Myth: A home passes or fails inspection
The inspector will provide a detailed report explaining all the issues found during the inspection from safety items to suggested fixes on key operating systems. Buyer can then decide what they are accepting of. See inspection negotiations.
Myth: Weekends bring out the most serious buyers
Weekends, known for open houses and model homes on display, tend to bring out nosy neighbors and people looking for design inspiration. Private showings are still the best opportunity for a serious buyer.
Myth: My home is worth this amount because Zillow said so
Missouri, for example, is a non-disclosure state. We do not publicly disseminate sold data, therefore Zillow has to go off of public records when determining Zestimates for our area. Zillow actually gives Missouri a 1-star rating for accuracy. See The Zestimate.
Myth: It is better to price a home on the high side as the seller can always come down
We get it. Sellers want the highest price possible for their home and they think if they price it high buyers can always just make an offer. The problem with this thinking is that buyers don't make offers on overpriced homes and a lot of times won't even go view the property. Accurate pricing leads to optimal traffic which leads to the chance of a higher initial offer.
Myth: When making an offer on a home, you always need to start low
There is nothing wrong with negotiating the price. However, if you make a lowball offer on an accurately priced home the chances of the seller taking you seriously are slim. You could be faced with rejection or minimally coming off the price.
Myth: Real estate agents are paid a salary
There is no base salary or reimbursements for the time and money agents spend on marketing, open houses, showings, etc. When you ask an agent to cut commissions just remember that it's no different than your boss telling you that you're getting a pay cut this month because they need to save on expenses.
Myth: The agent keeps all the commission
First, the commission is legally paid to the agent's brokerage company which in turn pays the agent. The listing and selling agent then split the commission. The brokerage will also retain a portion of each side of the commission and a portion will go towards the marketing and expenses involved in the buying and selling process.
Myth: All agents are the same
Not all agents are created equal. Yes, the general process of buying and selling is the same, but no two agents are the same nor is their approach to real estate. Take Bev and Co.- House of Brokers for instance. We have a passion for real estate, pride in client relationships and a perspective that yields results.
The real estate process makes everyone an armchair expert by default, which simply causes ...