is completely aware of a particular market, which includes mortgages, conditions, strategies and more. It is often advantageous to hire a professional.

4. I Must See All Properties in My Price Range before Deciding

Many buyers believe looking at every available property for sale will give them the opportunity of making an offer. Unfortunately, the truth is actually the reverse. Looking at different properties tends to blur one into the next. When buyers look at different properties, they may forget one outstanding property feature with another. Also, it takes a longer time to view all single property on the market, and this may cause you to miss that unique property that meets your needs.

 

5. To Get a Loan First

Some buyers who have not purchased a home lately or new buyers are frequently misled into believing they must obtain proper financing. While this may be true during the boom years, many sellers no longer entertain offers on their property which are not accompanied by a letter of approval from a lender.

When you're looking to purchase a property, get different facts and information from accredited sources. This will ensure you have correct information, and you will be able to make the best decision on your next property purchase. Real estate professionals can assist a buyer to make the best decisions however; the first step is to clarify these misconceptions.

 

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