Welcome to Bryan Quinn’s 5-Part series on buying a home. Bryan is a buyer’s agent with The ART of Real Estate, and focuses his energy on helping to educate buyers through the home purchase process. He put together a series of tips and stories from his experiences working with both first-time and experienced homebuyers. Keep an eye out for the next part!
PROTECT YOUR LEVERAGE
Picture this scenario: You are driving home from work and see a For Sale sign on 123 Maple St. listed with Mary of ABC Realty. You call the number on the sign and the listing agent comes out to meet you for a showing 20 minutes later. The agent opens the house and you have a short conversation where you tell the agent your profession, that your lease is almost up and want/need to buy ASAP. You love the house, and the maximum amount you are pre-approved for.
At this point, you have thrown out every bit of negotiating power that you had. The listing agent, who has a signed agreement that represents the SELLER, now knows you love the house, what your max budget is, a rough idea of what your income is, and your instant attachment to the house. It’s fine if you don’t want to use a buyer’s agent, but remember that the listing agent works for the seller. They represent the seller and look out for the seller’s interest, not the BUYER’s. If you do decide to search on your own, be careful that you don’t disclose anything to the listing agent you would not want a seller to know.
Keep an eye out for the third part of Bryan’s tips next week!