Top Five Myths about Real Estate Debunked
Paying More for a House Equals More Money for the Agent
This is a common misconception buyers have about their agent’s pay. It also causes distrust between buyers and their agents. A $10,000 difference between house prices only gives the agent $150 extra dollars. This difference isn’t significant enough for an agent to really push buyers for the more expensive home.
Agents Should Tell You About Schools, Ethnic Population, and Crime Rates
Contrary to popular belief, real estate agents cannot legally disclose information about protected classes due to Federal Fair Housing laws. This is to prevent discrimination against those classes. The agent can point you to where you can find that information, but they are not supposed to inform you of that themselves.
A Home Passes or Fails Inspection
Inspectors are usually hired by the buyer to make sure there is no extensive damage and if so, they know what needs to be fixed. The inspection is simply to assess the home’s condition, and a report is given to the buyer with information on the age of certain systems and the estimated life left for them. So, there is no “pass” or “fail” given to a home after inspection.
Pricing a Home on the Higher Side is Best Because Sellers Can Always Lower it
This is another tactic used by sellers that is detrimental to the chances of selling. Overpricing may seem like a clever attempt to not sell to low, but it often leads to the house sitting on the market for a long time. The high price will likely turn buyers away and lead to disinterest that will be hard to bounce back from.
You Can Get a Better Deal if You Don’t Use an Agent
While it isn’t impossible to buy a house without an agent, it is untrue that you will get a better deal without one. If a house is listed under a real estate agent, the sales commission is built into the price. Without an agent for the buyer, the seller’s agent will end up receiving all the commission. This is an important fact for buyers to know when deciding whether to use an agent.
