When The Buyer Backs Out: Real Estate Sales SolutionsWhen The Buyer Backs Out: Real Estate Sales Solutions


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When The Buyer Backs Out: Real Estate Sales Solutions

The first time I sold a house, I had no idea that the buyer could back out of the contract partway through. I was taken aback when it happened to me, and my real estate agent had to explain the process of terminating the contract and requesting the earnest deposit. After the contract was terminated, I spent a lot of time researching why a buyer could back out of a sale, what I could do about it as the seller, and ways to minimize the risk of it happening. I created this site to share what I've learned in the hopes of preventing other homeowners from experiencing what I did. I hope it helps you to be better prepared as you sell your home.

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Correcting Three Common Myths For First-Time Homebuyers

The first time going through the home buying process can be among the more overwhelming experiences of your life. Sadly, there are many pieces of misinformation that are commonly believed by those that are new to this process. By learning more about some of these notions, it will be easier for you to make informed choices as you buy your first home.

Myth: A Real Estate Agent Is Not Worth The Added Expense

Many first-time buyers will make the assumption that working with a real estate agent will add a significant expense to the price you will pay for the home. Fortunately, this is not the case as the seller is the party that will pay the commissions for both real estate agents. This will help you to have the professional representation that you need to have a smooth experience buying the home.

Myth: Perfect Credit Is A Requirement For Financing A Home

Many individuals may be intimidated by the process of applying for financing to purchase a house. As a result, they might assume that it is necessary to have a perfect credit history and score in order to be approved for a home loan. Luckily, this is not actually the case as there are lenders and government programs that are designed to help individuals with credit blemishes to get the financing that they need to become homeowners. The terms and availability of these options will vary from one state to another.

Myth: You Can Always Make Whatever Upgrades You Want To The Property You Buy

Many individuals assume that they will be able to use their property in any way that they see fit. Sadly, this is not always the case as there can be numerous zoning rules in place. In instances where the house is a member of a homeowners' association, there will be additional bylaws that will need to be followed. For these reasons, you should discuss any future changes that you are considering to your property so that the real estate agent can help to ensure you are shown properties that will allow these upgrades.

When you are looking to buy a home, it is important to start the process as informed as possible. To this end, you will need to be aware of the many misconceptions that surround this process. Knowing that the seller pays any commissions, that perfect credit is not required to obtain financing, and the importance of checking the bylaws of homeowners' associations and local zoning regulations will help you to make sure you choose the perfect property for your needs.

For more information, contact local professionals like Central Virginia Realty.