This really is a statement . . . not a question. Not to pick on Portland buyers . . . since buyers can make this type of mistake anywhere. But, there is one mistake that can cost them money, or ultimately, weaken their negotiation position. WHAT DO BUYERS DO WRONG!?!
Talk TOO Much!
Portland Buyers Have the Right . . .
Being an avid viewer of reality TV cop shows I do know one thing . . . everyone has a RIGHT . . . and that is . . .
To Remain Silent
Sadly, in real estate there are no "Miranda Rights" afforded to buyers.
Listing Agents Advertise Their Clients' Property FOR SALE
Listing Agents advertise their clients(the SELLERS') home FOR SALE in a variety of ways:
- The FOR SALE sign on the Sellers' front lawn,
- The Internet
- Zillow, Trulia, IDX links, VOW's, Craig's List, etc.
- Open Houses
- etc. and so on
Realtors® are not at odds with each other when they represent their perspective clients. We are bound by our Code of Ethics to offer cooperation, and provide customer service to non-clients. However, all things in real estate boil down to one thing: legal contracts. The Listing Agent is under a legal contract with the sellers. The Listing Agent has a fiduciary duty to their clients to obtain the best possible terms, the best possible price and a host of other contractual duties to THEIR CLIENT -- the SELLER! The listing agent is NOT there for you . . . the Buyer.
Betty goes out on Sunday to pick up the paper. While out, she sees an Open House sign on a house in the neighborhood she really likes. She decides to drop in. The listing agent greets her and Betty seems very impressed with the place. She tells the listing agent that she lives in the neighborhood and saw the For Sale sign go up a week ago. The agent tells Betty this is the first Open House and it's going really well - quite a few people have been in to tour. Betty didn't find any flyers outside and wondered how much they listed the place. The listing agent tells her . . . and Betty is surprised.
"WOW - I can afford this! I just got qualified online. But, I'm good to go for $50,000 more!"
Yeah! It happens just like this.
A buyer's anxious, nervous energy can get the best of them. They talk too much. Not only did Betty show an interest in the home, but she also told the listing agent she can buy it . . . and not only that . . . but she's qualified for $50,000 MORE!
Under the listing agent's fiduciary duty to their clients -- the Sellers . The Listing Agent can disclose what Betty has discussed with to them . . . to their client . . . the sellers!
Rule #1 as a Buyer: You Have the Right to Remain Silent!