Buying or Selling? Protect Yourself From Shady Realtors - Boston ...

More good news on the housing front: If you're in the market (or testing the market) to buy a home, now might be a great time.

According to Bloomberg News, sales of previously owned homes has climbed to three-year high. In fact, this very housing boom is predicted to help the overall economy by increasing consumer confidence in industries other than housing.

That's fabulous news for house hunters, but even better news for those who are trying to sell their homes.

For home buyers, they might be seeing a larger inventory, as previously hesitant sellers are now ready to put their homes on the market.

For sellers, they are now feeling ready to take the plunge, as the prospect of multiple offers might entice many to set their home at a higher asking price than they could have done last year.

Of course, with the increase in demand, one can only imagine the bidding wars taking place. And in many cases, the unsuspecting buyer or seller ends up in an unfavorable position in a bidding war when dealing with unscrupulous real estate agents.

If you're looking to buy a home, your choice of realtor is very important. How can you protect yourself against a shady realtor?

Here are a few pointers:

If you're a buyer, don't sign an exclusivity contract. Some realtors will have you sign a contract that says you are bound to them for the purchase of your home. These might be common for sellers, since it makes sense to list your home with only one agent. But as for buyers, it's not always wise to stick with one buyers' agent.

Take time to read any paperwork. Don't let the agent stick piles of paper in front of you and ask you to sign as she hovers over your shoulder. Take the papers home and look at them carefully.

Find your own lender and inspector. Your real estate agent might tell you she has an incredible mortgage deal with a broker she knows. She may even try to push a certain lender on you. Shop around for the right mortgage and always ask for a Truth In Lending disclosure. The same theory applies to inspectors -- i.e., shop around.

Buying a house can be great, but if you're not careful, it can be a nightmare. When in doubt, it might be wise to keep a real estate lawyer in your back pocket. Just in case.

Related Resources:

Source: http://bostonrealestatelawnews.com/2012/12/buying-or-selling-protect-yourself-from-shady-realtors.html

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