In a recent survey, condo buyers said they wish they had taken more time before they started the process of buying a condo in London.
The first step was deciding to move, to stop renting or downsizing from a larger house. All good so far.
Then, most went and spoke to a mortgage lender( this is a major and crucial step and be careful whom you talk to, I cover that in another report) to see what they qualified for and if they could get a mortgage.
Yup, started searching the MLS listings, Kijiji, real estate websites and real estate magazines (that are usually a month old) and what did they do? They called 4 or 5 real estate sales people who had listings they wanted to see and set up an appointment.
While making those appointments they all heard the same thing:
- Are you preapproved for a mortgage?
- Are you working with an agent?
- Do you have a house to sell?
- Perhaps a few more personal questions or the name of their cat or dog! (just kidding)
Then they went to see a few units and if they liked one , they put in an offer with the listing sales person without any research or thought of the long term consequences.
Or, the condo is not to their liking, but they liked the sales person and the Realtor convinced them that they can help look for something else, again, without any research of that agent or thought of the long term consequences!
The wisest thing that some one can do after they have made the decision to move, is to research and contact the real estate sales person who they are comfortable with, has the skills and experience and whom you will entrust your hard earned money to!
Maybe interview two or three.
Then when you have confidence in the sales person you have chosen, that good real estate person will research properties on your behalf, make appointments to match your time table, protect you in the buying and offer process and be there if any challenges come up.
Do you not think that having that type of representation would be better for you than just entrusting that binding faith with just anyone? A friend of a friend, Uncle Joe's distant cousin who just got her license and needs some money, or your co-worker who's husband 'does' real estate on the side!