OWNERS have revealed the worst things real estate agents can tell them when buying a home.
A study of 2,000 homeowners found that 61% were unprepared and left confused due to a lack of knowledge about the process.
And research has shown that more than three in five homeowners felt like they were “flying away” when they bought their property.
A whopping 62% were confused by housing jargon – with terms like ‘transfer’, ‘commitment’ and ‘disbursement’ among the most confusing phrases.
But 74% of them admitted they still don’t know what certain terms mean.
Lawyers are the worst offenders of home buying jargon (52%), followed by real estate agents (28%), banks (27%) and mortgage brokers (27%).
The research, commissioned by savings and investing app Moneybox, found that 48% of confused homebuyers felt anxious, hoping they hadn’t missed or misunderstood anything.
As a result, 47% said it contributed to feeling overwhelmed, and almost a third were embarrassed to have to ask for terms and phrases to be explained to them.
And 30% were just frustrated that they had to spend time researching what it meant.
Following the results, the brand created a quiz to help shoppers test their knowledge of the jargon used.
Cecilia Mourain, MD of Moneybox Home-buying, said, “When buying a home, many can feel overwhelmed because there is so much to learn throughout the process, especially for first-time buyers. .
“The language of home buying has certainly never been taught in schools, so it’s no surprise that many feel like they’re in deep trouble as soon as the process begins.
“People shouldn’t feel like they’re ‘stealing’ what is one of life’s most important financial achievements.
“We are committed to doing everything we can to make buying a home easier, from the first step to the door.”
The study also found that when buying their first home, 47% felt they were caught off guard or surprised by something they wish they had approached differently at the time.
While four in 10 now feel ‘naive’ about how long the process will take, and many said they had no idea the order of events when buying a property.
Of those who confessed to having “taken off”, a third think they were left out as a result.
Cecilia added: “While a little preparation can go a long way, we know that even the most organized people have found buying a home difficult at times.
“Our free mortgage service is here to help make the home buying process stress-free, with a dedicated team of expert mortgage brokers and individual case managers on hand to support you throughout.”
To familiarize yourself with the language used during the home buying process, Moneybox has created a helpful glossary to cut out the jargon.