7 Costly Home Buying Mistakes
This important report discusses the 6 most common and costly homebuyer traps, how to identify them, and what you can do to avoid them:
Buying the Wrong Home
Not Getting Mortgage Pre-approval
Unknown Closing Costs and Rushing the Escrow Close
Take your time during this critical part of the process, and insist on seeing all paperwork the day before you sign. Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted. Is the interest rate right? Is everything covered? If you rush this process on the day of closing, you may run into a last minute snag that you can’t fix without compromising the terms of the deal, the financing, or even the sale itself.
7. Not Using A Free Buyer's Agent!
A buyer's agent is a free service in most states to help ensure buyers are getting equal representation when buying a home. Most homes on the market today are represented by a listing agent giving the seller the upper hand. Here's why our buyer agents are free and who represents whom in a transactions:
Agency: A home buyer can be represented by a "Buyers Agent". These are licensed real estate agents ("Realtor") that put the needs of the home buyer 1st by helping them find a property, negotiate the best deal in their behalf, suggest proper inspections and help with the closing process. Some buyer agents are inexperienced or charge an "upfront fees" before they'll work with anyone. The agents with Today's Home Buyer are licensed real estate professionals with years of home buyer experience and are never aloud to ask for any money from the buyer! Here are the 3 types of real estate agents and who they represent represent:
Buyers Agent - Represents the best interests of the buyer.
Listing Agent - Represents the best interests of the seller.
Dual Agent - Represents both the buyer and the seller at the same time.
How A Buyer Agents Are Paid: When a seller puts their home on the market for sale with a "listing agent" they have agreed to pay a commission to have the home marketed and sold. Once the home sells the commission from the selling is split between the agent representing the seller and the agent representing the buyer. This means being represented by a buyer's agent is free service to you!
Question 1: If the listing agent is under a contract with the seller to get them the highest price and best deal possible and you as a buyer go to that listing agent for help, then how will they get you the lowest price and best deal possible? They Can't! Many states won't allow 1 (one) agent to represent both parties in a single transaction to ensure fairness for all involved. All states does prefer each party to have it's own representation but not all require it.
Question 2: If you are working with an agent that also lists homes for sale how do you know you're not only seeing their listings or homes? Keep in mind that if they sell you one of their listings they get paid all the commission. It's getting paid twice! So, do they care more about the seller, the buyer or their bank account? Today's Home Buyer does not list homes for sale in the MLS or for a commission. All of our agents are Exclusive Buyers Agents and they want you to see everything that meets your needs.
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