If you’re thinking about purchasing a home I would recommend you ask your friends and family for a referral of a trusted Realtor. There are many possible pitfalls when purchasing a home that a Realtor can help you avoid. Here are a few common home buying mistakes buyers without representation make:
Giving Up To Much Information
When you’re working without a Realtor in a real estate transaction, you won’t have anyone to buffer the conversation. Talking directly with the seller will leave you at a disadvantage when negotiating terms and price. If you let them know how much you love their house, they can use that to get more money out of you.
If the sellers are working with a Realtor, their agent will use that as an advantage in negotiations. One thing you have to keep in mind when dealing with a represented seller is, their Realtor has been highly trained and educated in every facet of the real estate process. They do it everyday, and they will win.
When you’re buying a home listed on the MLS, the commission is already negotiated into the asking price. You’re already paying a Realtor fee so there is no reason you shouldn’t hire an agent of your own. So if the reason you don’t want to work with an agent is commission, don’t be fooled, you’re already paying it.
Relying On Oral Agreements
As a Realtor I have access to well over 50 different contracts within the MLS I work for. These contracts have been written by professional real estate attorneys over many years. There is a reason why Realtors have access to so many contracts, oral agreements almost never hold in a court of law.
Just because you think the seller is trustworthy, if it’s not in writing, they don’t have to comply. If the seller said they will throw in the riding lawnmower, get it in writing. Nothing is final until the ink dries on a legally binding contract.
Missed Deadlines
A real estate purchase contract has many deadlines that need to be kept. If you miss a deadline you could not only lose your earnest money, but you could be left with thousands of dollars in repairs. Some deadlines you need to keep in mind are your inspection, appraisal, and financing dates.
If you miss your inspection deadline, and later find out there are major maintenance issues, you won’t have the leverage needed to negotiate the repairs. If the home doesn’t appraise and you’re outside of your deadline, you could lose your earnest money if the deal doesn’t happen. If you can’t obtain financing in time, you could lose the property all together.
Missed deadlines can be avoided by knowing the right people to get things done on time. Realtors have access to these people everyday, and most have a trusted network of professionals they know will get the job done.
When buying a home I fully recommend you enlist a trusted real estate professional to help you along the way. You would be amazed at the amount of work Realtors do behind the scenes to ensure a smooth and timely closing. If you still don’t want to enlist the services of a real estate professional, make sure you keep an eye on every aspect of the real estate transaction, or you could end up losing out on your dream home.
Keith Munsell 
