3 Common Myths About Purchasing a Home
Shopping for and financing a home is nuanced; this is why it’s essential to have a team of trustworthy industry experts helping you navigate the purchase! Sometimes, the internet, social media, or even well-intentioned family members can give confusing or inaccurate information. Therefore, we’ve noticed some common myths about purchasing a home that we’d like to bust for once and for all!
Myth #1 A Home Inspection Is Pass Or Fail
On an offer to purchase, a buyer can elect to or waive their right to have a home inspection. When a buyer wishes to have a home inspected, they will seek out and hire a home inspector who is licensed by the state that the house is in.
A home inspection will typically take about four hours to complete. During this time, the inspector will look at the foundation, roof condition, HVAC, electrical, doors, windows, and more.
A common myth is that a home can pass or fail an inspection. Your inspector will provide a detailed report of their findings. In the report, the inspector will note any defects, aspects of the home that are past their “half-life,” or any systems that they believe will need to be replaced soon. It’s important to note that just because a home has reported defects does not mean it has “failed” inspection. The inspector's recommendations can be used to negotiate with the seller, who has the right to either cure or decline to cure any defect noted in the inspection report.
Myth #2 You Can Shop For Homes Without Getting Pre-Approved
Shopping for homes without a pre-approval letter is akin to going to the grocery store without your wallet. You can’t purchase groceries without a form of payment. Similarly, most sellers will not accept an offer from a buyer that isn’t pre-approved.
For this reason, most real estate agents will not show houses to buyers that aren’t yet pre-approved.
Applying for pre-approval only takes about ten minutes online or over the phone. If you’re thinking seriously about buying a home soon, it’s advantageous to apply before you start shopping.
Myth #3 Industry Professionals Are Just Out To Make Money
Mortgage Lenders, Real Estate Agents, Home Inspectors, and other industry professionals can sometimes get a bad reputation for only being interested in making money. Like in any industry, there are probably a few bad apples that are just in it for a quick paycheck. However, there are many more who are passionate about the client’s best interest. This is why it’s important to shop for local, trusted professionals with good reviews. A good mortgage lender will take time to answer questions about their track record, their experience, and any other questions about how they conduct business.
Industry professionals are legally obligated to protect their clients above personal self-interest. What’s most important to Imagine Home Lending Mortgage Loan Officers is client satisfaction - finding the right loan product for the client’s unique needs.
The purchase of a house is a big decision and investment, so taking the time to debunk some of the myths out there is important. Information and education is the most important preparation step that a buyer can take. So, if you have any questions about the process that you’d like to learn the answers from a licensed loan officer, please call Imagine Home Lending today. We’re happy to help you!
Happy house hunting!