In this day and age, you can look up just about everything you ever wanted to know on the internet. You can find stock quotes, medical symptoms, car repair tips, and decorating ideas, so most people assume it will be easy for them to find luxury homes for sale without the help of a real estate agent. However, things are rarely as easy as they look on the Internet, so your great money-saving plan could end up sinking your family's financial future. Here are just a few of the things that tend to go wrong when amateurs get involved in real estate transactions. Many thanks to Dezan
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Most people assume that real estate brokers do hardly any work and reap huge benefits in the form of commissions from their client's real estate transactions. But after taking on the project of selling their home themselves, many people quickly find that they're in over their heads. With no experience in marketing, decorating, or market pricing, they create lacklustre, overpriced listings that generate little interest among buyers and reach only a fraction of the people who are looking for homes. They also have to spend huge amounts of time showing and advertising the house.
On the other side of the coin, there are the agent-less buyers. Buyers assume that by shopping around without an agent that sellers will let them hang onto the portion of the price that might otherwise be reserved for an agent's commission, but what's more likely to happen is that you will be taken advantage of. Sellers will sense your inexperience and use it to get you to agree to things your realtor would advise you against, such as non-refundable down payments or eliminating the home inspection clause and giving their home's flaws a free pass.
Whichever side you're on, you'd better hope that the other party is less experienced in business than you are, because if they're negotiating sharks and you hate conflict, you're either going to lose the house or get taken to the cleaners. Even if you later discover you've paid way too much, there's nothing you can really do - there are no laws that protect consumers who haven't done their research from themselves. The trickiest part is that good negotiators can often fool you into thinking they're as innocent as yourself.
When you do away with the professionals who know exactly how to close the loopholes in contracts and sniff out people who are hoping to catch you out, you leave yourself vulnerable to lawsuits. Frivolous or not, any lawsuit filed against you as the result of a real estate transaction can delay your moving in and force you to spend money you don't have paying lawyers to defend you... unless you think you can do that yourself too.
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