Q:: I was trying to buy a condominium in Florida when the agent told me he was a transaction agent but could help both the seller and buyer. Also, the seller wanted to sell “as is” and I was not able to get an appraisal quote on this condominium. Does this sound right?
A: Frankly, based on the short question, it doesn’t sound right. You need to understand what you are getting into. The agent told you that he could help both you and the seller as a transaction agent, but wouldn’t really help either of you. (That’s called a “nonagent,” as far as we’re concerned.) He won’t give you his advice but would assist in the paperwork and other clerical functions that might be needed in your purchase.
What you really need is someone there to help you: to give you advice about the market, about this specific property (including inspectors and inspection issues), about negotiating strategies, about mortgage issues and so forth.
Do you need an unbiased opinion of the value of a property? Contact the real estate appraisers at www.scappraisals.com for your value and market questions.
A good agent can tell you what other buyers are doing and what sellers in this area are willing to accept. They can advise you when a seller is being reasonable and when she is not. The agent can give you information on whether the market is hot or appears to be cooling, and whether you should wait to put in an offer or should hurry due to changing conditions.
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