For the Do-It-Yourself Homebuyer....Don't!

By
Real Estate Agent with Sabinske & Associates, Inc. (Albertville, St. Michael)

There has never been, in recent history, a better time for first-time homebuyers to negotiate a sale on any property...bank-owned, regular sale or short sale. However, there are hazards in the making.

 

If you think that bypassing a Buyer's Representative and dealing directly with the listing agent gives you an advantage, you are sorely mistaken. It is your choice.

 

However, you will be handing over all of your confidential information to the person listing the property.

 

Now, in the State of Minnesota, that constitutes dual agency which means that the agent holds no preference to either party. They cannot, or should not, disclose price, terms or motivation to either party. Do you really want to give up the representation of what could be a bulldog on your behalf to a chihuahua? (Sorry to you dog owners for the analogy.)

 

You likely won't save money. However, you are giving the agent a double dose of what is best for the agent. A high price with little negotiation means a higher percentage of the sale in the pocket for you-know-who. So, when you are buying, be sure who is representing you.

 

You know best. However, we don't define ourselves as wolves and lambs for nothing.

 

You must be sure you know what you are doing if you go it alone...Just stay safe out there, especially, these days.

 

Trust me, bank-owned properties and short sales are no easy walk in the park. It was certainly bad enough with one seller-one buyer transactions, but these have cost me sleep and sensibility more than once.

 

Be safe and hire your own representation. It usually costs you nothing, and you will be a lot safer, saner and glad you did in the end.

 

Posted by

 

 

 

The information contained in this blog is believed to be true and correct and while every effort is made to ensure that the information is as accurate as possible, the author of this blog, and its comments disclaim any implied warranty or representation about its accuracy for any particular purpose. All information is copy written and the property of Suzanne McLaughlin.. 

For more information about real estate values in your area, give me a call or email me at 763-497-1870 or mclaughlinhomes@gmail.com  

Suzanne McLaughlin

Sabinske & Associates, Inc.    

When you need to buy or sell in St. Michael or Albertville Minnesota, or anywhere in Wright County, Sherburne County or Anoka County or Hennepin County, give me a call! 

close

Re-Bloggged 4 times:

Re-Blogged By Re-Blogged At
  1. Debbie Laity 04/11/2012 07:42 PM
  2. Don Sabinske 04/13/2012 02:49 PM
  3. Kathy Schowe 04/14/2012 05:18 PM
  4. Gene Riemenschneider 04/15/2012 08:48 PM
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the magnifying-glass to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Topic:
ActiveRain Community
Location:
Minnesota Wright County
Groups:
HyperLocal Neighborhood and Community Posts
Realtors®
Posts to Localism
Minnesota Real Estate
BananaTude
Tags:
buying property without an agent

Comments 24 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the folder to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
212,189
Judy Orr
SW & Near West Chicago suburbs
Classic Realty Group

I've had more buyers specifically ask for the listing agent in recent years than ever before.  I spoke to an agent that had a townhouse in the same complex that I had a listing and there was a couple going to each listing agent and making lowball offers, thinking we were going to cut our commission for them.  Guess they thought one side was around $20,000+ on a $300,000 list price.  I'm wondering if they ever found anything.

And I love it when I get called on a listing on my website and they're shocked that those thousands of listings on my IDX aren't all mine.

April 16, 2012 10:50 AM
Rainmaker
312,685
Sandy Acevedo
RE/MAX Masters, Inland Empire Homes for Sale
951-290-8588

I've only done one dual agency. The stress of watching what you say to each party was enough to discourage it again.

April 16, 2012 12:19 PM
Ambassador
1,304,124
Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Suzanne - real estate is about people, and it more important who you meet, than who they represent. yep, as a rule, you might want to be represented by your own agent, but whether it is really a benefit depends on the agent.

This is the reality of our business

April 16, 2012 08:56 PM
Ambassador
787,490
Bob Crane
Forestland Experts! 715-204-9663
Woodland Management Service

thanks Suzanne, good reminder of why we need a representative in the transaction, I need that once in a while, especially when I am tempted to go straight to the listing agent to avoid all the time wasted in communicating through 2 third parties.

April 17, 2012 07:11 AM
Rainmaker
153,356
M.C. Dwyer
Santa Cruz Mountains Property Specialist
Century 21 Showcase REALTORs

Well written Suzanne - I agree with your conclusions and advice!

April 26, 2012 01:01 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the lamp to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Ambassador
742,530

Suzanne McLaughlin

Wright & Sherburne Counties Realtor
Need Information for Wright or Sherburne Counties, call me!
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the leaf to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Sabinske & Associates are here for you. We love referrals, we love local business and local people. We highlight the best in our communities and work to help those in need. When you are in need of expert local real estate advice, you can be certain that we understand, care and can do the job.