How far will your Realtor go to act in your best interests?

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  1. If a $300,000 property meets your needs, but you are qualified to purchase at $415,000, will your agent encourage you to consider that listing?  Will you even learn about it?
  2. How will your Realtor counsel you if you considering selling your house, but you are uncertain about the timing?  Will you get unbiased advice about the possibilities of delaying your sale?
  3. When considering an offer price, how hard will your agent work to get you the best (lowest) price?  Will you have research of comparables available for your consideration?
  4. Will your Realtor advise you on the merits of planning for a future purchase, rather than strain your current financial ability?

If you answered "yes: for each of these questions, good for you.  You may have an advocate Realtor working for you. 

I say "may" intentionally.  Pay attention to the degree to which your agent pursues your best interests. 

When your agent clearly works hard for your benefit without concern of their personal gain, you clearly have an advocate.   That's Integrity!

Congratulations!

 

3 Comments on How Far Will They Go???

JAN
09
2008
Very nice post.  As a loan officer I've seen many times over in the past, people I've prequalifed for $400,000 whilst they were shopping for a $185,000 home.  That 185k home fit their needs in terms of space and rooms for children etc.  Since then I've learned that not all loan officers are advocates (as per our current crisis....) and nor are all realtors.  In which case I now pre-qual all of my borrowers for the range in which they are shopping.  Should they desire something in a higher price range I then re-qual them accordingly.  I feel that it's a nice additional step I dont mind taking for it preserves integrity for both myself and the realtors whilst protecting the borrowers best interests.  Great post!
10:00am • #1

Thanks, Derek.  I feel very strongly that buyers consider the dilemma of being "house rich, but pocket poor."  That's a set-up for potent buyer's remorse.

I also counsel my clients to invest at least 10% in their homes as quickly as possible (hopefully they can put that or more down at the onset). 

It costs roughly 10% to sell a house.  If life throws you a curve, a homeowner can liquidate without finding themselves in a short sale situation.

Thanks for being one of "those" -- good lenders who act in the best interest of their clients.  Its good for my industry and yours.

10:22am • #2
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Joy, I am totally on board with your "house rich, but pocket poor". One of the fist things my buyers and I discuss is "what they qualify for and what they want to pay per month". I tell them time and time again we can all qualify for way more than what we will want to write a check out every month!!!
8:32pm • #3

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Joy Canova - Seattle

Seattle, WA

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Coldwell Banker Bain

Address: 1661 E. Olive Way, Seattle, WA, 98102

Office Phone: (206) 322-8711

Cell Phone: (206) 818-1545

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