BUYERS BEWARE

Does this sound familiar? “I don’t need a Realtor. Why do I want to give them my money?”

Guess what...Buyers, DON'T give them their money. Usually, the SELLER gives them their money. A buyer gets all the experience, education, leg-work, research, and benefits of someone who knows Real Estate laws and requirements FOR FREE!

Showing houses is the easiest part of a Realtor’s job. The real work starts when the contracts are signed. Buyers need someone in their corner who will make sure the escrows are proper, the escrow money is held in a non-interest bearing account, title work is completed in a timely and trustworthy manner, and they are paying only what they agreed to pay for the house in actual sales price and closing costs. Buyers also need someone through whom they can present offers, acting as a third party; someone who can absorb protests and/or explain positions calmly and firmly. This is what a Realtor should and must do for their customers.

A buyer should always have someone who can explain the market and produce an analysis of any property he is considering buying. Research is invaluable.

But what about “For Sale by Owners?” If the Seller will not provide a commission to a Buyer’s Realtor, one of three things can happen. 1. The Buyer can pay the Realtor; 2. The Buyer can take his chances, and not use a Realtor, buying the home directly from the Seller; and 3. The Buyer can find a different property. Usually, the Seller does not use a Realtor because he is either “upside down” in his home (meaning he doesn’t have enough equity in his property to pay a Realtor’s fees), or he thinks he doesn’t need a Realtor. In either case, the Seller probably does not know what the house is actually worth. It is always a good idea, again, to research what one is buying and have someone on your side to protect your interests. If a buyer is not aware of the prevailing laws, requirements, and necessary investigations that go into buying a home, he can be financially injured and left wishing he had done his homework or had someone do it for him. Buying a home is too large an investment to trust to anyone but those who have that Buyer’s best interest at heart.