Buying or selling real estate, what has been your biggest mistake. Was it the agent you hired, doing rehab work that didn’t pay off, not hiring a good inspector, financing?
What do you wish you knew then that you know now and will apply to your next real estate transaction? Thanks!
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#1 by dreamcat on September 12th, 2009
The one thing I think about is when I bought a rental property, I made my offer, not knowing about negotiating tactics. The buyer agent had me sign a dual agency agreement, and I don’t think he had my best interests at heart. I offered a low price and ended up paying full price. I was naive to the fact that he was not on my side, and also, I should have asked for closing costs or some other bargaining chip. And I should have stood my ground on the slightly lower price, after coming up some. Being in the investor shoes, the buyer needed me more than I needer her. I could’ve walked away, but she needed to sell. So she probably would’ve taken the lower price had I stopped. Overall, I do not regret the investment, it was good, I am also lucky because I didn’t order an inspection!!! (Naive again) Lucky it was in good shape. But it also could’ve been a bargaining chip. Had I gotten a lower price, I’d of had more equity now.