Buyers Don't Pay Realtor Commissions!

Today I called a prospect that I've been checking in on for a couple of months and she told me that she found a house, called the Listing Agent, put in an offer and was suppose to close last Friday. "Suppose to close?" I said. Yes! At the very last minute, her loan officer said her loan wasn't approved, even though he hadn't said anything like that up until like the day before closing. I said "Didn't your Realtor call the loan officer throughout the process to check on your loan for you?" Then she admitted the obvious..."I didn't use a Realtor. I thought it would cost me more. Is there any way you can help me?"

Wow. Let me help YOU by sharing some home buying wisdom that she would have done well to know. Here's the deal: If you are a buyer, generally you DO NOT PAY COMMISSIONS! There are so many misconceptions about using a real estate agent and though I'm so thankful that HGTV has dispelled alot of them, there are still many that are worth mentioning. Bless her heart, this sweet woman said that her friend told her (famous last words) that since the Listing Agent was "getting paid on both sides", he should have checked to make sure her loan was good throughout the process. The truth is, unless the Listing Agent was representing the buyer's best interest AND his seller's best interest (highly unlikely), he actually had NO OBLIGATION to represent her best interests at all. It's kind of like asking the "other side's" attorney to represent you since he has some extra time...well he COULD but since he's not being paid to represent YOUR best interest, it probably won't do you ANY good!

The Bottom Line: When you're buying a home, ALWAYS get your OWN Realtor. NEVER use the same Realtor whose name in on the sign. Generally, you won't pay for his/her services and he/she has an obligation to do what's best for you. You won't hear that from alot of Realtors, but I love BUYERS and it's all about doing what best for YOU! Blessings in your house hunt!