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When you’re buying a home, it’s essential to be aware of the tactics that some real estate agents can use to get you to spend more money. For example, sometimes, they might pressure you into making an offer on a property before you’ve had a chance to consider it fully. Or they might try to convince you that you need to buy now, even if the market isn’t ideal.
This article will discuss some of the most common tricks some agents use to get buyers to sign on the dotted line. Educate yourself and be prepared not to get taken advantage of!
Trick #1: Pushing You to Make an Offer Before You’re Ready
Some agents will try to get you to make an offer on a property before you’ve had a chance to consider it fully. They might tell you that someone else is interested in it, and you need to act quickly. They might also tell you that the property will go up in value over time or that you can rent it out and make a profit. Don’t fall for this trap! You should always control the process and make sure you have time to think about what’s best for you and your family before making any decisions.
Trick #2: Using Confusing Marketing Lingo
Some real estate agents are notorious for using confusing language to confuse buyers. For example, you may hear them talk about “CMA” or “CCR” reports, which is just another way of saying Comparative Market Analysis (CMA) and Conditional Closing Report (CCR). When they use complex, confusing jargon, they want you to think that they know more than someone else and that you need to listen to them to make the right decision.
Trick #3: “As Is” Listings
Sometimes you’ll see a home listed as “as is.” But what does this mean? It means the seller isn’t willing to make repairs, so if there are any problems with the house, then you’ll have to pay for them yourself. This can be expensive and time-consuming!
It’s a funny-sounding term but gazumping is when a seller accepts an offer from one buyer but then sells the house to someone else for a higher price. This often happens when there are multiple offers on the same property. The original buyer may not have the money to go higher, so they lose out on their dream home.
Trick #5: Removing Evidence of Damage
Sometimes an agent will try to remove evidence of damage or wear and tear before showing a home to buyers. This is so that the buyer doesn’t get scared off by the sight of repairs that need to be done.
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