Common Mistakes Buyers Make

By
Real Estate Agent with C3 Real Estate Solutions

There are ten items on this list... but the solution to almost all of them is to form a relationship with a REALTOR that is YOUR REALTOR to explain the process and guide you through all ten of these steps and keep you from getting into trouble.

1. Buyers don't clearly understand the roles and duties of real estate licensees, especially who represents whom in purchase transactions, and may wrongly misinterpret or rely on a licensee's actions as representing the buyer's interest alone. A buyer needs to contract for services if they want representation.

2. Buyers may innocently disclose confidential and material information about their buying needs, financial abilities and negotiating strategies to sellers and their agents, especially when not aware of the roles of the licensees involved in a transaction. This is exactly why representation is important.

3. Buyers think that sellers pay closing costs and seller concessions. This can be arranged, but it is not normal procedure. Your Realtor can explain how to arrange to have closing costs paid by the seller.

4. Buyers think mortgage companies and appraisers protect and promote the best interests of the buyer. It is important to get a mortgage person you can trust, referred to you by your Realtor.

5. Buyers fail to understand how critical it can be to carefully design contracting strategies and techniques in order to better negotiate with sellers and their agents.

6. Buyers don't appreciate the benefits they gain when they are entitled to receive the undivided loyalty and trust of the agent, and are usually uninformed about the service and loyalty limitations inherent with an intermediary, appointed licensee, dual agent or other limited service providers.

7. Buyers minimize the effect of competing buyers when preparing or negotiating purchase offers.

8. Buyers are usually unaware of the importance of personally attending and conducting thorough and independent physical property inspections, environmental audits and separate property appraisals as a condition of the home purchase.

9. Buyers do not comprehend the important value relationship between real estate services offered or provided and compensation obligations.

10. Buyers fail to recognize the long term value benefits of preserving and/or enhancing the buyer's equity position.

Posted by

Dee Bundy and Leslie Leis - the NoCo Home Team

Ā 

Dee Bundy and Leslie Leis - The NoCo Home Team

ERA Herman Group Real Estate

112 E. Olive

Fort Collins, CO 8052

Cell:970-460-4006

Office: 970-224-9336

greetings@nocohometeam.com

www.NoCoHomeTeam.com

Proudly serving the Fort Collins Real Estate needs of Fossil Lake Ranch, Observatory Village, Ptarmigan, Waterleaf, Ridgewood Hills and all of Larimer County.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying
Location:
Colorado
Groups:
RealtorsĀ®
Tags:
buyers agent
buyer
northern colorado
fort collins
real agent
1st time home buyer

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
36,118
Jennifer Mosley
OnlineHomes4you - Cumberland, NC
OnlineHomes4you

These are some great points

Jan 19, 2010 05:41 AM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
92,967

NoCo Home Team

Sell Smart, Buy Wise & Live Well in Nrthn Colorado
Ask me a question
*
*
*
*
Spam prevention

Additional Information