First
time home buyers working without the benefit of a Buyers Agent
often mistakenly believe that they can negotiate a better deal
going it alone. This can be a terrible mistake costing them many
thousands of dollars.
Here are some common mistakes
that many first time buyers make:
A. Thinking that
going it alone means they can get a better price because
the Seller doesn’t have to pay the whole commission;
Wrong.
At the time the Seller listed the home
for sell with their agent, the commission they are paying includes
a portion for your agent - the Buyers Agent. Not paying a Buyers
Agent means the Listing Agent is usually entitled to the whole
commission, not just half. It costs the Seller the same amount
of money.
B. Believing they can get more
information, or faster information, if they call the agent on
the sign; Wrong.
The Sellers real estate
agent cannot represent just you when they are already
working for the Seller. Waiting just long enough for
your agent to gather pertinent information
for you can mean many thousands of dollars in savings
- and possibly avoid regrets later.
C. Believing that you can simply
pop onto one of these emerging new sites that “give” you market
values based on home sales information and that by using that
information you are completely armed to make an intelligent offer;
Wrong.
How can an agency based out of state
have intimate knowledge of the day-to-day market pulse in any
community? They cannot – and using tax records as an exclusive
means of determining value can spell disaster.
D. Believing that it is best
to always start negotiations at a low price and negotiate your
way up; Wrong.
Sometimes a low offer is so
offensive to the Seller they shut you out completely – and on
the flip-side, with a really HOT property in great
demand, Sellers may be gathering the highest and best offers
without your knowledge – until it’s too late.
