Читать книгу SMART ESSENTIALS FOR BUYING A HOME - Amy J. Hausman - Страница 9

Home buyers and sellers often bring misinformation to the table when it’s time to strike a real estate deal. While well-meaning friends and neighbors may have your best interests at heart when they pass along a tip, you’d be wise to get the facts straight from your real estate agent. Here are a few of the myths that crop up for home buyers — and often get in the way.

Myth: Being pre-qualified for a loan is the same as being pre-approved.

Reality: When lenders pre-qualify home buyers, they simply run a few numbers to determine an approximate purchase price a buyer can afford — no lending commitment is in effect. Home sellers prefer a buyer who is pre-approved because it means the lender has already collected and analyzed most of the documents and information necessary to make a loan commitment, assuming a few additional requirements are met (type of property, maintained credit rating, etc.).

Myth: Overpriced homes leave sellers room for inevitable negotiations.

Reality: If a home is priced right, you won’t have to negotiate! You will have looked at other homes in the area, you will know what the home you’re considering is worth and you’ll be able to craft your offer accordingly. Though sellers may still try to negotiate, offer only a realistic price that fits your budget and meets with comparable homes in the vicinity.

Myth: It’s better to wait to buy the perfect, dream home than settle for a lesser home that fits in the current budget.

Reality: If you have the cash and credit to purchase a home, be realistic about what it will buy in your area of interest. Remember: There’s no time like the present. Most buyers benefit from home appreciation, which leverages a relatively small down-payment investment into a nice return at sale time — when you may be able to move up to a home that is closer to your idea of perfection. If you fool yourself into waiting for what is truly unattainable given your resources, you’ll miss some attractive opportunities that may also become out of reach as weeks and months pass by.

Myth: Qualified buyers should be able to get their own financing and not rely on seller financing.

Reality: Sellers sometimes offer financing that can help young buyers and those with limited cash or less-than-perfect credit, who can’t afford to purchase a home with lender financing. Offering financing can help sellers get their homes sold in tough markets without dropping the price below market value. Other sellers may offer rent-to-buy or lease-purchase deals.

Myth: A home will appraise at the same value whether it is in good condition or not.

Reality: Although square footage, number of rooms and other non-cosmetic features determine a home’s baseline value compared with properties recently sold in the area, appraisers will factor the home’s condition into the final appraised value. More important, a home’s condition will determine how many buyers become interested in the home and how motivated they are to buy it. Most buyers — like you — prefer homes in move-in condition. Those that need more work frequently sell below market prices.

Now let’s cut to the chase. First stop: Find and hire a top-notch, professional team using the information in Chapter 2.

Chapter 1 Roundup Smart Essentials BUY SMART :: What You Have Learned

>> Check and fix your credit before you apply for a mortgage.

>> Focus on the 12 essential keys to buying a home.

>> Being pre-approved for a mortgage beats simply being pre-qualified.

>> With the right approach, you can buy a home smarter, faster and cheaper.

>> Planning and information gathering help smooth the home buying process.

>> Home buying myths can prevent you from buying the home you want.

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