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Common Real Estate Myths

 

A home passes or fails inspection

It isn’t a simple pass or fail, the point of an inspection is to assess the condition of the home. The inspector will write up a summary after inspecting the home that reports on any issues the home has and the age of key systems, such as plumbing, electricity, the roof, etc.

 

It is better to price a home on the high side as the seller can always come down

Very wrong! In fact, pricing a home too high when you first putting it on the market can hurt your chances. If you work with an agent, they will pull comparable homes to help gauge what other homes with similar features sold for. If buyers think it is overpriced, it is likely that your house will sit on the market and people will wonder why it has been on so long.

 

All agents are the same

The general process of a transaction, whether it be buying or selling, is the same, however, an agent’s approach and ability to negotiate and be flexible is not. When an agent is notably pleasant to work with other agents prefer to work with them as well, giving them a better chance of getting the deal done.

 

Getting Pre-Approved Is Done After Finding Your Perfect Home

One of the biggest reasons you should get pre-approved BEFORE looking at houses is to help determine your price range. You don’t want to be wasting your time looking at houses you can’t afford. Wouldn’t you hate to fall in love with your dream home when you find out you can’t afford it? Another reason why obtaining a pre-approval before house hunting is important when it comes to a bidding war. In a multiple offer situation, someone who is pre-approved has a significant advantage over other offers that don’t.

 

You should renovate your kitchen or bathroom before you sell

If your bath and kitchen look and work just fine there is no need to remodel it. If you feel as though it may not be updated enough you should adjust the price accordingly. Remember, everyone has their own taste and likes to put their own personal touches on a home.

 

Agents Get Kickbacks from Lenders / Title / Inspectors

It is against the RESPA: the Real Estate Settlement Procedures Act law for real estate agents to receive any kind of kickback or favours from the vendors they use.

 

Agents Will Say Anything to Make the Sale

It’s sad to think that some agents lie, but that is the unfortunate truth. That is why you should always use a top real estate agent who has been recommended.

 

We understand how big of a decision it is to decide to buy or sell your home and want to arm you with as much correct information as we can.  Be sure to contact us today if you’re interested in getting started.  We will help in any way we can!

 

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