Myths vs Facts

Don’t believe everything you hear. Here are many myths that we have heard over the years from our clients and “on the street.” We encourage you to always read information from reliable sources such as real estate professionals. We don’t believe that Realtors and lenders can learn everything from Google and HGTV. Experience + education = great professionals.

Myth: Real Estate Agents/Brokers are a waste of money.

Fact: Sellers pay for both their own agent and for the buyer’s agent in Washington State, and as professionals, we Real Estate Agents/Brokers live and breathe real estate. Among the many responsibilities we have as Real Estate Brokers include:

How to read, negotiate, and explain real estate contracts to all parties and individuals involved in the decision-making process.
Which title and escrow companies to choose from and communicating with those employees about any red flags on the title report, depositing the earnest money, etc.
How to solve any unexpected real estate issues that may arise.
How to choose the right lender for you and your situation.

Myth: All Real Estate Agents and banks are only in it for the money.

Fact: Real Estate Agents and lenders work really hard. We hustle every day, many of us make ourselves available on weekends, evenings, holidays, and odd hours, often sacrificing time away from our own families and friends to help clients fulfill the American dream. When you’re off from work, we’re still working. Are there some bad apples? Sure, just like any industry. But since the Consumer Financial Protection Bureau was created, and since we’re regulated by the Department of Licensing, the Northwest Multiple Listing Services (NWMLS), and our brokerages, then, we do things to protect our real estate license.

Myth: Buying a condo, single family home, or manufactured home is all the same.

Fact: There’s different paperwork, financing, and rules around each of these property types and subcategories within each that impacts the search and outcomes. Take our class to find out the differences.

Myth: Do I need to be a citizen to buy a property in the United States?

Fact: No, many non-citizens of all statuses can purchase properties throughout the United States, whether they live in the country or abroad.

Myth: Sellers have to tell buyers why their offer was not accepted.

Fact: Although it is common courtesy to tell all of the buyers’ agents whether or not their offer was accepted, they’re not obligated to share why their offer was not accepted. In our experience, it boils down to two things: price and terms.

Myth: It’s expensive to buy a home.

Fact: Calculate what you pay in rent monthly, multiply it by 12, then multiply it by 30 years. You will calculate the amount of money you are paying for someone else’s investment if you rent; whereas, if you buy, you will likely recoup your investment over the long term. Don’t wait to buy; buy, then wait.

Myth: Down payment assistance is only for people with few resources.

Fact: Down payment assistance is used by people of all financial means; it’s just called different things at each place.