Things are looking up in Charlotte real estate, but don’t rush in – it’s still a jungle out there!
Here’s why: With the Charlotte, NC economy getting its second wind, and the Charlotte real estate market showing positive signs, many experts, including Donald Trump, are feeling good about the future. Time to charge ahead, and claim the home of your dreams, right?
Yes, but let’s keep it real. There are still a lot of dangers for both the first-time real estate buyer, even for more seasoned investors.
What kinds of dangers? It all comes down to things that aren’t what they appear.
Imagine this: You’re going into court for a trial that could make or break you financially. The jury’s been selected. As everyone in the courtroom murmurs in anticipation, you notice the prosecutor keeps cutting knowing glances at you. At that moment, the judge enters the courtroom, and the gallery hushes as it stands. The trial begins, you see an envelope on your desk. You have no idea where it came from. As the prosecutor begins her case, you open the envelope, and in stunned silence you unfold the note and read its message:
“Your attorney isn’t just working for you. He has also been helping the prosecution develop its case.”
Okay, maybe I’ve been reading too many Michael Connelly legal thrillers. But doesn’t this sound like a scenario you’d like to avoid? And the startling news is that it happens every day in the world of real estate.
How could it happen to a buyer who has their own agent? Especially a buyer who’s done their homework, and already knows a buyer is best served by an exclusive buyers agent. And what about a buyer who has an agreement in hand, signed by their agent, titled “Exclusive Right to Represent Buyer”? Isn’t that the same thing?
Problem is, the North Carolina Real Estate Commission does not support the definition of an exclusive buyer’s agent as established by the National Association of Realtors in 2000. The NC Real Estate Commission still allows NC real estate agents to represent themselves as exclusive buyers agents despite taking listings and representing the seller’s interest when trying to sell you houses listed with their agency.
Okay, so we’ve talked about the problem. What’s the answer? How can you be assured you’re dealing with an agency that complies with the National Association of Realtors’ definition of an exclusive buyers agent?
First, see if your prospective buyer’s agent takes listings. Then check to see if the buyer’s agent who’s claiming to be an exclusive buyers agent is a member of NAEBA, the National Association of Exclusive Buyers Agents. Finally, do your homework, and don’t be afraid to ask questions.
I said Charlotte real estate is still a jungle out there, and it is. But choosing the right guide as you start hunting for homes can make the difference between starting off on an adventure or a big mistake.
Related topics:
- Charlotte Real Estate Market adjusts Charlotte real estate agents saw their numbers drop by 20% from 11,704 to 9,374 between 12-15-07 and 12-15-10 due to the declining activity. And here’s an even more significant trend: 52% (4,870), of the agents...
- Tips on working with real estate agents 1. Interview several real estate agents and ask how they will represent your best interests before you start looking at homes. Otherwise, the first agent who showed you the home you later decide to purchase...
- A real estate agent must disclose dual agency: National Association of Realtors Although agency disclosure is required by state law that homebuyers are told the role of their real estate agent in the sales process, and most importantly, whom the agent represents, less than one-third of real...
- How Home Buyers should evaluate Real Estate Agents Like anyone else in business, real estate agents flock to where the money and power is. And right now, it’s the home buyers who are in the saddle! Currently, 64% of home buyers use buyer...
