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7 Ways Your Real Estate Agent Can Screw You
By admin | January 29, 2008
It may be subtle, you may not know it, and in this case, what you don’t know can hurt you. Here’s a list of 7 things that a real estate agent can do that can leave you screwed. Rememer, they don’t get paid if you don’t close.
1. Inflating Values to Get Rich Themselves - See how these ‘professionals’ did it.
2. Cost You Money With Their “Preferred” Lender - Whatever it takes to get ‘em closed regardless of whether or not it costs you money.
CNN has a great example here.
3. Overlook Problems With Their ”Preferred” Home Inspector - A preferred inspector is preferred because they don’t point out deals that can cost the agent the deal. Check out this report from Pittsburgh.
4. You Can Do Anything You Want Once You Buy This House - All of a sudden, real estate agents know all of the answers that get in the way of the sale and nothing is a problem. Most have no clue about zoning and regulations about any of these issues. “Go ahead, cut down those trees”. Instead, check your local zoning laws in the county or city the home is in.
5. Only Show You Houses That Pay Them Well - Agents know the commission they will receive and may not show you homes that don’t pay them well. Here is something on City-Data where agents say they won’t show all of the houses.
6. Your Offer Isn’t in Writing - “So, it’s not in writing, the seller said he was going to leave that flatscreen”…Don’t count on anything that isn’t in writing. Once the deal is close, an agent may not want to push to get what you thought you were getting because they may lose the deal. Your offer isn’t legally binding if it isn’t in writing.
7. You Never Get the Offer - Do you know if you really got all of the offers? An agent can tell the other agent that you won’t accept the offer so you never see it. Sometimes agents will tell each other not to even bother submitting an offer because they don’t think you would take it. Shouldn’t that be your decision?
Real estate agents can help all of us, but, the wrong one can cost you your house and a lot more. Do your homework and don’t let your agent screw you! Check out your agent in this national database of real estate agents.
Topics: News |
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February 2nd, 2008 at 8:36 am
Not all estate agents are bad, but you have to be careful of these tricks
February 2nd, 2008 at 6:27 pm
I don’t disagree with one point there! It’s heartbreaking and mindnumbing that things like this occure. Many good ethical agents end up being “screwed”, as well, and that is where every profession has to police it’s own. And to also have a system in place that punishes and fines those who break the Code of Ethics. I don’t want to become cynical, but I do have to keep my eyes open. And I constantly ask myself “What are my motives? Am I upholding MY personal CORE VALUES?” In a business where there is a lot of money, there is corruption. No doubt about it. I do value the agents who I see with high STANDARDS and Professionalism, and I see more of that than the other..but totally agree, you have to beware!
Thanks, even though it was hard to read, but I do appreciate a light shinned upon a real issue!
February 5th, 2008 at 11:39 am
Ouch! Looks like there are some pretty shady agents out there. This is why as an agent I give clients lists of different lenders, home inspectors and other specialists for them to sort through on their own. I don’t ever want to be blamed for recommending someone who cost them extra expenses in the long run.
February 6th, 2008 at 9:06 pm
That is one heck of a list, though none of those things seem undo-able by a bad REALTOR.