Major missteps in the home buying process can come at a high cost—that could mean losing thousands of dollars or, worse still, making a bad purchase. In particular, there are two mistakes buyers are often tripped up by:
Mistake No. 1: The buyer goes directly to the listing agent and makes an offer. On its face, this might not seem like much of a mistake, but at the outset, that same listing agent signed an agreement with the seller to represent and negotiate on their behalf above anyone else’s. As the buyer, who has YOUR best interests in mind?
A popular myth that some buyers fall prey to is the notion that, by going through the listing agent, they’ll pay less commission and get an unbeatable deal on the home. This simply isn’t true.
This is how it really works: When a seller hires a listing agent, they agree to pay whatever their fee is. In turn, the agent will usually offer half of that payment to another party who might be representing a buyer in an effort to get them interested in the property.
This cooperative effort allows for better service to the community and is a win-win scenario for all parties involved. Otherwise, that listing agent pockets the whole fee, and you’re putting yourself at a huge disadvantage as you prepare to make a purchase.
Mistake No. 2: The buyer works with the first agent they find; this includes the agent who is the first to return their call, the first they locate online, or the one who turns the key for them. My advice is to explore a little further and find an agent who knows the market inside and out and who will represent you fully and professionally.
Think about it: Because the listing agent will share the commission with your agent, it won’t cost you a thing, and you’ll actually have someone advancing your position and yours alone. They’ll negotiate repairs on your behalf, protect you against losing earnest money, and help you avoid so many other pitfalls in the process.
With our team, you’ll be glad to know that the buyer’s specialist you speak with works specifically for and with you, the buyer. We know how important it is for both parties to have equal representation in the transaction.
If you have any questions or are looking for someone to represent you for your buyer needs, please give us a call at 706-621-6085 or visit us online at WoodallRealtyGroup.com. We’d love to help!