Armchair experts come in every field: NFL Quarterbacks, NBA coaches, MLB umps, political pundits, and real estate agents. Just because you own a home, are addicted to DIY shows, or frequent open houses for style tips, doesn’t necessarily mean you are a real estate expert. Here are five common real estate myths, debunked.

With so many houses listed online, many buyers find their dream home using their own internet searches. They may be tempted to not only find a home, but also buy a home, on their own without a real estate agent, in the hopes of saving money. But buyer beware!

Myth 2: My Agent Has My Back

Though many people commonly believe that their agent represents their interest, that’s not always the case. Many states allow for transaction brokers, who have a duty to the transaction, not necessarily to the buyer or the seller. Meaning, it is their duty to get the best deal possible. They have limited duties to the buyer and the seller, such as being honest and fair, but not as many as you would think.

Myth 3: Open Houses Make for Quicker and Better Sales

In the current hot real estate market, many home sellers have already received purchase offers before the first open house. Open houses for agents has proven to be effective, as they usually take place right before a home goes on the market. But open houses for buyers usually just serve as opportunities for the hosting agent to meet more potential clients looking to buy, or maybe even sell, their house.

Myth 4: Sellers Can Recoup Major Home Remodel Costs

Recouping 100% of a remodel cost when selling a home is extremely rare. In fact, it may only be possible when installing a new front door. Each major remodel has its own typical return on investment, but don’t expect to receive more than about 60% in any case.

Myth 5: I Can Sell My House to Whomever I Want

In America, people are generally allowed a great deal of freedom in how they transact their business. But there are a few caveats, and they apply even to residential home sales. Under the Fair Housing Act, sellers cannot refuse to sell to anyone based on color, sex, religion, familial status, or national origin. Doing so could put you in hot water with the US Department of Housing and Urban Development, leading to a forced sale to that individual, if the buyer so chooses, as well as a hefty fine placed on the seller, and maybe even punitive damages.

If you are in the market for buying or selling a home, contact a real estate agent to help you along the exciting process. Keep in mind that agents are not lawyers. If one ever tells you “you don’t need a lawyer for that”, odds are, you do!

Related Resources:

  • Find a Real Estate Attorney Near You (FindLaw’s Lawyer Directory)
  • 5 Things a Real Estate Lawyer Can Do (That You Probably Can’t) (FindLaw Law and Daily Life)
  • 3 Tips for First-Time Home Buyers (FindLaw Law and Daily Life)

You Don’t Have To Solve This on Your Own – Get a Lawyer’s Help

Civil Rights

Block on Trump’s Asylum Ban Upheld by Supreme Court

Criminal

Judges Can Release Secret Grand Jury Records

Politicians Can’t Block Voters on Facebook, Court Rules