Bernstein & Feldman, P.A.

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Avoiding common real estate myths

For many people in Maryland, the residential real estate market is something they only deal with only once or a few times in their lives. When people are in the process of selling or purchasing a home, it is understandable why they may believe certain myths about how the process works.

Many people think they should ask a price higher than what they believe they will receive. If they do this, though, they run the risk of receiving an offer that is lower than what they should or none at all. The reason for this is that most people will not look at homes they believe are above their price range. Secondly, if a home does not sell within the first few weeks, people tend to believe something is wrong with it and be leery of making an offer at all.

Believing that a person will get a better deal if they don't use an agent is similarly false. Homes have agent fees built into their asking prices and if a buyer does not use an agent, that simply means the seller's agent will receive the entire fee. Also false is the idea that people can save money by selling their homes on their own. Most people are unable to effectively market their homes, negotiate details of the contract and deal with all of the needed inspections and steps of the closing process without help.

Real estate purchases and sales are often the largest financial transactions people will ever deal with in their lives. As such, it is often important to make certain that they are handled correctly. People who are either preparing to sell their homes or who are in the market to purchase one may benefit by seeking the help of a real estate attorney who can help negotiate and review contracts and title histories.

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