A vast majority of Knoxville homeowners will only buy and sell a home a handful of times in their life. The Knoxville real estate market is ever changing, particularly in the past few years, which is why sometimes buyers have many misconceptions about the whole process. Here are 3 misconceptions buyers often have when buying a Knoxville home for sale.
Misconception #1 – I Don’t Need To Talk To A Loan Officer Until I’ve Found A House
This is one common misconception that buyers often have. Talking with a loan officer is something that you should do even prior to starting to look at houses. This will make the whole process much easier and can also save you a lot of potential heartbreak. For example, let’s say your find the perfect Knoxville home for sale and you’re ready to write an offer. You finally sit down to talk with a loan officer only to find out one of two detrimental situations (a) you are not able to afford the home or (b) you get pre-approved only to find that in the time that it took to get that done the home received another ofter. As a buyer, it is best to start out your Knoxville home search being prepared and well-informed and the first step in doing that is talking to a loan officer.
Misconception #2 – All You Need To Buy A Home Is The Down Payment
There are more costs associated with buying a Knoxville home than just the cost of the down payment. There are closing costs, inspections, moving costs, among many other things. All of these things can add up to a hefty sum if you are not prepared for them. One thing that buyers sometimes forget when buying a Knoxville home is how closing costs work. Unless the seller pays your closing costs or a portion of them, you will be responsible for paying your closing costs PLUS your down payment. Luckily though, in many cases, you can get the seller to agree to pay your closing costs.
Misconception #3 – My Parents/Sister/Friend/Uncle Say That I Should…
The thing about real estate is that there are a lot of people out there who feel the need to put their two cents about what you should or shouldn’t do in your real estate transaction. While the advice could come with good intentions, it doesn’t mean that it is always right. While your parents may be telling your to write an offer $20K below the asking price because that’s what they did twenty years ago, that doesn’t mean you should. Or, that you should buy a certain type of home because that’s what your parents have always bought, that doesn’t mean you should. Family members can be great at offering a second opinion on a home or helping you talk through homes that you’ve seen. At some point, you have to weigh their advice with a grain of salt and get the opinion of your realtor or loan officer. As a real estate professional, they are in the business of helping people buy homes and make well-informed decisions.
Are you thinking about buying a Knoxville home this year? If so, do not hesitate to contact Knoxville Home Team if there is any way that we can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at [email protected]. Also, be sure to check out our Knoxville Home Search Page to see what homes are for sale in the Knoxville area.
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