Bill Golden
The amount and speed of activity of the intown Atlanta real estate market underscores more than ever the need to be fully informed. On one hand, the hot market may make it seem that selling your home could not be easier and more profitable. Still, this highly competitive market also means any deal you are offered may not be as straightforward as it might seem.
For one, low inventory means that agents, developers and others are taking new tactics to find homes for buyers — whether existing homes, homes for tear-down or renovation, or places to wedge new homes. Homeowners have called me with tales of someone knocking on their doors and saying something like, “We got X amount for a home in your neighborhood and we can do the same for you.” Maybe they can and maybe they can’t.
Another scenario is a developer or their rep trying to put together an assemblage – a collection of homes or lots on which to develop larger, higher-end homes or perhaps more homes. It’s important to know how far along such a process is, how it would affect you, what you might forgo in the meantime and more. Again, the idea behind their assemblage might be very real and doable or it might be speculative.
So, now more than ever, if you’re offered a buyout or are otherwise being engaged around an enticing prospect, make sure you are represented by an experienced Realtor who knows not only your neighborhood and type of home, but who also follows the market closely and will investigate to help you learn exactly what you need to do in order to make the most informed choice.
Sometimes these enticing scenarios come to fruition, but they can be too-good-to-be-true, or at least leave you hamstrung. How so? Well, I know of a seller whose home was put under contract as part of an assemblage — a “sure bet.” It did come to fruition, but the contract was pushed back again and again … for two years. As you know, much can change in real estate in two years, and particularly in this rapidly recovering real estate market.
It’s a good time to remember that common Latin phrase you learned in school: Caveat emptor. That is, “Let the buyer beware.” Or, in this case, the seller. If someone tells you you don’t need representation in matters as weighty as the potential sale of your home, indeed, beware. Whatever you do, don’t sign any contract or agreement without consulting a trusted Realtor.
Anyone making you an offer, no matter how casual or formal, should have no objection to your having your own representation. If they do, that’s a red flag.
If you don’t have a strong Realtor relationship – and again, one with familiarity of your very specific market – choose one the way you would choose any trusted advisor: through personal referrals from folks you trust.
Ask about their time in the business and their licensure. Look up their current listings and ask them about scenarios they’ve handled that approximate yours. Also ask them about “comps” – comparables – in your area. That is, homes that have sold (not just those listed) and how those differed or were like yours. In addition to being knowledgeable and experienced, you should understand that your agent has a fiduciary responsibility to you. He or she will be free of conflicts and have your best interests at heart.
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