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Friday, June 8, 2012

Things Your Agent Should Never Say

Buying a home is a major purchase that mixes the emotional love you have for your potential home, the money it takes to buy it and the intangibles of an ever-changing real estate market. Guiding you along that winding path is your real estate agent. While there are many great real estate agents, like the Carstensen Team, there are many sub par agents selling real estate from Memphis to Midtown. Here are some things you never want to hear your agents say.
 "I just got my license!"

Remember how even though you had your driver's license you were still petrified to merge onto the highway? Well that same sort of feeling can occur to you if you utilize new agents that have not been properly trained and nurtured along their journey. (The Carstensen Team only hires the best young guns.) New agents at other offices often lack the skills needed to fully negotiate deals on behalf of their clients. The age of the home, location, comparable prices and the laws associated with Memphis real estate are things that your agent must be well seasoned in.

"Don't mention the kickback!"

Giving a kickback from the buyer to the seller is considered mortgage fraud. Why? Because the lender is drafting papers based on the sales price, not the sales price minus the kickback. Moral of the story is watch out for agents that seem to be okay bending the rules.

"Hey, I'm a mortgage broker too!"

As real estate agents, we make commission on the buying and selling of real estate. A mortgage broker makes commission when the mortgage loan is funded. To take a commission on both ends is double-dipping and unethical. Also, avoid real estate agents who seem too close to a broker. There might be a kickback occurring there as well.

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