Buying a Home in San Diego: 3 Common Myths and Misunderstandings
You've been looking at listings online and driving by ones that look good. Now you've found a home that just might be the one. What's your next move? Call the real estate agent pictured on the For Sale sign? Call the "featured agent" listed in the website you're using? Those may seem like logical ideas, but they are common mistakes made by San Diego home buyers (and they are based on several myths and misunderstandings):
Myth #1: It's a good idea to contact the seller's agent because he/she knows a lot about the property.
Of course, the seller's agent knows the property, but that's because the seller hired him/her to help sell the home. That's the seller's agent's (listing agent's) job. A seller's agent is supposed to market the property to potential buyers, help the sellers earn as much as possible on the sale, and represent the best interests of the seller during the course of the transaction and negotiations. Does this sound like an agent who will be looking out for YOUR best interests? San Diego home buyers are better served when they avoid dealing directly with a seller's agent (in fact, anything you tell them may hurt your negotiating power). You are in a better position when you hire a buyer's agent to show you the property (an agent who will be looking out for your interests in a transaction).
Myth #2: I will save money on commissions if I work directly with the seller's agent.
Not true. Commissions for the buyer's agents and seller's agents in San Diego real estate transactions are predetermined and written into the listing contracts. In most cases, if the seller's agent brings a buyer to a property (because the buyer contacts the seller's agent directly), that real estate agent or company will earn both sides of the commission. Buyers usually don't save anything by working directly with the seller's agent (but the seller's agent surely has something to gain by working with both sides). Most importantly, if you try to work directly with a seller's agent you lose the loyalty, fiduciary duty, and confidentiality that Exclusive Buyer Agents owe their clients. In other words, the real estate agent isn't looking out for your best interests AND he/she makes more money on the transaction. This arrangement is also known as dual agency, and it's one of the leading causes for real estate lawsuits in San Diego.
Myth #3: All San Diego real estate agents are basically the same, so it can't hurt to contact this one.
It's obvious that this is not true, right? Some San Diego real estate agents deliver higher levels of customer service than others (just like any profession). I recommend you hire an agent who is highly trained and experienced at representing home buyers. You deserve the best! San Diego REALTORS® with certifications such as Accredited Buyer's Representative (ABR), Certified Negotiation Expert (CNE), Certified HOA & Condo Specialist (CSP), Resort & Second Home Property Specialist (RSPS), Short Sale & Foreclosure Resource (SFR) are much better equipped to truly help you than your average licensed agent.
If you have excellent credit and are planning to buy a home in San Diego in the next 90 days, I would be honored to meet with you for an interview. Call me at 858-437-2662 or send me an email to get the process started. I look forward to hearing from you!
Read Also: Why Hire a Buyer's Agent?
Justin Gramm is the founder of Globella Buyers Realty and works full time as a San Diego exclusive buyer agent. Exclusive buyer agents never take listings or represent sellers. Exclusive buyer agents represent buyers-only 100% of the time, allowing you to hire a San Diego buyer's broker without the conflict of dual agency. Justin has helped many wonderful people from all over the world buy homes and condos in San Diego over the years. If you'd like to talk to Justin about your potential San Diego home purchase, you are welcome to schedule an interview. Call Justin at 858-437-2662 or send Justin an email to get the process started. More About Justin Gramm
Justin Gramm on Google+.