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Jodie Collins & the QBee Team

A Texas Realtor for Keller Williams Professionals in NW Houston

KW Professionals

Real Estate Frequently Asked Questions

Welcome to our Real Estate Myth vs. Truth, our version of Real Estate FAQ’s or Real Estate  frequently asked questions. This list is compiled from various questions Real Estate questions and concerns for purchasing, selling, or leasing a residential house.

Frequently Asked Questions Real Estate

Buying a Home Myths vs Truth # 1

Myth: When purchasing a new construction home, you can’t use a Realtor
Truth: This simple isn’t true. Just as is the case when leasing a home, a Realtor is your advocate. Someone who can help that is in your corner. A Realtor can assist through the entire process; this includes asking questions that you may think of or even be aware to ask. The best part is that they are paid by the builder, and not out of your pocket.

Buying a Home Myths vs Truth # 2

Myth: Good credit and money in the bank is all you need to qualify quickly for a home mortgage.
Truth: The fact is that it takes, on the average, up to 30 days or more from the time you start the process until you’re fully qualified and approved. This is, of course, as long as everything checks out without any issues. Since the restrictions and laws around home mortgages are changing every day, good credit and money in the bank doesn’t always mean a quick approval. There may still be several hoops and hurdles to jump through in order to qualify. For more information on the new requirements, please see a qualified mortgage broker.

Selling a Home Myths vs Truth # 1

Myth: Since most home values are not what they were 2-5 years ago, now is not a good time to sell and buy and new home.
Truth: Most home values are lower than 5 years ago, or even two or three years ago. Granted, this depends on several factors a few of which are:

  • Recent foreclosures in your neighborhood
  • How many homes are for sale in your neighborhood
  • The amount of families looking to move into your neighborhood

Selling a Home Myths vs Truth # 2

Myth: The holiday season isn’t a good time to sell your home.
Truth: This Holiday Season is still a great time to sell your home. Here are just a few reasons why.

  • Interest Rates for buyers are still at all time lows.
  • Buyers are looking to close before the end of the year for the Homestead Exemption (ask for more details).
  • Homes usually look their best during the Holiday Season, and buyers notice!
  • More families relocate to the Houston area at the end of the year.
  • The Holidays are when most sellers take their home off the market which means less competition and a better chance to sell your home.
  • There are still great buys out there, if you are looking to purchase after you sell.

Selling & Buying a Home Myths vs Truth # 1

Myth: You don't need a Realtor and can use a Real Estate attorney when purchasing or selling a home?
Truth: Real Estate attorneys have their place, and for some transactions, this might be true. However, here are some reasons that an attorney is probably not going to be right for you when purchasing or selling a home:
A Real Estate attorney is only going to draw up and file the needed paperwork to fulfill the transaction.

  • Locating your “perfect” home now becomes your responsibility. Do you have the access to the tools and knowledge needed to assist in your search? Are there any other neighborhoods and homes that might fulfill your “5 – Must Haves”?
    • Price negotiation is now between the buyer and seller. Are you up to speed on the current Real Estate trends and pricing in the current neighborhood? What are all the factors that might affect the price of the home? What upgrades increase the value of the home, and which ones are expected for that neighborhood and home type?
    • What about the home inspection?
      • Do you have a great home inspector in your back pocket?
      • When the report is drawn up, do you understand what is critical and what is cosmetic, and how both should be handled?
      • If the item is critical, how do make sure that the issue is resolved correctly? Who will do the work? What prove is needed to show the work was done by a professional?
    • If for whatever reason the deal falls through you still owe the attorney their fees, but with a Realtor, there commission is based on the deal closing.

As you can, buying or selling a home is complicated. In either case, you need someone who is on your side and in your corner giving you the advice and recommendations that are best for you and your family, and the current situation.