Trulia Tampa, As the age old expression goes, Caveat Emptor, Buyer Beware! Real estate transactions whether, resales, new homes, short sales or foreclosures have become extremely complex.
As a buyer, you will typically view the property for its appeal, suitability, design, amenities and investment value. There pulsates an undercurrent of details, time lines, public records, disclosures, representations, mis-representations and lack of accountability on the part of interested parties in the transaction.
Submitting an offer is just the cursory beginning of the process, have all of the latent defects of the property been disclosed? what is the cost to correct them? what is the current market value of the property? will you pay too little or too much? will the offer actually close? (Usually 33% do not)
Will you be available for all of the inspections? Studies have shown that third party negotiators provide greater satisfactory results than if you negotiate the offer yourself. If buying a new home, your realtor serves as your ombudsman with the builder and can resolve last minute issues at closing.
Using an attorney to close the transaction is a terrific idea. However, using the same attorney to manage the inspections will be costly.
When you use a realtor, then a FAR or FAR BAR contract can be used. These are purchase agreements carefully constructed and reviewed by groups of attorneys and professionals. Although blanks are completed by realtors, the decision as to the information added to the blanks represents the desires of the buyer.
By using a professional realtor, they have spent hours training, attended an ethics class, conduct business under professional regulations and guidelines.
There might be a difference regarding experience levels, thus, it is wise to interview different agents and determine which one best suits your interests.
Brock Realty Inc.
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