6 Things Real Estate Agents Wish You Knew

This slideshow is very informative for both buyers and sellers.  In a nutshell:

1.  Want to sell quickly? Price it just under the market.  The longer a house is on the market, the less likely you are to get fair value for it.

2.  The preapproval letter is just the beginning.  Never get new loans or start using credit cards more heavily until after you've actually closed on the home.  A lender will re-examine your credit right before closing.  Better yet, wait a few months after closing to start spending until you get a hold of how much your new home will impact you financially.

3.  Selling a house probably takes longer than you think.  Underestimating the timeline adds stress.  A smart seller anticipates a minimum of four to six months to sell.  And that's if the home is priced correctly in a good market and gets a solid offer that makes it to closing.

4.  Not all "buyers" are able to buy.  Smart buyers will get "preapproved" rather than rely on a "prequalified" letter they received.  Being "preapproved" means they have applied for a loan, the bank has verified their financial information, and it promises to loan a specific amount at a specific rate.

5.  Yes it really does have to smell good.  A seller's home should be kept showroom-ready at all times.  A mess or bad odor leaves an impression with the buyer that is hard to overcome.

6.  We don't make as much as you think.  Unless your agent is handling both sides of the transaction, figure your agent is getting only a quarter of the total commission.  

View the full article at Bankrate.com here!