Four Biggest Lies in Real Estate

When you’re planning to buy a house, you tend to look around your neighborhood, check the ads in the newspaper, ask your friends and also, the unforgettable, surf the internet. How could we ever forget that? Sure, the internet has helped the buying and selling of houses a lot such as posting them on free websites but there are disadvantages too. An instance of a disadvantage of our high end technology is the digital camera and the power of image editing.

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To see is to believe, right? The information we get about the house in the internet might be all there but it’s best to check the house with proper inspection in a closer view. Here are four biggest lies that you need to know so that you won’t get yourself stuck with overpaying a problematic house:

Phony Photos and Video of the House

Digital photos and videos are now easier than ever to manipulate and edit with the power of imaging tools like Photoshop. The clean surroundings of the house and the wonderful state and color of the house might be edited. Or it could have been a picture taken 5 years ago when the house was still new. Are you sure that’s really how the house looks like? These are just some of the things you need to ask yourself and double-check before making any decisions.

This is how real estate agents/sellers/brokers attract house buyers to call and inquire for the house displayed on their site. You could use Google Map to street view or choose Microsoft Live Search to see the neighborhood. The only problem is you can’t view the inside of the house so you have to drive your way to see the interior. And it’s always worth the drive if it’s your money on the line.

Unreal Property Description

You just can’t believe everything you read in property listings. Descriptions such as “water view” from the house but have to get into your second floor room and stick your head out the window to see the ocean. There is some information included in some sites that are not necessary but end up pissing buyers off when they get to see the house. It’s best to see the house yourself than believe the information from the site.

Valuations Lacking Values

The name of the game is always about value and costs. The buyer and the seller’s vital need is to know the price of the house and it’s all downhill from there, or not. The price may differ from the internet than when you ask the price in person. You can’t trust some websites that post prices and pictures that are actually fake. It’s a ruse to get you interested on the house. I happened to check on a house with four bedrooms that has a price of about $820,000 but the website says it was $780,000. It was either the website that was not updated or it was just to get my attention. Their website also says they have five bathrooms but they actually have three. The only way to get the price correct is to ask or invite several real estate agents to price up the house.

Mortgage Rates You Can’t Get

Mortgage lending is a primary step in owning the house. The next problem is you have to find a lender that does not give you fake rates. There are some websites that advertise fake low rates online which you can’t get if your down payment or credit score is too low or you are not willing to pay extra high closing costs. You have to start your mortgage hunt by identifying a national or regional bank, a lender, a well-regarded mortgage broker, a credit union and an internet mortgage aggregator. Just before applying to a lender, you have to ask what they would really charge your loan. This is also helpful for you since some lender might trick you if you don’t know how to play the game.

The only solution is to see the place and ask the real estate agent all the information you need to ask. Don’t be afraid to ask especially when you’re still new at buying houses and loans. When you have your likely candidates of real estate brokers lines up, don’t forget to check out “Top 10 Things You Don’t Know About Your Real Estate Broker” to help you start right. Happy House Hunting!

More real estate guide articles in our archives. (:

Reference: http://realestate.yahoo.com/promo/4-biggest-lies-in-real-estate.html