Thanks to historically low interest rates, many more of us are considering becoming first-time homeowners. Enter: the real estate agent. Even if you've worked with one before (on finding that perfect rental), the relationship that happens during the home buying process is a whole different ballgame. You're dealing with money, hopes and dreams after all. And while you can be as upfront as possible -- about budget, location, etc. -- there are plenty of things that a real estate agent might not tell you. Some of it unintentional (like: no, those wood cabinets were not installed to code) but some of it...let's just say these little "omissions" could lead to some future headaches.
Click through the slideshow below to read the eight things a real estate won't tell you...and let us know if you agree in the comments below.
Editor's Note: An informed buyer or renter is a happy buyer or renter. With that in mind, do your due diligence when choosing a property. Be sure to choose a reputable real estate agent or Realtor that will answer your questions. A good real estate agent or Realtor will be up front about a home's previous inspections or known dangerous issues. However, it is up to the buyer or renter to ask direct questions and do the research. Good places to start your search are Zillow, Trulia and Realtor.com.
"There is no one else interested in this home."
Your real estate agent is most likely going to tell you that the property will go quick, even if this isn't necessarily true. Don't let them pressure you -- take the time to think through this major decision.
"This home is over-priced."
Although they may know that the seller is asking more than they should for the home, it's possible that your agent won't mention this. A bigger price tag equals a bigger commission.
"There is something majorly wrong with the home."
Your realtor may have already heard through the grapevine that previous inspections have uncovered some major issues with the home you're interested in. Unfortunately, they may keep this to themselves, and hope that they aren't uncovered again.
"The sellers are difficult."
It may not be enough of a reason to deter you from buying a home, but the real estate agent may not clue you in that the sellers have given previous interested buyers a tough time.
"Personally, I would never live in that home."
Your agent is supposed to stay non partial about characteristics like whether the home you are looking at is in a "good" neighborhood. But sometimes we wish they would just say it! <strong>CORRECTION:</strong> Federal law states that it is illegal for agents to steer you away from certain neighborhoods.
"I know nothing about zoning or construction."
When you walk through a potential home with your real estate agent, they're often fond of telling you about all of the amazing things you can do to "easily" improve the space. Often they have no idea if these projects are actually doable.
"My fees are negotiable."
They may not want to advertise this notion, but real estate agents can surely choose to take a lower percentage in order to sweeten a deal.
"I forget that I'm on your side."
Although the buyer's agent should have the potential owners' interests in mind, sometimes they are distracted by the possibility of earning a commission, and overlook important details that could be helpful to the buyers.
"The neighbors are really crazy."
It may be a great place to live, but if the people who live next door are nutty, they can make your life really difficult. It would be nice if your agent warned you about these crazies!
To Buy or Not to Buy a Home Now
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Clarification: Language has been added to the slideshow that better explains the reason why real estate agents will not steer buyers away from certain neighborhoods.
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