Craig R. on Citysearch
3 years ago
05/01/2018, 08:18 AM
I Just made the biggest purchase of my life! And I Used a Real Estate Agent...
I wasn't going to use a realtor, but as the buyer there is no additional cost in doing so. Also, my research and all the advertising claims noted services such as; more extensive MLS searches, market knowledge and strong negotiating skills. This all seemed worthwhile. My number one reason was that a purchase this big required a knowledgeable and experienced professional when it came to negotiate an offer price. The realtor I chose offered none of this.
I did get the home of my dreams. I located it, researched market comps, and even determined my offer price. My realtor thought the home was great and she urged me to make a full price offer which I decided against. Following counter offers (which I also handled), my final purchase price was 22k less than the asking price!
She also suggested I utilize a loan officer she knew from a local bank which is contrary to the best practice of utilizing a mortgage broker that can shop competitive rates across many financial institutions. This proved to be a far better option. At this point, following her last suggestion, I decided to choose my own home inspection company. Even still, my realtor missed several critical findings from the report submitted to the sellers' realtor. As a realtor, details should be her specialty, sadly they were not.
Due to a pending transfer for the sellers, the purchase included an agreement that the seller would rent back the home for a period of two months. I agreed to this and assumed that Hoffman Realty, a group which specializes in property management would handle this rental transaction. They chose not to.
I have provided only the big picture here as I do not want to nitpick. Lets just say there were several other items that frankly should have been handled more professionally and efficiently.
Bottom line, purchasing a home is one of the largest financial decisions of one's life. In many cases, it is a happy and sometimes emotional time as well. Partnering with a relator should make the process smoother, alleviate concerns, and provide guidance through the many unknowns and potential hazards of the buying process. Unfortunately, the realtor I chose lacked basic business acumen and professional etiquette. Ultimately, her shortfalls created more work for me to do on my own and caused far more stress for me than necessary. Despite all of this, she received and gladly accepted her full commission.