It can be tempting to call the listing agent directly to schedule a showing when you’re looking for a new home, or to attempt to buy a new home privately, but there are some major risks involved that you might be unaware of.
If we haven’t met, my name is Katie Crawford, a Realtor that specializes in the Spruce Grove, Stony Plain and Parkland County areas and in this video I’m going to outline some of the dangers of going it alone without a Buyers Agent so you can be aware of what to watch out for.
If you’re watching the video, stick around until the end to hear the most important reason to work with a Real Estate Agent.
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Having Buyer Representation is not only free to you but could also save you thousands of dollars in the home buying process. Without an agent you could even find yourself completely exposed financially. Why? An experienced Buyers Agent is going to ask the questions that you didn’t even know needed asking like:
Does the property have Kitec or Poly B plumbing? Is the wiring outdated? Are there any permitting issues or lack of building permits you should be aware of? Are any of the structures on the property encroaching on neighbouring properties? Are there any disclosures that you as a buyer need to know about like foundation or structural issues, if the property has unseen mould or mildew, the list goes on!
A buyers agent can also ensure that you are getting the best price on your dream home by giving you access to information on recent sold properties in the neighbourhood and then writing an offer that reflects that.
They will also provide expert negotiation, especially in this market where many properties are going into bidding wars. Did you know that if you go directly to the listing agent and the seller agrees to have them represent both parties, you could end up over-paying for your home? A listing agent can’t give you any direct strategic advice in terms of pricing because they must act as an unbiased transaction facilitator when representing both sides.
If you are looking to purchase a home privately from an unrepresented seller, you risk being taken advantage of or finding yourself in legal trouble if the seller doesn’t know what they’re doing. Your agent will know how to write conditions into your offer so that you can back out if you decide you don’t want to go ahead with the purchase, and they’ll make sure you get your deposit money back as well.
Your Agent is going to be your point person, to keep all the balls in the air and ensure that important deadlines are met. They will help you with the leg work it takes to get the right paperwork completed properly and delivered to the Lawyers and your Mortgage professional.
Buying a house and moving is one of the most emotional and stressful things you can go through, so having a Realtor that is protecting your interests, communicating with you, setting expectations and helping you shop makes the whole experience more livable.
If you’re buying house, chances are you’re also selling your current home. Now that you know the risks of buying without a Realtor, you might be interested in the risks of selling without one. Check out my next video, “Selling Without a Realtor, What can go wrong?” to learn more.
There are too many risks that can come with buying a new home that I couldn’t cover in a short video like this, so if you’re curious I’d love to chat. Send me a message or leave a comment below.