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The Worst Homebuying Advice Some People Ever Received

By BayAreaObserver following x   2017 Jul 6, 4:19am 983 views   7 comments   watch   quote     share  

A home is one of the most expensive purchases you’ll make during your lifetime, so it’s natural to be somewhat nervous and little unsure about the process. You might talk to friends and family about their experiences. You’ll likely get lots of advice even if you don’t ask. Sometimes the advice will be helpful, but other times it could steer you in the wrong direction.

It’s safe to say those who followed unhelpful advice ended up having some major regrets. A recent NerdWallet homeownership survey found nearly 49% of homeowners said they would do something differently if they were to go through the homebuying process again. Another 42% said they found the homebuying process to be quite stressful.

The Cheat Sheet asked a few people to tell us about the worst homebuying advice they’ve ever received. Here’s what they had to say.

1. Don’t buy. Real estate will crash soon

2. I’m your mother (or father). Listen to me

3. Don’t use a buyer’s agent

4. Buy as much house as you can afford

5. Real estate values will always increase if you renovate a home

6. Always give a lowball offer

7. Waive the home inspection to save money

8. Ignore signs of disrepair

9. Don’t try to negotiate in a seller’s market

10. Base your offer on an algorithm

Full Article (You have to click through each page, no option for viewing as a single page unless I missed it)

There are a lot of related threads here on PatNet, just type housing in the search function.

#Housing #Advice #Economics

1 BayArea   ignore (0)   2017 Jul 6, 7:09am   ↑ like (0)   ↓ dislike (0)     quote        

BayAreaObserver says

3. Don’t use a buyer’s agent

In hot markets, this is one of the best pieces of real estate advice I ever received. But you have to know what you're doing.

Dual Agency is the ONLY way some buyers can get in the door in sizzling hot markets. Been there done that.

2 BayAreaObserver   ignore (1)   2017 Jul 6, 7:31am   ↑ like (0)   ↓ dislike (0)     quote        

BayArea - you used the key words "know what you're doing" and I'm gonna guess that does not have wide spread application.

3 Strategist   ignore (1)   2017 Jul 6, 7:56am   ↑ like (0)   ↓ dislike (0)     quote        

Using the listing agent to is the best strategy of all. He will do everything he can to make sure you get the home and the transaction goes through smoothly. Buyers agents say there is a conflict of interest by using the listing agent to represent you, but the truth is, buyers agent just play messenger and don't really care for your interests. The only thing that counts is the bottom line.

4 Quigley   ignore (1)   2017 Jul 6, 8:10am   ↑ like (1)   ↓ dislike (0)     quote        

BayArea says

Dual Agency is the ONLY way some buyers can get in the door in sizzling hot markets. Been there done that.

I think Pockyclips gave this advice in 2012 or so.

5 curious2   ignore (1)   2017 Jul 6, 8:13am   ↑ like (1)   ↓ dislike (0)     quote        

Now, THAT's good advice. It reminds me of John Cleese explaining the Dunning-Kruger Effect.

6 Dan8267   ignore (3)   2017 Jul 6, 8:36am   ↑ like (1)   ↓ dislike (1)     quote        

curious2 says

John Cleese explaining the Dunning-Kruger Effect.

Asshole site blocks adblocker. Fuck them. Go right to the source.

7 Dan8267   ignore (3)   2017 Jul 6, 8:39am   ↑ like (1)   ↓ dislike (1)     quote        

John Cleese is absolutely right, and it explains half the users on PatNet.

"In order to know how good you are at something requires exactly the same skills as it does to be good at that thing in the first place."


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