(12) New Home Construction Warranty Is Worthless
It is one of the most popular dirty secrets your real estate broker will never tell you. Real estate builders, developers & property agents usually offer warranties on the construction of new homes.
These clever real estate professionals define the term ‘defect’ in those warranties in a very tricky way that most of the claims will be avoided completely.
You need to hire a reputed & licensed lawyer or attorney to help you understand the tricky languages of standard contracts of these builders & developers.
An attorney can also suggest you about negotiating those clause issues with builders & developers.
(13) Never Work With Another Broker
It is one of the most hidden dirty secrets your real estate broker will never tell you. Most states imposes legal obligation on property agents about informing sellers regarding each & every offers that are received about a property for sale listing.
It is perhaps true unless broker decline their right to such communication & opt to inform only about compatible offers for asking price.
But still a competitive biding may not reach to a stage to close the deal. It is especially possible if it requires a listing agent or broker to co-broker the deal. Such house selling deals in which more than one broker are involved often result in splitting of commission.
Thus, brokers are always trying to avoid working with buyer’s broker which in turn may ask for some percentage of commission.
A broker can get fined or his/her license cancelled for such an abuse as per states law but it is very difficult to discover the same.
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