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More Real Estate Pitfalls
for the Home Buyer to be AWARE of!!


REinfo4me.com


Watch out for the Quagmire...Read on!

As a home buyer, you now have your real estate agent, and they should be working hard to find your new home.

This does not mean you should not visit open houses or FSBO's (For Sale By Owner) on your own.

Just remember to let the seller or other agent know you are represented by an agent.



It is not a good idea to make an offer as a home buyer through the seller's agent as their first duty is to the seller who is employing them.

This means that when you see a sign or a house for sale, call YOUR AGENT for the details (the phone number on the sign is the seller's agent who would like nothing better than to double their commission).

Dual representation by one agent is a tricky situation.

Remember an agent can only be as good as the information you give them. They already know how much you can afford, but you have to be sure to tell them what you are willing to consider.

Would you be interested in a fixer if you got it cheap enough and be able to live in it while you rehabbed it?


Or, do you want a home that all you have to do is put your own pictures on the wall?



In some areas there are even new homes to consider.

For New Homes, you don't necessarily need an agent.

Just be aware that the sales person is representing the builder.

If you are going to view a new tract as a home buyer, it is a good idea to ask your agent to accompany you on your first visit.

This way you will have a buffer between the new home sales person and yourself, and you will then have someone to talk to after you leave.

Do make sure your agent is with you or do not fill out any information card or register with the new home sales desk.

The reason for this is that most builders will pay a commission to RealtorsŪ for bringing them new home buyer, if the RealtorŪ accompanies them on their first visit only.

It is only right that your agent should be rewarded for the efforts they have already put in on your behalf.

HUD and VA owned: This is government owned real estate available for purchase.

These homes have usually been foreclosed due to non payment.

HUD and VA homes are only available through HUD and VA approved agents and the home buyer must submit their offer through one of them.

Purchasing these homes is through an auction process, and the real estate can be quite run down.

Foreclosures and REO: REO (Real Estate Owned) is the term for bank owned real estate.

Banks do NOT want to OWN property.

They are in the business of LENDING.They don't want their money tied up.

Foreclosure Homes are not that easy to locate, but they can sometimes be a bargain

Here are two PAID sources to help you locate them!

Search for Foreclosures Nationwide.



Click here for Bargain.com

Great! You have found the home you want and are ready to move in tomorrow.

Ha! Ha! Wait up a minute, there are a couple of steps that need to be taken care of here!



Let's go check out more traps for the
first time home buyer


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