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What first time residential real estate buyers should know

Buying a home for the first time can be a confusing process. New buyers in Delaware may have many preconceived notions about what it means to purchase residential real estate, but often some of these beliefs are simply untrue. Here are a few of the more common myths that plague new homebuyers.

Mortgages are one of the most common things for people to misunderstand. For example, many homebuyers believe that a 20 percent down payment is required to purchase a home. The reality is that a home can be purchased with down payments as low as 3.5 percent. However, mortgage insurance will be needed when putting down less than 20 percent.

Most new homebuyers focus only on the process of putting in an offer on a house. Once the offer is accepted, it can feel like the work is done. However, in many cases, an appraiser will still need to come in to determine the market value of a home, and lenders often will only cover what the appraiser deems the home is worth. A person who has agreed to pay over market value for the home may have to come out of pocket for the difference.

Often, new buyers find out about these caveats too far into the buying process to properly prepare. Doing research ahead of time and talking to people who have purchased a home before is a good idea. Additionally, hiring experts such as a real estate agent and a lawyer is an important step to support a smooth sale for anyone stepping into the Delaware real estate market.

Source: wisebread.com, "6 Common Homebuying Myths, Debunked", Dan Rafter, May 28, 2018

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