You can find several horror stories surrounding real estate agents along with the process of acquiring a house. As such, it is no surprise why some persons are frightened to begin hunting! Luckily, nearly all of the reports which are circulating regarding the process of picking a place are nothing more than myths. Here is a glimpse at some of the most popular myths and also the reality behind them.
1. Myth: Agents are Always Late on Appointments
While there are definitely some agents around who seem to think their time is more essential than yours, this isn’t the case with all agents. Actually, in the event you have an agent who can’t find a way to make it to your prearranged meeting on time, it is definitely time for you to look for somebody who can. Do not listen to excuses. Insist the respect you’re owed.
2. Myth: Agents are supposed to Show You Houses on Demand
If you have an authorized agreement with a buyer’s real estate agent or if the real estate agent you’ve contacted represents the seller of the property, she or he will certainly show off you the home you’ve requested to see. Otherwise, the agent is under no commitment to show you anything. After all, agents can’t be anticipated to work for no cost and taking you to see a house without any contract from you or an opportunity of earning a commission simply isn’t good business.
3. Myth: Real estate agents Get Cut from Lenders, Inspectors and Title Companies
Put simply, receiving kickbacks from a real estate dealer is prohibited. Since 1974, the Real Estate Settlement Procedures Act, or RESPA, has made this process against the law. While there may be several crooked agents who still get kickbacks, most would not risk losing their license for modest extra money.
3. Myth: Home Inspectors Recommended by the Real estate agent would All the time Favor the Real estate agent
While your agent would certainly prefer to see the home come through with a helpful assessment, no decent agent will want the inspector to put a stamp of approval on a home that doesn’t deserve it. First of all, nearly all agents intend what is best for their customers. In the end, a contented client is a client who will present a superior approval to other buyers and sellers. Second, real estate agents don’t want to risk being sued by a client who believes material facts were not disclosed as called by the law. Simply put, real estate agents know it is best to fully release all of the particulars to a buyer and a good agent will work on your behalf to make certain all of the essential mending is completed before the transaction is completed.
4. Myth: Agents Need to Inform Clients of the Ethnic Make-Up and Crime Data of the Locality
While it may seem sensible to request your real estate agent specific details about the neighborhood you are considering, keep in mind that Federal Fair Housing laws stop agents from discussing certain information. More distinctively, any information that can be considered discriminatory cannot be mentioned. Even if you are asking about facts for good causes, such as needing to live in a Jewish community so you can be enclosed by others of the same faith, your agent cannot provide you with information concerning the ethnic design of the community. The same is true regarding providing info about school info and crime rates. An honest real estate agent can, however, point you to the best way to help you acquire these details for yourself.