rights, mortgage rates, mortgage types, property taxes, property assessments, disclosure obligations, lender requirements, and on and on. Real estate agents learn these topics during pre-licensing courses that can last 75 hours; you’ll have to learn them on the fly.
6. PROPERTY MISREPRESENTATION
When it comes to selling property, your word is your bond. The way you describe the property—what you include, and what you omit—becomes part of a contract. If you exaggerate, misrepresent, or fail to include a problem you know exists, you risk losing a sale —best-case scenario—or gaining a lawsuit. You look at your property through years of memories, piles of receipts for upgrades and maintenance, and profit you hope to gain so you can move into that condo in Florida. This personal lens makes it hard to view a property objectively and present it neutrally. Professionals know how to describe your property in accurate, detailed, and attractive ways. Disclosure rules are different in each state, and professionals know what must be disclosed: termite infestation!—and what doesn’t: tiny chips in granite countertops.
7. RELYING ON ONLINE PRICES
Sure, Zillow will give you a “Zestimate” of your home’s value. But Zillow and other online pricing tools typically use comparable sales to arrive at the best guess of your home’s value. It doesn’t figure in your backyard filled with old-growth trees, or walk-out basement, or kitchen backsplash with eye-popping glass tile. A flesh-and-blood real estate agent looks at many different 10
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