Sometimes we learn best by doing it wrong the first time. That’s fine for pancakes or golf shots – but no one wants to buy a house wrong the first time! That’s why the National Association of Exclusive Buyers Agents have collected and compiled stories about real estate mishaps, so that you can learn from the mistakes of others. (As the report description states, some of these plans were pretty ingenious – but the easy answer is – make sure you’re working with an Exclusive Buyer Agent (EBA)!
A recent member poll conducted by the National Association of Exclusive Buyer Agents (NAEBA), the organization of real estate professionals who advocate for buyers, found that many members took significant risks or made bad real estate decisions before they became experts in the field. According to 2011-2012 NAEBA President Ulrich Salzgeber, “Some of our people really went out on a limb when they purchased homes. In some cases they were ingenious ideas, but not ideas they would suggest to their clients today.” The survey results have been included in a report that is being made available to home buyers. It includes mistakes related to relocation, financing, land contract purchases, agent choice, reckless buying behavior and much more. “As exclusive buyer agents one of our roles is to help buyers reduce risk in their real estate purchases and to help buyers manage the risks that are inherent in the transaction. To some extent our clients now benefit from these mistakes since in some cases it was the mistake and bad experience that followed that led these people to help others avoid making similar bad decisions.” Salzgeber added. Exclusive Buyer Agency is the practice of representing only buyers and never sellers in a transaction. The company never lists a seller’s property and thus never has a seller as a client. The report on Mistakes made by Exclusive Buyer Agents is available as a free download at the associations website: http://naeba.org/wp-content/uploads/2012/04/20120409DontDoWhatWeDid.pdf.