This was sad. I got a call early morning.
It was a young girl on the other end (I found out later she was Irish). She was in love with the wrong….
She tells me that her husband and herself – had saved and borrowed money and had enough to finally put a down payment on a family home they had identified.
However she was in a bit of a pickle. She felt the Seller’s Agent hadn’t been completely transparent, and now AFTER she had placed an offer, discovered that a similar home was available at a much lower price.
She really had no clue how to handle this.
Worst thing is that she was in ‘love’, (exact words she used) with the home. Furthermore she was very tired with the process of searching and looking and being given the run around by so many Agents – she was just exhausted.
She said, paraphrasing her words: “I’ve read when buying a property its best to have an Agent representing your interests as a buyer, instead of just the Agent representing the other side”.
Amen Sister. You hit the nail on the head. The problem was she was in love with the right property, but at the wrong price and terms/conditions.
It was a bit too late though. Firstly, she was in love with the home – which was clouding her judgement. Secondly, because they didn’t have a trustworthy Advisor representing them, they had absolutely zero precautions in place to ensure protection of their time, money and long term interests.
I’ll share one simple example. When buying a property – brand new or re-sale, I always advise my buyers to conduct a full home inspection carried out by qualified engineers who can see the things the naked eye doesn’t such as electrical wiring, AC ducting, etc. This costs peanuts. Literally.
This report – can then be used to either negotiate, or understand the exact property you are buying.
Even during the buying process, a trusted Advisor acting like your Agent – will know which property is available at what price and how much the Seller can be pushed further down on his price.
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Speak to an AdvisorThis article is general market commentary from FD Global Properties and is not financial, legal or investment advice. Property values, rules and market conditions in Dubai change; speak to a licensed advisor about your own situation before you decide.