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posted Oct. 16, 2009
Tips To Avoid Predatory Real Estate Deals
by Doug Collins
None
of the below suggestions can guarantee that you won’t get bamboozled,
but they might be good general “self defense” techniques when you’re
buying a house.
• Consider using a smaller real estate firm. Smaller firms aren't necessarily more ethical, but larger firms are likely more experienced with legal maneuvers and more able to use them in the event of disagreements.
• In Washington state, agents often retain their licenses even when there is a court record of unethical behavior. Check out the background — court histories and business affiliations — of your agent and/or of the real estate firm.
• Be skeptical of any renovation or construction deals suggested by your agent. It might be better to set these up yourself through your own contacts. If you suspect there may be conflicts of interest, ask your agent outright, and get a written assurance that there are none.
• Don’t depend solely on a home inspection that was arranged by another party. Use your eyes, ears, nose, and common sense. Thoroughly look at the property yourself, with a friend that is knowledgeable about houses, or with an inspector that you hire yourself (it’s better to do this with the agents not present, if possible). Even if you have “fallen in love” with a particular house, be willing to nix the deal if you don’t feel comfortable with the house’s condition.
• Review all your real estate and loan documents carefully. Keep a file and bring it to the signing sessions. Make sure all money amounts are what you expected, and make sure you understand the purpose of each document. Ask questions, point out inconsistencies, and demand changes if you need to.
• Scam artists are often very friendly and excel at seeming trustworthy. They also often try to rush you into deals. Don’t make any commitments hastily or on the basis of trust alone.
• Be realistic. “Buyer’s remorse” is very common after any home sale, but the large majority of home sales are, in fact, clean. Before you consider legal action, you’d better be sure that (1) you have ample evidence that the people or companies you’ve dealt with have acted unethically or illegally, and (2) that you have ample assets to fund an extended legal battle. Even if your opponents are in the wrong, they may be able to force you to drop the case by outspending and bankrupting you.