The home buying and selling season is fast approaching and I will be giving out a series of tips for home buyers and sellers in the weeks and months ahead-tips that will help you protect your legal and financial interests. Buying or selling a home is a BIG business deal composed of people, emotions, contracts and cash-all the ingredients for legal and financial pain if you don't know what you are doing and most people don't. When you are doing a real estate deal, you are surrounded by sales people who have an economic interest (called a commission check) to manipulate you into spending as much of your hard earned cash as possible. Keep your eyes on my column over the next weeks and months, especially of you are a home buyer, because real estate agents legally represent sellers and NOT buyers (.) Here's a few basic tips I like to refer to as the 10 commandments for home buyers and sellers. 1. BUYERS: real estate agents legally represent sellers, NOT buyerstheir job is to get the highest possible price for the property. They are not "your agent" and what you tell them may be used against you. Learn how to take control of the relationship. 2. BUYERS: avoid giving more than $100.00 when you write a purchase offer on a home. In this way, if you cannot complete a transaction you have less money at risk. Large good faith deposits do NOT guarantee you will get financing. Why risk your money? 3. BUYERS: arrange your home financing first, BEFORE you look for a home. Doing so gives you the same power as a cash-buyer. Our home buyer products show you how to use your pre-qualification to SAVE THOUSANDS when buying a home. 4. BUYERS: When you sign a purchase offer, make sure that you write above your signature the clause "subject to buyer's attorney's approval". These 5-magic words can get you out of a bad deal if your attorney does not approve. 5. BUYERS: remember; a purchase offer becomes a legally binding contract when accepted by the seller. Fully understand the legal details before signing 6. SELLERS: avoid signing long-term listing agreements with any real estate agent. Keep the listing contracts limited to 90-day increments so that you can review performance. 7. SELLERS: Avoid signing a listing agreement with part time agents. Use only full time agents so that you increase your chances for more professional representation. 8. SELLERS: Interview multiple agents before signing a listing contract. Make sure that you write above your signature the clause "subject to seller's attorney's approval". These 5-magic words can get you out of a bad listing contract if your attorney does not approve. 9. SELLERS: avoid signing purchase offers with unqualified buyers. Doing so removes your property from the market while waiting to find out you are dealing with a dud. 10. SELLERS: Make sure your agent presents you with an itemized marketing plan detailing the selling activities that will be performed during the listing agreement. Planning on buying or selling a home? May I humbly suggest you visit our website? Smart Books Publishing specializes in representing consumers, people like you, who are planning on doing a real estate or business deal and you should know that this resource is available to you. Why? Because people are like lambs among wolves when buying or selling a home! Agents are trained in real estate principals, practices and some law. How much training have you had? Ever heard the term: caveat emptor? That's legal jargon for "buyer beware" which is a fancy legal way of saying cheating is okay. The agents are on commission, the mortgage brokers on are commission and it's a "good old boys club" which you are NOT a part of. Visit the site and get smart fast! My E-Report: 101 Tips For Home buyers, Sellers And Money Borrowers will help you with more information regarding this article-go to smart Books website, send us an email requesting a copy and well send it to your email address within 24 hours-absolutely free! (limited to first 20 responders-make sure you say you saw it on Ezine!). Another Ezine Exclusive! Until next time... |
