Showing Homes to Buyers - Are Your Looking for a Sweet Deal?
You May Be Working Against Your Own Interests!
I show homes to many potential buyers. Two things I ask before I work with a customer is:
- Are you working with another agent?
- Are you prequalified for a mortgage?
Once we can establish those two factors then I am happy to take out customers to find their new home. This week I had customers that answered those questions for me, provided me with their prequal letter and then we met at a brand new home I have listed. My brand new customers loved the home and were looking to put in an offer. We needed to get another family member to look at the home and were planning on that for later this weekend. I love it when things come together so easily. or NOT.
Late in the afternoon I get a phone call from another real estate agent in the area. She claims that these people are her clients and that she has been working with them for the last year. Seriously? They flat out lied to me when I spoke with them. So, what next?
Well, I did not get a buyers broker contract with them when I showed the property as I am the listing agent. I will not do dual agency either. I want the home sold, and if they are putting in the offer with her there is not much I can do about that. What I really want is for the home to be sold.
What the buyers don't understand is how they compromised their position in buying this home. I disclosed to them from the start that I worked for the seller. In sharing all their info about their savings, mortgage qualification letter and other financial details they gave up their ability to stand firm in any negotiations. I now know that they are more than qualified to pay full price for this home. I also know that the home is listed at a very fair price.
When looking at homes with your real estate agent it is important to understand that the "other agent" is not your friend, but the sellers agent. You should be treated fairly, but there is no responsibility to you or your interests. The "other agent" works for the seller. The job of the sellers agent is to get the highest and best price for the home. It is not in your best interest to shop around and view homes with every listing agent. If you are in the market to buy a home, understanding how this works is important. Negotiations are part of what gets buyers a sweet deal on a home. When you show your cards to the seller, your sweet deal may never happen.
Two agents are not better than one. Working with one agent is in your best interest. Stay with ONLY that agent. It can save you time and money and you can end up with a sweet deal on your brand new home.
published by: your real estate expert Janis Borgueta Key Properties of the Hudson Valley as a community service in Newburgh NY. To receive more real estate information please subscribe to this blog
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