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The Four Biggest Real Estate Lies!
- Mar
- 17
My Favorite Real Estate Lies
This week’s topic, Real Estate Lies, is somewhat “tongue in cheek” but it does have some good information and it is an enjoyable read. Here are MY four favorite real estate lies:
- “We now have multiple offers“ = I typically hear this from an unscrupulous listing agent who is trying to create a sense of urgency.
- “My client is out of town and I can not contact them” = Said by another agent who is looking for additional time to consider, or “shop” an offer.
- “This will be your easiest escrow!“ = I hate hearing this one from another agent! It ALWAYS means trouble!
- I Can Sell Your House for $xxx More Than Any Other Agent! = Said to a prospective house seller at a listing appointment by an agent who wants a listing. Click Here to see why you, as a seller, need to RUN AWAY from this unscrupulous agent!
And the Biggest Lie of them all:
“An Independent Boutique Firm can not give you the same service or exposure that a big national firm can give you” = Not true! At Bregman Properties we will give you EVERYTHING the “big firms” give their clients – And SO MUCH MORE!
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The 4 Biggest Real Estate Lies
By Ilyce Glink , CBS MoneyWatch.com,
A funny thing about the digital age – the more information we have access to, the more misinformation we get hit with. In the not-so-long ago days when the Internet was mainly for e-mail and facebooks were made of paper, homes were mostly advertised through newspaper ads. As long as you understood that TLC meant you needed to be handy with a hammer and an “efficiency kitchen” meant you’d better like take-out, you could avoid getting suckered.
Anyone gearing up to buy or sell a house this spring, however, has to bring a bit more skepticism to the process. Sure, the Internet has transformed the process of buying and selling a house in wonderful ways, but it has also increased the opportunities for mischief. If you fall for bogus listings and lousy house price and you could wind up overpaying for a home or finding yourself stuck, unable to unload the one you have.
Don’t Get Fooled by These Big Real Estate Lies:
1. Phony Photos and Videos
Digital photos and video have been a godsend for real estate agents, homebuyers and sellers, enticing prospects to drool over images of Viking ranges, sparkling pools and lush lawns. Lately, agents have been posting interactive photos and floor plans, letting buyers view rooms and exteriors from different vantage points. Some houses have their own YouTube sites.
Problem is, it’s easy to Photoshop photos and edit video to make a house and its neighborhood seem far more attractive than they are. Some sellers post photos of kitchens and gardens you won’t find in the actual property. Videos get color-corrected so the grass, flowers and trees seem fresh and alive. A house may seem newly painted, even though the photo was taken five years ago.
Get the Truth: Go to Google Street View or Microsoft Live Search Maps for a reliable third-party look at a neighborhood or home exterior. They won’t show the inside of a house, though, so you’ll need to drive to the property and see it for yourself. (Outstanding tip! I do this all the time. – TB)
2. Valuations Lacking Value
Knowing how much a house is truly worth is vitally important whether you’re a buyer or seller. With home values down an average of 30 to 40 percent since 2005 in major metro areas, every penny counts. But you can’t always trust the numbers on home valuation sites such as Zillow, CyberHomes and Realtor.com.When I plugged in a particular 5-bedroom/4-bath house on these sites, I received vastly different valuations and sometimes incorrect information about the number of bedrooms and bathrooms it had. I’d estimate the house is worth between $1.2 and $1.4 million. Zillow’s “Zestimate” (a calculation also used by RealEstateABC.com) was $943,000; CyberHomes suggested a range of $960,000 to $1.2 million and Realtor.com went with $788,036. (Zillow is one of the most UNRELIABLE sources for pricing information on the internet. DO NOT RELY ON Zillow for ANY accurate information on house values! – TB)
Get the Truth: It’s fine to start with online valuation sites for ballpark estimates. But to get a reliable valuation, get out of the virtual world and into the real world. If you’re selling, invite several real estate agents to walk through your home and analyze its value based on recent comparable sales. You might also hire an independent appraiser (cost: around $350 and up). If you’re buying, hire an agent who has worked the area for years, if not decades. It’s generally a waste of money for a buyer to hire an appraiser, since the lender will require its own appraisal before granting a mortgage. (There is no substitute for the opinion of a knowledgeable Realtor who knows the neighborhood and the market! – TB)
3. Mortgage Rates You Can’t Get
Visit a mortgage aggregating site such as Bankrate.com and you’ll naturally want to apply for the lowest rate shown. But that rate may not really exist – at least not for every applicant.
Mortgage lenders often advertise fake low rates online without explaining that you can’t get them if your down payment or credit score is too low or you’re not willing to pay extra-high closing costs. At worst, the rate may be a “bait and switch” and wholly unavailable.
Get the Truth: Start your mortgage shopping by identifying a well-known national or regional bank, a small local lender, a well-regarded mortgage broker, a credit union (if you belong to one or can join one), and an Internet mortgage aggregator such as Priceline. Then go to AnnualCreditReport.com to pull a copy of your credit history and to pay to get your credit score. Next, find out what each lender on your list would really charge for your loan. Use the quotes to negotiate the best deal. (I always recommend that the best first place to start looking for a mortgage is at an institution that you have an existing relationship with. Your current bank or credit union is a great place to start shopping for a new mortgage. – TB)
4. Unreal Property Descriptions
The old saw, “You can’t believe everything you read” is often true about online listings. A property advertised as having a “water view” might feature a glimpse of the ocean if you open the window, stick your head out, and look left. A “light, bright” apartment implies loads of sunshine, but may instead describe the wattage from overhead lighting. A condo’s listing sheet promoting “Southern exposure” might leave out a key fact: The front rooms look south, but the rest of the place faces a warehouse 10 feet away. A mention of an “in-law” or “rentable” apartment over the garage won’t say whether renting out that room is illegal, subjecting you to a future showdown with local zoning officials.
Get the Truth: To weed out unreal estate, do some fact-checking. If the beachfront condo supposedly has a water view, tell the broker to e-mail you a floor plan for the entire building. When a listing sheet says the house had a substantial renovation, check it out before you get too excited. And if you get serious about the property, you can always ask the town building department to confirm a renovation; there may be blueprints on file. If you’re counting on renting out a room above the garage, ask the building department if it’s allowed.
Post Tagged with Buy a house, price my house, price your house correctly, Real Estate Agent, Real Estate Lies, real estate prices, time to buy