1. The service is readily available so why not use it?
Here in the metro Edmonton market its quite normal for home buyers to start a relationship with a REALTOR® to help them sleuth out ALL homes for sale. The good REALTORS® will also help you to identify homes that are not even on the open market. We do this all the time.
2. The listing REALTOR® is not working for you
It might seem smart to contact the listing REALTOR® and ask her to show you the home that she has listed for sale. You can ask direct questions and get the inside track on the home. Be aware however that the listing REALTOR® will also use this opportunity to get the inside track on you. If you tell her that you really love the home, that you have sold your old home and you are desperate to buy this one, you just fell into a big trap. The listing REALTOR® has a legal relationship with the home seller. In general, the listing REALTORS® job is to find a buyer, (or buyers) that will pay the most amount of money and take possession of the home in the shortest possible time frame.
Compare those objectives to your own. In general, as a buyer you are going to want the seller to:
- Sell the home to you with a possession date that suits your circumstances,
- You are likely going to want the seller to leave behind appliances, window coverings and any other goodies that took your fancy when you looked at the home,
- You are going try to pay the lowest possible price that you can.
See the problem?
Your objectives are completely opposed to the home seller’s objectives!
3. The Listing REALTOR® does this every day
Most of the buyers that we deal with move about every 8 years. And they are not involved in complex legal and high risk transactions every day. The listing REALTOR® may be a seasoned veteran.
She might be likened to a “smiling tiger”. On the surface is all is polite and cordial, but you must never forget if she can take advantage of you, she will.
It’s her job to do so!
4. You might pay too much
Remember the listing REALTOR® job is to get you to pay the most you can. You will need access to complex market data and soft information that can often by obtained by good buyers' REALTOR® asking the right questions of the listing REALTOR®.
Unless you are a natural negotiator, or you are expertly experienced in this part of the process, you will miss asking the right questions at the right time to best understand your adversary’s (the seller) position.
A solid buyer's REALTOR® can add lots of value by helping you understand the true potential market value of the home you wish to purchase.
Don’t get taken advantage of. Work with your own REALTOR®
5. You don’t have access to key service providers
So, you managed to get a contract between you and the seller. Now what? You should know where to get a competitive mortgage, find a competent home inspector and where to go if you need any other experts, for example trades people who can advise you on repairs for replacements of heating, plumbing or electrical systems etc.