Mistakes to Avoid When Buying a House
Know the key players and their roles.
Many buyers don't clearly understand the roles and duties of real estate
licensees, especially who is representing who in purchase transactions,
and may wrongly misinterpret or rely on a licensee's actions as
representing the buyer's interests alone.
Know who to trust.
A buyer may innocently disclose confidential and material information
about their buying needs, financial abilities and negotiating strategies
to sellers and their agents, especially when not aware of the roles of
the licensees involved in a transaction.
Know who pays for what.
Buyers may think that sellers pay real estate commissions as well as
other closing expenses and seller concessions.
Know your strategy.
Buyers fail to understand how critical it can be to carefully design
contracting strategies and techniques in order to better negotiate with
sellers and their agents.
Know who's working for you.
Buyers don't appreciate the benefits they gain when they are entitled to
receive the undivided loyalty and trust of the agent, and are usually
uninformed about the service and loyalty limitations inherent with an
intermediary, appointed licensee, dual agent or other limited service
providers.
Know that you might not be the only one.
Buyers minimize the effect of competing buyers when preparing or
negotiating purchase offers.
Know what you're buying.
Buyers are usually unaware of the importance of personally attending and
conducting thorough and independent physical property inspections,
environmental audits and separate property appraisals as a condition of
the home purchase.
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