Do you need a Buyer’s agent for New Condo Developments?
Developers make it very easy for you (in most cases) to walk into a sales office of a new development. And usually, once you enter a sales office without a real estate agent, you cannot have an agent represent you (at least not one that will get compensated by the builder). The agent in the sales office works for the builder and does not represent you. But what does that really mean?
Think about the difference between a car salesman and a lawyer. You are a customer of the car salesman and a client of the lawyer. The lawyer is supposed to look out for your best interest and the car salesman is supposed to make sure you don’t walk out of the lot without one of their cars.
Though there are very few negotiation points in a new condominium purchase, there are several “decision points.” Should you put in Travertine or keep the standard carpet. Should you take a 3 year fixed rate interest only loan? Should you use the builder’s loan representative at all? Should you take the condo with the lousy view that has a decent price? Should you even buy this condo at this price? Should you wait to buy a resale in this development when it is completed?
And then there are the “What Happens If..” question that buyers may not know to ask. Like, “what happens if I change my mind about buying the condo before it is completed in two years?” There are several more of those questions that beg to be asked but might not be unless you have an experienced agent assisting you.
Think about a buyer’s agent as an extra piece of insurance against making a bad decision. Not only is the insurance a good bet, but it doesn’t cost you anything to have it.