Walking into the unknown alone.
The Importance of buyer representation.
How important is it to have a buyer agent when purchasing a home? We all know the answer to that question, but are the buyers catching on yet? Maybe a handful, but certainly not enough of them know the consequences of not using one.
Last month I went on a listing appointment that I received through an up call at the office. I love being in the right place at the right time! As I sat with this lovely young couple I began to ask them questions about their house. Nothing out of the ordinary, just how old this was and when was this updated or replaced. They weren't sure of the answers to any questions I asked them.
While going over the plot plan with them, I brought up the 40' easement that ran along the side of their property from front to back. This easement basically touched the corner of their driveway and took up the majority of their back yard. The back yard where they had just installed a new stockade fence and a shed. They had no idea what an easement was. After living in the house for 2 years now, they did realize that it existed but they were unsure what it was all about.
So I made a trip to the town hall and did my research. Come to find out, there is a huge piece of land behind their lot. This piece of land has a proposed subdivision waiting for state approval. The 40' easement is soon to become a road for the subdivision. A subdivision that will soon be 36 units. They were in awe when I returned to inform them of the proposed plans.
I asked them if they had representation when they bought the house. They said they had an agent set up the showing for them but she couldn't make it to accompany them. The listing agent brought them through the house and clearly took advantage of these first time home buyers. They never heard from their buyer agent until she showed up at closing. The first time they got a look at the plot plan was during the passing of papers at the closing table.
This is completely unacceptable in my opinion. I have now educated them on the importance of representation. Not only how important it is to have a buyer agent research property for them but after this experience, they know they need to think about resale as they make their move to purchase their next home.
More buyers need to be informed of buyer representation and more agents need to completely fulfill the roll of one. When is the sloppiness going to end?
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