BUYER BEWARE!!! Do NOT try to purchase a home without your own representation!
All of my fellow Realtors are either cheering...or throwing darts at their screens right now. This article is not for my fellow Realtors, though, this article is for YOU, the buyer. I am going to list six very important reasons why you should go into ANY real estate transaction with a Realtor representing just YOU, not you and the seller.
Here is the scenario: you and your SO have gone on a Sunday drive, saw an open house sign and decided to stop in to see what the home was like. (after all, there may be home-baked cookies inside!) Lo and behold, you fall head over heels in love with the home, the yard is perfect for Fido, the neighbors keep their homes in pristine condition, andthere are home-baked chocolate chip cookies awaiting you on the kitchen counter! It must be fate! This home was destined to be your happily-ever-after.
The Realtor hosting the open house makes it even more appealing. "I have a purchase contract right here. Why don't we sit by these delicious cookies and fill out an offer? I will present it to the sellers tonight and before long you will be moving into this beautiful home!" Her enthusiasm is contagious, but before you sign on the dotted line I say "NO! Don't do it! You need your own Realtor to represent you! Run...it will help to work off those fat-filled cookies you just wolfed down!"
Why, you ask, why should I wait? Why can't she do the whole thing? She was so nice...
Here are six very important reasons why you should walk out of the open house and use your own Realtor:
- In California, the listing Realtor has a fiduciary responsibility to the seller FIRST and FOREMOST! Legally they are allowed to handle both sides of a real estate transaction, but also legally they are bound first to the seller!
- Your own Realtor can save you money! You have an idea of what you want to pay for the home. What if that is too much? What if the home has been on the market for 8 months, the sellers have relocated and they are willing to accept way less? Your own Realtor can research the home, the sellers motivation and the local market before you ever submit a purchase offer. All of these factors can help you craft a much tighter purchase contract, and very likely save you $$$!
- Let's be honest, it might've been the cookies calling your name, not the home at all! I'm only kidding about that, of course, but your own Realtor can also show you similar homes, maybe even better homes. A home purchase is the biggest investment most of us ever make, you need to be sure that it's the right one.
- Your own Realtor will walk with you through the whole process. She/he won't be motivated to rush you, but instead will explain each and every detail from the financing to the closing paperwork. The listing agent may offer this service as well, but your own Realtor will have an undivided interest, YOU!
- If you end up with a problem after moving into your home, your own Realtor will have no qualms about contacting the seller, or the seller's agent, to resolve the issue. Again, the listing agent may be less willing to confront the seller with issues.
- It won't cost you a penny! Here in California the seller usually pays the whole commission and the listing and selling agent split the commission between them. It costs you nothing to have your own Realtor and it can cost you a bundle not to!
Have I convinced you, dear buyer, just why you need your own Realtor to represent you? This article is not going to make me any friends at the office, but I truly believe that each party in a real estate transaction is best served with their very own Realtor.
If you are in need of a Realtor (albeit a bold, outspoken Realtor!) I would be pleased to help you with any purchase or sale in Solano County. I work in Vacaville, Fairfield, Dixon, Rio Vista, Vallejo, and all parts inbetween. Give me a call, email me, or check out my website for more information on just how I do business.
Thank you for reading, please feel free to comment if you have any suggestions, or rants of your own!
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