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NOT REALIZING IN ADVANCE WHO THE REALESTATE AGENT REPRESENTS

It is important to know that if you call a Listing Agent regarding a home they are solely representing the Seller. You are without representation. Therefore, when buying a home you need to find a realtor to represent you as your Buyer's Agent. Ideally, that individual should have an ABR Designation which means they are an "Accredited Buyer's Representative".

Transferees are particularly susceptible to this mistake. Given their sense of urgency, they frequently buy a home they like, but don't pay enough attention to location. I recommend that transferees initially scope out the community and the school system. Then they identify likely subdivisions and only when they are comfortable with the broader picture do they focus on the home itself. Additionally, since they are not intimate with local price deviance's, it is crucial that their agent provide them with a "Market Analysis" for any home they are considering buying. This can keep them from realizing after the fact that THEY OVER PAID!

Remember, the Builder is an expert and unless you are represented by a Professional Realtor, you are at a real disadvantage. A knowledgeable, local Realtor can direct you to reputable Builders. He/She can also see to it that your legal rights are adequately represented. The contracts that many Builders use strip out many of the "Buyer Protection Clauses". Working in concert with a Realestate Attorney, your Realtor can make sure that the contract adequately protects you, the Buyer. Lastly, your Realtor is your advocate throughout the entire building process. He/She can make sure the proper paper trail is created. Verbal communication leads to problems, confusion and finger pointing. The paper trail rules! Why would anyone even consider building without the representation of a Professional Realtor? They under-estimate the enormity of the task. They don't realize how much risk they run by not having representation. And, they mistakenly think they will save the realtor's commission. In most instances, the Realtor's Commission is already factored into the cost of the home as a cost of business. Even if a Builder agrees to back the commission out, there are so many hidden costs that it can just get lost in the shuffle and the Buyer may well have negotiated away his rights with no actual savings.

Many people want to make sure they don't over pay so their negotiation strategy is to put in a "Low Ball Offer". This strategy is generally ill advised. Most Sellers take pride in their home. A low ball offer generally causes emotions to flair with the result that the Seller digs in their heels and makes negotiations difficult. This tactic generally has the effect of either causing the negotiations to fail or results in the Buyer actually paying more than if He/She has started with a more reasonable offer. Remember if the Seller likes the Buyer, then price isn't such an issue. The answer to this pricing dilemma is to make sure that before you put in an offer, you have seen enough homes to determine relative value, know the average % of sales price to list price & most importantly, your Realtor needs to provide Comparable's and counsel you regarding seasonal & logistic variables which determine price. If the home is determined to be over priced and you still want to put in an offer, then your Realtor needs to challenge the listing price based on providing tangible "Comps" to support your offer.

If a house appears to be a deal, there is generally a reason. It could be a distressed sale due to personal or financial hardship, in which case you were lucky and got a deal. But more than likely, the home has problems. Backs to a busy street, corner lot, Dryvit exterior, 3 bedroom Vs 4 bedroom, too contemporary, too traditional, wet basement, dated... the list goes on. What ever the problem, your Realtor should council you regarding the risks of buying such a home. The purchase price has to be low enough to make it worth the risk of purchasing a home which you may later have trouble selling. Caution is recommended!

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