Discover 3 Costly Mistakes To Avoid When Buying Or Selling A Home

 

Buyers: Is your Agent Taking Advantage? Are you Paying Unnecessary Fees? Is your Soon to be Home a Money Pit?

 

Sellers: Is your Agent keeping your Profit? Are you Just Another Number in Sweatshop Factory Operation? Are you Rejecting Higher Offers and Leaving Money on the Table?

 

Buyers: Buying a home can be an exciting experience full of mixed emotions for even the most experienced homebuyer. Continuously searching online websites and previewing homes at weekly open houses becomes the norm for the next few weeks/months. Buyers steadily develop an understanding of RE industry abbreviations and become accustomed to the real estate lingo. An understanding of needs and wants starts to develop and within a blink of an eye, you are under contract on a home worth a life's saving! Below are 3 costly mistakes to avoid when buying a home.

 

Many buyers by accident or misconception believe that working directly with the listing agent is the way to go. This can be further from the truth and can cost you tens of thousands of dollars. Listing agents are interviewed and hired by the seller to find a buyer who is willing to pay top dollar for their home. Making direct contact with a listing agent can potentially leave you in an extremely vulnerable position. You surrender key information (Max Pre-approval Amount, Motivation, Available Funds in the Bank, etc.) that the listing agent can take back to the seller and use against you. Dual agency should be avoided if at all possible.

 

 

Buyers like sellers have their schedule of fees/costs within a real estate transaction. Understanding what is common and what is fluff can be overwhelming when looking at your estimated closing disclosure. Discussing your concerns regarding fees/costs with your real estate agent and lender can help save you thousands. Why tap into your savings account if certain fees/costs can be avoided or negotiated with the seller?

 

 

During your investigation process, you will find yourself reviewing a large set of disclosures before or sometimes after your home inspection. Truly understanding and connecting the dots is your responsibility as the future owner. I’ve seen many real estate professionals unfortunately place the full burden on the buyer. Double-check all disclosures and reports to make sure property condition is acceptable. Do not be afraid to request more information on items you have a concern about.

 

Sellers: The sale of a home is a big step for many homeowners. The place you once called home will soon be on the market and available for all to view. Selecting an agent to represent your home sale can be a daunting task. Searching the web with key terms such as best real estate agent in Chula Vista or San Diego might seem like the best way to go right? Below are 3 Costly Mistakes Sellers Make when Selling a Home.

 

 

Understanding what your bottom line profit will look like after all is set and done is of utmost importance to many home sellers. Requesting a detailed breakdown of estimated transaction costs with the full commission and fee breakdown should be reviewed before signing a listing agreement. All fees and commission amounts within the listing agreement should be on this document to avoid misunderstandings at the time of closing escrow. Ask your agent what potential negotiations might look like to understand how your bottom line profit can potentially be adjusted. Remember that commission amounts are also not set by law and are completely negotiable between agent and seller.

 

 

Going onto Google and Searching for the best real estate agent in San Diego seems like a good idea right? Most Websites usually look for a number of total recorded closings connected to a single license number within a specific zip code, county, or state and rank agents based on the total number of closings. What many consumers don’t understand is that many agents/companies work in large teams and treat the real estate transaction as a multi-touch system. Working with the “best” agent can potentially leave you in the hands of a confused intern with little to no communication with the listing agent. Real estate transactions have many moving components and having a single point of contact that is hands-on with your file can truly make the difference between a quality or a horrific confusing experience.

 

 

Knowing if your real estate agent is double-ending your transaction can save you thousands. It is also not uncommon to have listing agents reject higher offers and accept lower in-house offers. Make sure to question dual agencies and offers from the same brokerage.