What homebuyers
don't know can really hurt them Homebuyers,
there are things your agent may never want you to
know.
Your agent
may not always tell you the absolute, unvarnished
truth, especially if it isn't in the seller's
interest, says Richard Roll, president of
American Homeowners Association (AHA). That
is why it makes sense to hire a buyer's
broker.
Here are some of
the biggest omissions agents make:
You can
use other agents.
If you haven't
signed an exclusive agreement with one agent, why
limit yourself? Take a few agents out for a test
drive.
TIP: Don't sign an
exclusive contract until you're sure about the
quality of service you're going to get.
You are
the only buyer biting on this house.
If you are the only
buyer involved, you'll be the last to know. Most
agents will never disclose that you are the only
one on the hook. Why? Because you might offer
less money (result: their commission goes down).
TIP: Unless you are
using a buyer's broker, forget finding out about
this one.
This house
has been empty for a long time (and for good
reasons).
Why turn you off
before you even take the tour? This is another
reason you may want to hire a buyer's broker. A
buyer's broker is free to disclose any home's
defects or drawbacks, including stigmatized
properties.
TIP: Do your own
research when you suspect a home has a sordid
past.
I'm not
doing everything I can for you.
Who would admit
they are neglecting a client?
TIP: Look for an
agent who scours the homes and neighborhoods for
important information, such as school
information, crime rates, long-term property
values, etc.
My fee is
negotiable.
Broker's fees are
NOT set in stone. Brokers' fees typically run 6
percent of the final sale price. But nothing says
you can't bargain for less, to bring your costs
down.
TIP: Keep the
agent's fee in mind as a negotiable cost.
The seller
can kick in closing costs.
Did you know that
you can ask the seller to help pay for closing
costs?
TIP: Sometimes a
small amount of money can close the deal.
I am
talking to the seller.
Unless you using a
buyer broker, your agent could disclose anything
you say to the seller.
TIP: Keep quiet
about how high you are willing to go.
For more
information on any aspect of buying or selling a
home, go to http://www.ahahome.com or www.realhome.com, the web sites for American
Homeowners Association.
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