Builders Love Unrepresented Home Buyers
Posted by Hank Miller on
As the spring market heats up, home buyers will examine all options. Many will consider new construction, often visiting the projects and
sales reps or calling the information lines. Seemingly innocent inquiries which often result in them being unrepresented by a buyer’s agent if they move forward. Builders love unrepresented home buyers. Not using a buyer's agent when building a home is the single biggest mistake new home buyers make and it will result in problems over the build.
What is Procuring Cause
Every home buyer should work with an experienced buyer’s agent. The buyer agent fee is almost always paid by the seller, there is no reason to be unrepresented.
The National Association of Realtors (NAR) says procuring cause means the agent who…
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seeing distress around the greater Atlanta market. That message however, is often taken at face value and some home buyers expect a bargain basement spring. Best advice as to what home buyers should expect in the spring of 2023...understand that it's not the spring of 2011.
the last two years was real estate. Prices and inventory of course, but the massive influx of "hobby agents" over this period was a lesser covered negative result. The number of real estate agents soared to record highs, as did buyer remorse and complaints. It is likely that a frequent question in 2023 will be; can you fire a real estate agent in Georgia? YES, but the devil is in the details of the brokerage agreements.
certain to be on the radar of all is the appraiser; sometimes an ally, sometimes an enemy. More on Karen later...
Fear sells. The speed at which surveillance devices became "the norm" after 9/11 is mind-boggling; from satellites to cell phones, cameras are rolling. Out shopping for a home, always assume that you are being recorded when you step onto that property. The idea that home surveillance devices are now essential is marketing gold, not to be fully ensconced in "protection" could easily result in your or your loved one's demise. The result? Continuous growth of home security systems, from Ring to full video/audio surveillance; inside and out. Homebuyers are being recorded and there's no obligation for anyone to disclose that.
are significant differences between an appraisal and a home inspection, it’s best for every home buyer to become familiar with the purpose of each. In fact, some real estate agents would also benefit from a reminder about their respective roles.
mean”? Well, the exact definition varies depending on the type of business, but in short a fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients' interests ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other's best interests. Typical examples of fiduciaries are trustees, executors, and guardians.
Well add this to the list of “No chit Sherlock” observations coming out of the last two years. Seems that just over 70% of recent homebuyers have buyer’s remorse. In Feb '21 we noted that 44% of homebuyers had buyer's remorse, these new stats are bonkers. This number is a bit of a surprise and the reasons have to do with price but also with just about every other aspect of the buyer's transactions. Put politely, these buyers are now in a position that no one wants to be in…and they have only themselves to blame. Sure, the market over ’21 and the first part of ’22 was bonkers, competition was fierce. But how many of these mournful buyers made the cardinal sin of not qualifying their agent? Most of them.
Attention media! Please stop; the greater Atlanta housing market was just fine in the 3rd Qtr of 2022. Stop the insentient blathering about impending real estate Armageddon, the data is not there. The Atlanta housing market in Q3 2022 did not melt down. In fact, the data is nothing like the media would love for everyone to believe. Best to pay attention to legitimate major issues, starting with the recession and inflation.
As we get back to a normal real estate market, contingencies that buyers waived during the covid crazy months will return. Due diligence periods are back and with them, the main contingencies of appraisal, finance, and inspection. It’s reasonable to say that everyone needs to get reacquainted with home inspection hysteria and the rule of making mountains out of moles hills. The inspection is a critical component of the purchase process and certainly one of the most contentious and misunderstood.