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Common Misconceptions About Real Estate

Sales Commissions Are Set By Realtors
No. It is illegal for any licensed agent or broker, to set or claim commission rates or fees are set by any trade group or governmental agency. The Federal Trade Commission saw to it that all Realtors listing agreements have printed: that no... FEE, COMMISSION OR OTHER VALUABLE CONSIDERATION ...HAS BEEN FIXED BY ANY GOVERNMENTAL AUTHORITY OR BY ANY TRADE ASSOCIATION OR MULTIPLE LISTING SERVICE. This means the broker can set the fee, but it must be set "independently". In practice, you can negotiate all YOU want, but the broker or agent won't budge. The real estate firm can have their "fixed" commission as long as there exists no conspiracy to fix the price among firms.

The Local Board of Realtors' Oversees Licensed Realtors
No. The local Board of Realtors, and the State Association of Realtors are connected to a private corporation trading as the National Association of Realtors Inc. The NAR acts like a trade group that collect yearly fees from those who enjoy the benefits of membership. Benefits include; a monthly magazine and newsletters, local meetings, state & national conventions, and a political action committee named RPAC. Members are real estate agents and brokers, mortgage companies and their sales agents, newspaper sales reps, termite and home inspection companies, appraisal companies, motivational speakers, etc... You do not have to have a real estate license to be a Realtor, just a dues paying member.

Should you have a problem with a Realtor, filing a complaint with the local Realtor Board must be addressed to the Chairman of the Grievances Committee. Calling on the phone and complaining to a Board office secretary is not effective. We strongly suggest you contact an attorney or write the Department of Investigations of your state Real Estate Commission located in your state capital. Be brief and to the point. If you do not know if a specific law was broken, decide if the action against you demonstrated "unworthiness" or "dishonesty" or "incompetence". Most complaints filed by the public are the result of the buyer or seller not knowing who the Realtor represents or a breach of fiduciary duty. If you believe a House Express Affiliate has not treated you fairly contact us and the State Real Estate Commission.

Real Estate Agents Are Qualified To Appraise My Property
Absolutely not. An appraisers license is required to appraise real estate. A real estate agent or broker must attend classes, serve an apprenticeship and pass a state administered exam to obtain an appraisers license to "appraise" your property. Be certain to ask for a copy of the license. If he/she has no license the best they can offer is a competitive market analysis or market survey comparing homes that have recently sold or that are now on the market. To the best of our knowledge, most states have laws preventing real estate agents from advertising or claiming they will "appraise" property. An appraisal is an in-depth study of the property and it's value.

If you do not have a clue about your property's value, we believe it is cost effective to have an appraiser arrive at the market value of your home before placing it on the market. First of all, it will dispel any misconception you probably have about the value of your property. Secondly, it provides a useful tool to employ during negotiations when Realtors presenting an offer without an appraisers license attempt to tell you what they "know your property is worth". Finally, an appraiser is less likely to tell you what you want to hear and give you the "true" value because you are paying the same fee whether you agree with it or not. Residential appraisals costs run about $150 - $300 for one prepared using a Federal National Mortgage Association form # 1004 and $1000.00 to $3000.0 for a "narrative" appraisal. Narrative appraisals are usually prepared for problem properties or commercial and/or complex properties.

Set The Price Of Your Home By The Tax Assessment
In most areas, the law specifies the taxable value must be the true value. Unfortunately assessment values are related to the when the assessment was calculated, tax rates and municipal budgets. At best, you may be able to use assessments as a rule of thumb when comparing the sale of homes in the same town. For example, if a few similar homes in your town have nearly the same assessment as yours, and those homes all sold for $145,000., it would be a safe bet to assume your home will sell for $145,000 regardless of what the assessed value is.

I Cannot Show My Home Unless It Is Perfectly Clean
Not true. Better to let the buyer see it dirty than not at all. You usually get only one chance with a buyer, take it. Do not waste valuable selling time waiting to repair broken tiles or painting. The point is, not having on the market while you paint etc... is losing those buyers anyway. See Tips on Selling.