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| Buying a Home: 3 Mistakes that Home Buyers Make. |
As a Professional Real Estate Inspector I get to see and hear the right and wrong things people do when buying a home. These 5 tips will help you choose the right Real Estate Agent the first time.
Mistake #1: Not using an agent at all or using the Listing Agent as your “Agent”. Not smart at all. By law, the listing agent is required to keep the Sellers best interest at stake, not yours! Why would anyone enter into a relationship handicapped like this?
I’m not aware of any state that makes a Buyer pay for their Agent. The Buyers agent normally gets paid from a cut of the Listing fees or the commissions are split.
If you choose wisely, |
you can put a trained real estate professional on your side for free! A true Buyers agent can help you negotiate a contract, fly through the mountain of paperwork, help you find the right home and help you schedule the needed inspections and appointments necessary when you do find your dream home.
Mistake #2: Relying on the Home Inspector your Agent recommends: I’m still amazed at how many people will blindly take the advice and recommendation of their Agent, or of the Listing Agent, when choosing an Inspector.
The agents have a financial stake in seeing the deal go through. Why risk the conflict of interest by solely relying on their choice of |
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Inspectors? With a little research you can find your own home inspector who will have your best interest at stake. Don’t know where to start? The American Society of Home Inspectors (ASHI) has a easy to use search tool on their web site. You can choose by zip code or by state and city. You can find it here:
http://www.ashi.org
Mistake #3: Putting up “Non-Refundable” earnest money. This is like giving the Sellers a check and saying “Here, you keep this. Even if we don’t buy your home, you can keep our money”. That’s just plain stupid. If your Agent recommends it, find another agent because they don’t have your best |
interest at stake.
I’ve seen Sellers request up to a $20,000 non refundable earnest money check. Luckily my Client had a good agent and she told the Listing Agent that “That is the most ridiculous thing I’ve ever heard. We’ll give you the standard $1000 refundable earnest check. Take it or find another Buyer.” The Seller accepted rather quickly since her home had been sitting on the market for 5 months.
About the Author
Donald Lawson is a Professional Real Estate Inspector licensed in Texas (#5824) and Oklahoma (#454). He currently owns V.I.P. Home Inspections, a multi-inspector firm in Houston Texas. |
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