Television puts the world at our doorstep. At any moment on any day you can see what a housewife in Bangladesh is cooking for dinner, what creation a fashion designer in NY is developing and watch a rock star’s therapy session in drug rehab. And one of the most popular and loved TV pastimes is home decorating, design and living shows.
Real estate related shows have given us the confidence and excitement to embark on the world of real estate. And for the most part real estate can be exciting and fun. However, some of this confidence may be false confidence. I watch fashion designers on TV but by no means do I think I can design and construct a fashion line. So while it’s exciting to know more about real estate, please understand that as a buyer or seller having someone who knows real estate laws is a valuable asset to take advantage of. And someone who understands the local market and how to negotiate on your behalf.
In Texas for example, a buyer has a right to full buyer’s representation in real estate. That means you have a right to have a REALTOR working on your side. The other day I went on a listing appointment. The seller bought the home and opted out of buyer’s representation. So the listing agent worked both sides. Legal, yes, a good idea NO! It’s actually my policy not to work both sides of a deal because ultimately my number one responsibility is to my seller, not the buyer. Why? Because my listing agreement says so.
What does this mean for the buyer? This means that they have no agent to work for them. No one to give them advice on the market or the area OR the home. No one to do a market analysis to see if they are offering a fair price. No one to validate whether the information on the listing is accurate, including the square feet.
This particular seller told me as soon as he opted out of having a REALTOR he regretted it. He had no one to work for him and let him know if he was getting a fair deal or not.
Real estate is a very litigious society. Now that’s something you DON’T see on HGTV!
For more information about Austin real estate and your rights as a buyer, contact me today.