Who is Representing you When you Buy a Home?

All, Living Adventures, Preferred Movement     by Tom Homan

buyinghomeHoman Real Estate is now in its 57th year in the real estate business. Many changes have occurred over those years. In the early years, a real estate agent only represented the seller
and it was “let the buyer beware”. As buyers felt misrepresented over the years, the government required disclosure. Today, bother buyer and seller are represented by some form
of agency. Yes, one agent can represent both the seller and the buyer, but bother parties have to be notified of that dual agency.

 

One issue that always comes up……does your agent have any knowledge about the property
you’re buying? Do they understand the heating system? Do they understand the type of
construction, for example, brick on block construction? When you’re buying a home from
$50,000 to a few hundred thousand, don’t you want someone on your side that knows what
you’re buying? Yes, you can always get an inspection of the home. Do you know the inspectors
liability? If you pay that inspector $300.00 for that inspection and a major fault is later found
that the inspector missed. Do you know the inspector’s liability? You can always sue that
inspector, but do you know the maximum you can get from that inspector from his or her
negligence? It’s $300! So if the serious fault that is later found may cost thousands of dollars
to rectify, but the most you can get from that inspector is the fee you paid that inspector.

What should you learn from this lesson? Educate yourself! Or be represented by an agent who
has knowledge of real estate! Do you want to buy a home that you worked and saved to buy to
later find out it has serious issues? Ask your agent if they ever built a home? Ask questions and
hire an experienced agent.

Tom & Dave Homan
Homan Real Estate
419-678-3229

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