2009 National Association of REALTORS Profile of Home Buyers and Sellers

With all of the turmoil in the residential real estate market, one of the best steps a consumer can take is to become educated. Annually, we look forward to reading the new National Association of REALTORS Profile of Home Buyers and Sellers. We’ve been reading it since 1999, and the raw data is always interesting to review. Here are a few results from the 2009 survey, along with our take on the meaning of those results.

Do buyers have to tell you the source of their down payment?

Following up on our last post about "Debunking industry myths and fairy tales", here is another myth busted by Washington REALTOR News. Myth Number 6 is shown below in its entirety, and is reprinted with permission from Washington REALTORS(r). This article is not legal advice. You should always consult your own real estate attorney, REALTOR or tax specialist.

Myth Number 6: Buyer has no obligation to disclose the source down payment

There is a version of this myth that is true. But, the extension of this myth to all buyers leads many buyers to commit an act of fraudulent inducement.

Debunking industry legends and fairy tales

We read an interesting article in Washington REALTOR News, called "Mythbusters: Debunking industry legends and fairy tales." Myth Number 4 is shown below in its entirety, and is reprinted with permission from the Washington Association of REALTORS. This article is not legal advice. You should always consult your own real estate attorney, REALTOR or tax specialist.

Myth Number 4: The buyer's financing contingency expired.