How Do I Deal With An Estate Agent?

When dealing with an estate agent, it’s important to stay as neutral as possible. Don’t divulge any information – such as your mortgage offer or pre-approval letter – and ask as many questions as possible. Providing too much information can give them the upper hand, and they may hold out for a higher price than you could afford. Listed below are some things you should avoid at all costs.

Avoid giving away too much information to an estate agent

An estate agent should be honest about how many other people have made offers on a property. Knowing whether or not others are making offers close to yours can make your offer look more attractive. Although estate agents are not legally obliged to tell their clients about competing offers, they can tell you whether other offers are on par with yours. If there is a property you are interested in renting out, being honest about your offer will help you make the best one.

Remember that estate agents are supposed to work for you and will be paid by the sale of your property. However, they may not always have your best interests at heart. To avoid this situation, contact several estate agents and discuss your asking price with each one. The agent should then discuss the asking price with you. However, remember not to give away too much information to an estate agent! This can be a big mistake that can hurt your chances of selling your home.

Avoid giving them a copy of your mortgage preapproval

It is important to remember that your mortgage preapproval is based on certain criteria that your lender has approved. Any change in those criteria may jeopardize the loan, delay closing, or result in your application being declined. However, it is important not to hand over a copy of your preapproval to an estate agent – as you will then be tempted to show the property to potential buyers as your highest offer.

A mortgage preapproval requires documentation proving your employment, income, assets, and debts. Ideally, it should take no longer than a week to gather these documents. However, if you are self-employed, or earn a large amount of money from a business, you might need to gather additional documentation. The basic documents required by lenders are Social Security Number, employer name, and date of hire.

Avoid giving them a copy of your home inspection report

The Real Estate Commission has rules about revealing defects to buyers, but they have not mandated giving out the home inspection report itself. However, sellers must disclose any issues in the report in some other way. If you do give an estate agent a copy of your home inspection report, you risk putting the agent in an unethical or uncomfortable position. This is why it’s best to ask your estate agent for a contractor recommendation after the inspection.

Providing an estate agent with a copy of your home inspection report could lead to a dispute with the homeowner. Often, sellers request the report after the deal has fallen through. The seller agreed to fix all the issues, but the buyer backed out of the deal after the estate agent agreed to give it to the agent. The buyer’s agent then had to share the report with the agent and this triggered a conflict of interest.

Ask as many questions as possible

The first thing to consider is the size of the team. Estate agents tend to have a limited number of clients and focus on those who have an expiring agreement. If you are a new client, your agent may not be the first one on their list. As such, you should make sure that they have enough time to research the property and build a relationship with you. If you’re dealing with a multi-million dollar home, it could take much longer to sell than a smaller, more affordable home.

You should ask as many questions as possible when dealing with an actual estate agent. This will set the tone for the rest of the process and will establish a level of trust. You should also make sure that the agent you’re dealing with is knowledgeable and has a good sense of the neighborhood. Ask about their experience selling similar homes in the area. If you’re dealing with a hot seller’s market, it’s especially important to find a real estate agent who is well-versed in the neighborhood you’re trying to sell.

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