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Real Estate Mythbusters for Buyers

 


Buying or selling a house is not something most of people do every day. You may do it once a decade, or even once in a lifetime; an average we see often would be people buying or selling once every 5-7 years.

As a result of the fact that most of us enter the real world of real estate only rarely, programs on tv, experiences of friends and family members, stories we have heard along with things we have read have created a number of myths that circulate about how real estate actually works. Buying into those can hurt your chances of buying or selling the right home at the right price.

Technology has radically changed the way property or homes are bought and sold, and yet some aspects of real estate are the same as they were when your grandparents bought their first home. If a long time has passed since your last transaction, you may be surprised at how much has changed.

The Internet has made more information available to consumers, but not all the information is accurate or up to date. This is where the relationship with your friendly local Realtor comes in hand. They pay monthly and annual dues to the local Real Estate board in order to have access to the local multiple listing service where the information is regulated. This can come in handy when trying to verify things you’ve seen on sites like Zillow, as New Mexico is a non-disclosure state.

“Read everything you see on the Internet with a grain of salt” says Gea Elika, regional director of the National Association of Exclusive Buyer Agents.

The danger in believing everything you hear or read is real estate myths can cost you money when it’s time to buy or sell your home or property. Like many other industries, Real Estate is a fluid industry that changes with local and national economies and where staying up to date can help save you time and money.

Some common myths that can trip up you up as a Buyer:

You can get a better deal as a buyer if you don’t use a Real Estate Broker.

Realtors are typically paid by the sellers from the sale of the property. We work “free” for our buyers and only get paid once we help you complete the purchase of the property or home you have chosen. It is in our best interest and yours to help you complete the purchase and do it well as referrals and repeat business are often our bread and butter! As a coupon cutting mom to three tweenagers, I work hard to help my clients make educated decisions that enable them to get the best deal possible on the home or property they choose by staying up to date on current local market and lending trends.

Did you know an offer under two to three percent under list price would locally be considered a low-ball offer? Unlike the purchases you see on cable, you almost never see a seller even consider an offer that is $10,000 less than list price let alone $20,000-$40,000 below that. If by chance you do get under contract on a lower end purchase price, it can end up costing you money later in the contract when you try to negotiate inspections, repairs and closing costs.

All the properties listed in the multiple listing service and those for sale show up online.

The listing broker must choose to let the listings show up online and are required to have the sellers sign a waiver directing them to. While most do, there are some sellers who would like to sell their property and have hired a Realtor to do so, but do not want it advertised online.

Typically agents, will network with others in and out of the office and through local board/s, as well as online, and among “for sale by owner homes” to find the right property for their client.

The agent who shows you homes represents your interests.

Maybe and maybe not. In many states, clients have the option of signing an agreement for the agent to represent him as a listing broker or as a buyer’s broker.

Before you start working with a broker, ask about your options and do some of your own research. Most brokerages require buyers and sellers to sign a form indicating that they understand whom the broker represents. Guess who the listing broker represents in the purchase? Wouldn’t you prefer to have your own broker in your corner representing your best interests?

Stay tuned next week for the continuation of our article and the “seller” version of Mythbusters. Got a question? Send it to me at [email protected]

 

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