Image by Getty Images via Daylife
In your search for a home you need to know if your real estate agent is really looking out for your best interests.
When I bought my first home, my real estate agent was most concerned about quickly closing a deal without spending any more time than necessary.
She rushed me through viewing properties and showed me seven or eight very similar condominiums in the same complex in one day. These properties were all in my price range and matched my specifications.
When it came time to make an offer, I could hardly remember which property was which. I would have liked to take a second look at a few of them to be sure which one I wanted, but she urged me to make an offer right away.
I finally chose to make an offer on one, but when I had the property inspected I found there were several things that needed fixing. She acted as if the flaws were not significant.
When I suggested I wanted to take another look at some of the other properties after I found out the extent of the repairs, she told me “You better not back out now, after all the work I’ve put into this deal.”
I followed her advice. After all, she was the expert, and I didn’t know any better at the time.
But she was only interested in making sure she could make her commission in as little time as possible so she could sell more houses. This whole deal left a bad taste in my mouth.
You should consider the motivation of your real estate agent, as well as any other people involved in the home buying process. Many agents are motivated only by their commission checks.
In order to protect yourself in the home buying process, it is crucial to arm yourself with the knowledge to be able to identify when your agent is or is not acting in your best interests. You have the biggest stake in the deal. It may be the biggest investment you ever make.
Some of the questions you should ask yourself are:
- Are there any issues with the property that will make me uncomfortable living here?
- How long do I plan to live here?
- What life changes may I have during the time I live here? Marriage? Children? Pets?
- Will the property suit my needs for as long as I plan to live here?
- Will I be able to afford the payments for as long as I plan to live here?
- Is the neighborhood a place I want to live? Have I seen the neighborhood at its worst time of day or day of the week?
- What expenses can I expect? Property taxes? Insurance? Home Owner’s Association fees? Maintenance? Utilities?
Buying a new home is a big decision and any agent who will not allow you the time to properly answer these questions is not acting in your best interests.
You can’t really expect an agent to ask all the questions that might give you objections to making the purchase. You need to prepare yourself with the knowledge to be able to see all possible objections without the help of someone who depends on the transaction for their paycheck.
You need an objective source of information with years of experience in the real estate business. I have found such a resource in the “Home Buyer’s Defense Guide.” This is a book that goes through every aspect of buying a home in minute detail from a home buyer’s viewpoint.
You can find out more about the “Home Buyer’s Defense Guide” here.
No comments yet.