A real estate industry trade group that serves only buyers says their constituency isn't getting the straight scoop about housing market conditions and they want to set the record straight.
From delayed agency disclosures and "fake" buyer agents to poor home inspections and shoddy new home construction -- with the media making matters worse -- the National Association of Exclusive Buyer Agents (NAEBA) says it has the full story.
Too often, says the group, media attention is focused on sellers when buyers are besieged by just as many new challenges in the boom-gone-bust housing market.
"When you’re shopping for a new home, you face many challenges. Picking a location, deciding how much you can afford, and securing the right financing are some of the most commonly discussed issues that you must solve," according to "Under-Reported Home Buying Issues" a survey of NAEBA members who were asked to identify the most under-reported issues facing home buyers.
The members also offered solutions for buyers facing those issues.
The report continues, "However, you should also be aware that there are many new and challenging issues which are not as often discussed, but which can be just as important." While NAEBA claims obviously don't apply to every media outlet, especially those that cover real estate full time, here are some of the issues the group would like to see addressed more often.
Without the dual role as a seller's agent, according to NAEBA, buyers agents are able to address only buyers' needs and concerns without being distracted by the business of managing sellers and their listings.
There's also the potential for a conflict of interest should a single brokerage represent both buyer and seller in the same transaction, something called "dual agency," a practice that's outlawed in some states.
However, according to the NAEBA report, some non-members feign NAEBA affiliation or misrepresent themselves as buyers agents.
Buyers who want exclusive representation should seek NAEBA certification, a written representation service contract and a track record of satisfied customers.
Consumers are advised to look for advertisements disguised as news stories and see them for what they are, be aware of the limitations of smaller, local media outlets supported by real estate ad revenues and take time, over time to examine a media outlet's editorial content.
RealtyTimes.com recently raised related issues in "Finding News That Really Hits Home".
Larger websites, dedicated to listings and smaller ones that link to the larger pools of listings do a better job at scouring the market. A savvy real estate agent can also root out all listings available in a given area and, in some cases, even find properties that are for sale, but not listed.
Even if a seller provides what appears to be an expert inspection that comes with a guarantee, buyers making what's likely to be the largest purchase ever, should always hire their own inspector.
The inspector should be licensed locally or certified by a national trade group like the American Society of Home Inspectors. Local certification offers another layer of protection.
Like choosing any professional, get referrals from family, friends, co-workers, professional associates or others you trust.
Consumers should make every effort to have a new home inspected while it is under construction during several phases, foundation, framing, wiring and plumbing and upon completion. Builders may not make this an easy task, but consumers can have new homes inspected by a professional during or before your final walk through.
