New England Properties: 10 Deadly Home Buying Pitfalls

10 Deadly Home Buying Pitfalls

Skull and CrossbonesWhen buying a home, many buyers just jump into looking at home and fail to understand the home buying process and the intricate pieces involved.  When buying a home being prepared and understanding the process are key to making the home buying process a smooth one.

Deadly Pitfall 1- Not Understanding Agency- Real Estate Agency is a misunderstood topic by many and can create many problems. Basically, agency is, how a real estate agent works for you and treats you in a transaction. One mistake many buyers make, is buying a home at an open house directly from the listing agent. The listing agent or sellers agent, owes the seller fiduciary responsibility..... their job is to secure the highest and best offer possible on the property... their duty is to the seller, not you the home buyer. A Buyer's agent in most cases are free and represents the home buyer in the transaction. The Buyers Agents duty is to secure the right property for the right price for the buyer.

 

Discover the other 9 Home Buying Pitfalls to Avoid

 

 

 

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The post 10 Deadly Home Buying Pitfalls was provided by Kevin Vitali of EXIT Group One Real Estate In Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com or call 978-360-0422.

I pride myself in the quality of my work while helpingbuyers and sellers make dreams come true.

Real Estate Services in the northeast Massachusetts, around the Merrimack Valley, Southern New Hampshire including the towns of Andover, Billerica, Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill, Lawrence, Lowell, Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley, Tewksbury, Tyngsboro, Westford, Wilmington, West Newbury

 

 

 

Comment balloon 6 commentsKevin Vitali • March 13 2010 07:06AM

Comments

Hi Kevin,

I like the post and the information-hope some of our buyers will read this!

Posted by Lisa Schlitz, Realtor - Wellington, Florida Homes 561-214-3216 (Home Run Real Estate, Inc.) almost 9 years ago

Kevin:

Understanding the services and value of a buyer agent in a real estate transaction is crucial. Many people are not aware of all of the benefits there are when you are being represented as a home buyer.

Posted by Claudette Millette, Buyer, Broker - Metrowest Mass (The Buyers' Counsel) almost 9 years ago

I really feel bad for some home buyers who don't get it.  And there is a lot of them that don't.  I just ran into a buyer who was told by a mortgage originator that she is pre-approved to $XXXX.  She has no idea what her montly costs will be or even what closing costs were.  A week of two of research and preperation would certainly go a long way for many buyers.

Posted by Kevin Vitali, Helping Massachusetts Home Buyers and Home Sellers (EXIT Realty- Massachusetts Short Sales & Residential Sales) almost 9 years ago

Kevin I agree that there are plenty of folks that don't know any better. There are also some that think they are smarter than everyone else and think if they go to the listing agent they will get a better deal.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 9 years ago

For the buyers who think they will get a better deal..... The listing agent has a contract for a certain commission, regardless of whether I bring a buyer or not they get paid the same gross commission.  A good way to think about it is the listing agent is a sales person whos job is to get the most amount of money for a home and to sell every potential buyer that home.  A buyers agent job that of a consultant, to help you buy the home you want for the right price.... which is in most cases in the range of fari market value.

Posted by Kevin Vitali, Helping Massachusetts Home Buyers and Home Sellers (EXIT Realty- Massachusetts Short Sales & Residential Sales) almost 9 years ago

Many buyers also think they need to buy from the listing agent to get the best deal.  They figure cutting out one agent saves them money.  I have dealt with many of those over the years. 

Posted by Al Raymondi, Ormond By The Sea Florida - Home and Condo Sales (Ocean View Realty Group in Ormond By The Sea Florida) almost 9 years ago

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