1. You have to have save 20% - 25% down to buy a home.
False. FHA 3% Conventional 5 – 20% VA USDA. Earnest Money, Professional Inspection and Appraisal Fees (You may get some of this back at closing but be prepared to have about $2k
2. A condo and a townhouse are legally the same thing.
False. Condominuim owners own the air space and Townhouse owners own the complete unit including the land. Therefore, if the unit is on the second floor of a building, you can bet it is a condominium. However, both condos and townhouses have common areas and many times common walls.
3. When selling a home, always replace bold paint colors with neutrals
False. Bold isn’t always bad. In fact, if you go too hardcore on the neutrals in your home, you risk creating a monotone effect that will hide interesting features and architectural highlights that would otherwise make your home stand out to potential buyers. The rule of thumb is to use bold colors in moderation, such as having a single feature wall in bold colors surrounded by complementary neutral walls.
4. You should be prepared to make an offer soon after seeing the home.
True. In today’s market be ready to make an offer within 24-48 hours of seeing the house. That sounds intimidating, but preparation is key = Pre-Approval
5. Curb appeal can make or break a sale
True -First impressions really are important. When homebuyers pull up to the curb, what they first see can delight and invite them in, or turn them off and send them away. You don’t have to stress out your budget with dramatic landscaping - a well-kept impression by keeping grass and hedges neatly trimmed and watered. Stand on the street and look at your house to see if the paint on your shutters needs updating. Clean your front door and any outside furniture. Add a few colorful flowers in pots and you’re all set.
6. To sell quickly, you must have all the latest upgrades
False (however…). It’s true that things like stainless appliances, solid surface counters and indoor crystal fire pits are all the fashion and make a really great first impression. Adding them in a frenzy right before you sell will prove costly and you’re not guaranteed to get the full value of what you spent back in the final sale price.
7. Zillow can do most of what a Realtor can
False (not even close) Zillow does not know all. In fact, Zestimates have been shown to be between 10% to 42% in error when estimating home values. Online valuations can never take the place of a professional CMA (comparative market analysis) as well as valuable homes sales advice and guidance from a local, experienced Realtor.
8. With low inventory, it’ll be impossible to find the right home
False. Don’t let perfect get in the way of the good. If the home that covers 70% of the list, It may be a home to consider making an offer on. If it’s at 80%-90% of the list, write the offer now… remember what can be changed later - a fresh coat of paint or an open ..layout, renovations and painters can fix those… Other things, like neighbors and parking and yard size may be deal-breakers …
9. A seller can sell property “as is”.
True. A seller can sell property “as is”. However, it becomes more complicated when the listing agent has knowledge of defects or problems regarding the property. According to the law real estate brokers are under a duty to disclose “material facts”.
10. It’s too difficult to predict the price of closing costs and inspections
False. We can help you get a good grasp of your costs
11. Real estate brokers should know and tell buyers the ethnic demographics, crime and schools in a neighborhood.
False. Enter in the law, Protected classes (race, color, sex, etc.) are covered in the Federal Fair Housing laws and are not to be discussed.
12. You can’t trust Real Estate Brokers they will say anything to make a sale.
Absolutely not! Misrepresentation is a no-no. A Broker can lose his license for this.
13. The Seller is required to give the buyer a copy of the neighborhoods Covenants, Conditions and Restrictions.
True. This is a requirement during Buyer’s Due Diligence period in the State of Oregon for the Seller to provide these documents.
14. A seller is bound by law to sell if the buyer gives the seller earnest money.
False. There has to be several things in order for a sale to be binding. There must be several essential elements. The essential elements include price, the identity of the property, terms of the sale. The contract must also be signed by the parties. Earnest money alone will not constitute a contract.
15. If a Buyer really wants to have a chance to win in a multiple offer situation they should write a personal letter of introduction all about themselves and their family.
False. It’s true in the past this was common practice and we still receive these and get asked by our buyers if they should write a letter, but it was announced last year and 2020 that this could constitute a form of prejudice under the Federal Fair Housing laws.
16. Buyers want to deal personally with you, the seller, instead of a Real Estate Broker. False. The majority of buyers typically don't feel comfortable looking at residences with the owner present, making suggestions, or settling straight with the homeowner
17. A seller knows best what their property is worth False. The realtor has connections and understands how to consider the most recent public records information and can create a precise comparative market study for your home. Houses bought employing a realtor sold for 20 % greater value than those advertised for sale by owner.
18. Remodeling prior to selling your property boosts income. False. Redesigning may raise home value but you may not regain the expenses. Economical paint, cleaning and de-cluttering do a lot against some extravagant improvements.
19. You don't have to pay out realtor commissions if you opt "for sale by owner". False. 89 % of potential clients acquire their home using a Realtor. To get the maximum visibility for your home, be ready to spend a buyer's agent commission.
20. You get a better 'deal' if you find out who the Sellers Broker is and work directly with them. They will discount the commission for you. FALSE. Your Broker works for you... their job is to protect you to the best of their experience, skill, and knowledge. The Seller’s Broker's job is to do the same for their client...the seller, and they already have a signed contract with the seller for the amount of commission to be paid upon closing. You working directly with the Seller’s Broker does nothing to change that existing contract or save you a dime in money.