I heard a couple say that it frustrates them when agents hoard information to control them. Apparently, this particular couple ran into an agent that didn’t tell them about the availability of a loan program that could save them money because the agent didn’t have homes to sell in the area the loans were offered. On top of that, they were told they could save money on the price of a home if they didn’t involve another agent. This experience caused the buyers to believe the agent had their own interests in mind instead of theirs.
Later, I talked to another couple who made a verbal offer on a piece of property and wrote a check for earnest money. They were told the offer was not accepted and now they wondered what happened to their earnest money. I asked them what their sales agreement/contract said. They said they didn’t have one. I didn’t want to get in the middle of their situation so I encouraged them to talk to the person they gave the earnest money to.
As wrong as the above situations may seem, stuff like this happens. Unfortunately agents that do this, give Realtors a bad reputation. The above situations do provide examples of why you should consider working with a trusted agent or real estate attorney before you go out house shopping.
Buying real estate involves too many legal matters to NOT seek counsel when buying or selling a home. Even if you have a high level of real estate experience, having a good Realtor guide you through the process can buy you piece of mind and save you time in the long run.