Questionable Advice from the Credit Union

Mon, 12 Jul 2010 12:15:56 -0500

I just got my newsletter from the local credit union. In it was an article titled "Tips for First-Time Homebuyers." Most of the article was pretty boilerplate stuff that can and should be repeated on a regular basis, but the last section "Have you contacted a realtor?" had an odd last line. I quote directly
"... don't sign a Buyers Agreement Contract unless you are certain on buying a house. If they ask, go ahead and tell them no."
No explanation as to why that would be true. So I will tell you why it is not. Signing a Buyers Agreement does not mean you MUST buy a house. Many companies have attorneys, but that doesn't mean they MUST sue someone or be sued. It is simply a way to guarantee they get the advocate they want and the best advice.
I didn't notice the article suggesting to First-time Home Seller's NOT to sign a contract when selling their house. The buying process works much the same way. When you begin looking for a house you probably start cruising around on line. Then baby steps into the open house world. When that day comes that you are more serious, interview and audition Buyers' Agents. Make them prove their stuff.
Don't not hire a Buyers Agent because you might change your mind. What would happen if you found the perfect house with the listing agent. Guess what, you are stuck with NO REPRESENTATION. You have no one working on your behalf.
When you find an Agent with the education, experience and with whom you want to work, by all means, sign the contract. It locks them in to work for you.

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Questionable Advice from the Credit Union