There are many ways to buy a home in the Boise real estate market and some work better than others.
Here are my views about mistakes commonly made by home buyers.
I welcome your comments!
1. Not Committing To One Agent
Playing the field and using several agents at the same time might seem like a good idea, but you must realize that all agents have the same MLS listing inventory to show you. Using several agents at the same time is usually a waste of your time.
2. Not Signing A Buyer Representation Agreement
In Idaho, you are not considered a client until you enter into a written Buyer Representation Agreement with your agent. That means you are merely a “customer” and not entitled to client level representation. Most competent, successful agents will require that you enter into a Buyer Representation Agreement before devoting serious effort to finding the right property for you.
3. Not Understanding Agency Relationships
Many buyers do not understand the consequences of buying a home from a listing agent. The listing agents’ first loyalty is to their seller. When you buy a property from the listing agent, the best you can hope for is limited dual agency representation where the agent represents both the seller and the buyer with no advocacy for either party. You should be sure that you clearly understand who your agent represents. A buyer’s agent will represent you and only you, unless you authorize the agent to become a limited dual agent while purchasing a property listed by their broker.
4. Using An Inexperienced Agent
There are about 2,750 Ada County real estate agents in our MLS, many of whom are brand-new or part-time. Do you really want to entrust the purchase of your most valuable asset to an agent who is new and may have handled only a few transactions?
5. Using An Agent Who’s A Friend Or Relative
Using an agent who is a friend or a relative opens you up to many potentially difficult situations, including possible discomfort over disclosing personal financial information and other sensitive aspects of the transaction. It is usually not a good idea to mix family or friendship with business.
(continued tomorrow)
August 27th, 2009 Posted in Inside Real Estate |
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