We often hear the phrase Let the Buyer Beware (caveat emptor). The phrase comes from the contract law principle that buyers typically have less information about the property they are purchasing, while the seller has more information. Certain defects, known to the seller, may be hidden from the buyer either inadvertently or purposefully.
So as a home buyer how do you protect yourself and somewhat level the playing field? The best way to avoid problems down the road is by using what I call Buyer Aware (conscius emptor). As a buyer, who is about to make one of the largest financial transactions in your life you should make every effort to discover all you can about the property.
Fortunately, the internet has made it much easier for buyers to research all forms of information about not only the property but the area, the costs of acquiring the property even to compare one property to another. But, there is so much information on the internet today, some of it conflicting in nature, that it can be confusing. So how do you as a buyer sort out the reliable information from the inaccurate or incorrect?
The first thing any buyer should do is to find reliable sources of information. That means finding a local team of experts to help you sort out the good and false information.
As an agent, I am often asked questions regarding details that are beyond my possible area of expertise. "Do you know what is going to be built on the land behind this home?", "Will I be allowed to put an addition on this house in 3 years?"
These types of questions are often unanswerable and it would wrong to attempt to speculate. My job then becomes one that can provide the buyer with a source of information that can satisfy the question. Knowing where to turn for answers is as important as knowing the answer.
One document that I really like to use is the Arizona Association of Realtors® (AAR) Buyer Advisory. It is a great place to start whenever questions come up that require a little research. I always provide my buyer clients a copy of this important document early on in the home search process. Should a more specific question come up that requires a particular area of expertise, every agent should have knowledge of where to direct the client to find the answers to those questions.
When a client is Aware, they can significantly reduce the feeling of Beware.
For more information on buying or selling a home in Arizona, just give me a call or visit my website www.Scottsdale-AZHomes.com
This article reposted from original content at From The Outside Looking In a real estate blog maintained by Joseph Domino