Vincent La Fiura, Toronto Real Estate, Condos, Lofts, Townhouses, MLS Broker

Phone:
416.769.1616
Fax:
416.769.1524
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How to avoid mistakes when buying Toronto Real Estate

January 31, 2013 - Updated: January 31, 2013

 

Buyer’s remorse usually happens when a home buyer goes direct to the listing agent as he/she believes this method is the best strategy to buy a home for the lowest price possible. Whoever believes this please stand up and look at yourself in the mirror. Once you’re staring at yourself-repeat these words, "I am an idiot!"

 

Over the years I have asked many buyers why they believe that going direct to the listing agent is the best method and not one buyer has been able to give me an answer that has made me stop and think about it for a moment.

 

The relationship that the listing agent has belongs with his seller, even if, as a buyer you sign a buyer representation agreement with the listing Realtor.  The law says that the agent owes you the same Fiduciary Duties as he/she owes to the seller, but the reality is most agents’ loyalty lie with the seller. This happens because both the seller and agent have built a relationship during and over the listing period of the home, and they usually nurture a bond over time. As a buyer just coming into the picture you haven't been able to forge a strong relationship with the listing agent; hence as to why the listing agent is always biased towards the seller when finding the buyer.

 

Another reason as to why buyers like going direct is because they think that they can swindle the listing agent into cutting the commission in order to buy the house at a reduced price, no only is this outlandish but it's also inconceivable as the seller sets the price, not the Realtor.

 

As a buyer it's important that you are aware of the home buying process thoroughly, this education will lack if you choose to go direct, other issues may arise like not knowing how much closing costs will be because the process was not explained inside and out because the listing agent wanted to get you signed up and sold, it's a shame that most agents put their interests ahead of the consumer even though REBBA 2002 was written specifically to protect the consumer.

 

Another big blunder that home buyer s make is they are not open and honest with their representatives, regardless if that is their lawyer or Toronto Realtor. Experienced real estate professionals handle such a multitude of transactions and personality mixes, there's little they haven't heard before. Your advisors are representing your best interests and have a fiduciary responsibility to do so. They can't help you if they don't know what you are doing behind their backs. Plus, they will likely have a better idea for you than you can dredge up. It's important to be honest and open with your Realtor as it will help with the process.

 

Do yourself a justice and interview a few Toronto real estate agents before signing on the dotted line, inform yourself and don't rush into buying anything let alone a house, especially in a hot market we have currently in Toronto. Making the right decision today is imperative for tomorrow.


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Vincent La Fiura
Toronto Real Estate, Condos, Lofts, Townhouses, MLS Broker

Phone: 416-769-1616
Fax: 416-769-1524

 

RE/MAX West Realty Inc.
Brokerage, Independently Owned and Operated

1678 Bloor Street West, 4th Floor
Toronto, Ontario. M6P 1A9.

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