Another Reason Why A Buyers Agent is Not A Luxury in Today's Market.. It's a Necessity
more so for Foreclosures, Short Sales, and for the first time buyer.
I was at an open house today. A buyer walked in. He said he just "lost" a house that he was suppose to buy and close on this week. Naturally I was curious and asked questions .
He indicated that he knew it was a foreclosure and wanted a "deal". He also said he didn't have a buyers agent or an attorney. He agreed to buy the house "as is".
One of my questions to this buyer was "Exactly who do you suppose the listing agent represents?" ... you know the answer.
He said he was saving money and time by not having a buyers agent...
. In reality this poor guy wasted money and time on home inspection, appraisal and time that he just cannot get back..
Have you ever met a home buyer who wasted money on home inspection after home inspection? No Buyers agent, no attorney... really, really disappointing to them.
Long story.. longer ).. This house that the buyer was suppose to buy had some major title issues: The bank that owned this house failed to record the mortgage assignment properly!Did you know that many foreclosed properties have title issues, record keeping issues, and more?
Many Foreclosed properties cannot be financed conventionally except by a rehab loan ( really difficult to obtain, I might add). What this means is the house cannot be bought unless the issues are clear. Again, a good buyers agent will only show you the homes that you have the ability to buy.
The moral of the story is to CHOOSE the RIGHT buyers agent... not just anybody. Choose an agent that is always "in"education. Choose an agent that will Consult rather than sell. and someone savvy about the entire home buying and selling process.
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