Recently, I’ve worked with several new clients who had various misconceptions regarding the buying and selling of real estate.

In my continuing effort to educate the public on buying and selling real estate, I’ve written a new article: Common misconceptions about buying and selling real estate.

Here is an excerpt from my newest real estate article:

Foreclosures are the best deal

Many who purchase real estate either for investment or as their primary home are under the impression that foreclosures are the best deals.

While there are certainly some very good deals when purchasing foreclosures, often times making an offer on a property not in foreclosure is a better deal…

Look first get a loan second

First time home buyers as well as those who have not purchased a home recently are often misled into believing they should look at homes before obtaining proper financing.

While this may have been somewhat true during the boom years, many sellers no longer entertain offers on their property that are not accompanied by a letter of approval from a lender…

I must see all properties in my price range before deciding

Many buyers believe looking at every available property for sale will give them more options before making an offer.

Unfortunately the truth is actually the reverse – Looking at many properties tends to blur one into the next.  When buyers view too many properties, they tend to forget or blend one properties prominent feature with another…

Real estate agents make too much money

This misconception is quite interesting – It is often expressed mostly by sellers wanting to haggle over a commission amount.

Did you know that the real estate agent actually only receives a small amount of the total commission?

Buyers have to pay a real estate agent

This misconception is quite common in today’s market.  Many buyers believe when they work with a real estate agent, it will cost them money.

Actually, in many areas real estate agents work with buyers for free.  The agents fee is paid by the seller when the property is sold and closed…

Working with more than 1 agent is ok

This extremely common misconception is one of the most wasteful of all.

There are many acceptable reasons a real estate agent may be unavailable to show you a property: personal illness, prior engagement with another customer, family matter etc.

However, there are also many unacceptable reasons agents may be unavailable: they went on vacation without letting their clients know or they failed to provide another agent as backup to assist their clients, perhaps the agent does not work the hours clients are available to view homes or perhaps the agent doesn’t work weekends or holidays and many others…

Listing with a friend/relative will save me money

This misconception can be quite damaging to a relationship.  First off, if the agent is a friend and have agreed to reduce their commission, are you certain they are still able to market your property correctly?

Also, an interesting issue that often arises when working with friends or relatives – if your property does not sell and you believe you are not being represented appropriately, will you be able to fire them and hire an agent who will?

Read the full  Common misconceptions about buying and selling real estate article as well as others to help you with your next real estate sale or purchase.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City home or condo, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City homes sale.

Jennifer Mackay
850-774-6582
Panama City Real Estate | Florida

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