Know Who You Are Dealing With
We all get excited when trying to buy a property, especially first time how buyers who have been renting for years. Trying to take the emotions out of a purchase can be really tough for the novice buyer. You may even find yourself under pressure from a good closing Realtor trying to push you over your purchasing limits.
I have even seen seasoned investors get caught up in making a bad purchase. Knowing the numbers is one thing, but not knowing an area is another. Many people make the big mistake of thinking they can get a better deal by going direct to the source in hopes of eliminating a few thousand dollars on a commission. The fact that they are focused on that few thousand may have them missing out on information that may materially affect the property’s value.
Many real estate brokers have transformed in to transaction brokers for fear that their inexperienced agents may not do the best job for the consumer and may get sued. By disclosing that they are a transaction broker and not an exclusive representative of either the buyer or seller allows the realtor to have more flexibility in making errors or omissions whether intentional or not.
The bigger problem is the weak or misinformed buyer. They are easily taken advantage of and often overpay or just end up buying a bad property. Many times, if someone is rejected for financing they try other non-traditional avenues most often finding themselves dealing with an unethical or unlicensed person taking advantage of their desperation.
Whether you are local or planning on buy property in another state, it’s not always easy to know who you are dealing with. Every licensed professional can be researched through federal or state agencies. Please take a few minutes to verify the person you are dealing with before you sign a contract or give someone money. In Florida, you can verify a license very easily on line through the DPBR or OFR. If a deal or opportunity sounds too good to be true, it probably is.
Do your homework, get all the facts, ask questions and we will see you properly at a happy closing table.