People eager to purchase a new home are often overwhelmed with a variety of to-do lists, plans, and general stress. As a result, there are a number of common mistakes made during the home buying process in Illinois. A large portion of those mistakes lie in the overall misinformation that exists in the real estate market. From myths to misconceptions, the existence of fallacies make a home buyer’s job that much more difficult. In addition, if going at it alone, without guidance from a professional, a lot of time, money, and unnecessary stress is at stake. Homeownership is a dream come true for most people, so it’s important to avoid a nightmare at all costs to keep that dream alive.
From realtors to residential real estate attorneys, surrounding yourself with professionals is essential to a smooth home buying process. Beyond that, it is absolutely critical to be aware of the biggest misconceptions and myths about buying a house:
- You must have a 20% down payment
- Inexpensive homes that require renovations will be cheaper
- Home inspections are unnecessary
- You must have a 640 credit score
- You only need to save enough for the down payment
- Mortgage pre-approvals are unnecessary
- The asking price cannot be changed
- A 30-year mortgage is the best choice
- Student loans will block you from qualifying for a mortgage
- You will get an enormous tax break
While some aspects of the above misconceptions are true, the majority of these myths are just that. The ability to navigate through the misconceptions and myths about buying a house is imperative in today’s real estate market. The Law Office of Brenda Murzyn, P.C. is highly experienced in all legal aspects of buying or selling residential real estate. Our firm regularly represent clients in a wide variety of transactions including the sale and/or purchase of single or multi-family dwellings, condominiums, and co-ops. We are also experts in FSBO (for sale by owner) deals, rehabbed or new construction, brokered purchases and sales.
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