Home Buyer Information

Myth:

I had some debt when I was young and I ruined my credit. I'll never get a mortgage.

Reality:

You don't know what your credit history shows until you look. If you do have blemishes from the past -- even bankruptcy -- many lenders will overlook problems if the past two years show good credit practice on your part.

Myth:

I heard you need to put 25% down to buy a house. However, my friend says that you can get a mortgage with no down payment at all!

Reality:

Both scenarios are uncommon. Although there are a variety of financing programs available, most require you to put at least 5-10% down. Rarely would you need 25%.

Myth:

If I have several agents looking for homes on my behalf, I'll find a house more quickly.

Reality:

Like most relationships, this one thrives on communication, loyalty and trust. By working exclusively with one agent, you will improve both the process and the results.

Myth:

If I want an agent to represent me as a buyer, I'll have to pay them myself.

Reality:

Buyer representation means that the sales associate you select works with your best interests in mind. In most cases, however, they receive a portion of the commission paid by the sellers.

Myth:

I should find a new home first before I sell the one I now own.

Reality:

If you find a buyer for your home first, you'll have more negotiating power in both the sale of your current home and the purchase of a new one. Or, our Guaranteed Sale Program may simplify your transactions.

Myth:

I just made an offer on a house I love, but so did several other people. I'm worried that someone else will outbid me and get it.

Reality:

Different sellers are motivated by different things. In addition to price, a seller will look at the other terms of the offer - contingencies, closing date, required repairs. Many times a "clean" offer from a pre-approved buyer will be more attractive, even if the price is slightly lower.