We had some friends over the other night and they were sharing with us their home buying experience and how challenging it was for them. They were in a similar situation to ours – they’ve outgrown their home and were actively searching for their “forever” home. They weren’t in a rush to buy anything that fit, they were picky. They also knew that the home they wanted was outside their price range at the moment so they were happy to put in bids below asking price and hope they got lucky. Worst case, they would wait a year or so to build up a cash cushion for a larger down payment so they could get into a price range that fit their wants and needs.
As it turns out, the realtor they were working with wasn’t down with this strategy. There was some name calling, someone threw out the words “unethical,” and it came time for the two parties to go their separate ways. There was a catch – my friends signed a contract. I don’t know the exact details but it was a mess to get out of the contract and our friends have to wait a period of time for the term to expire. Until yesterday, I didn’t know real estate agents had their clients sign contracts. I’ve only ever bought two houses and both with the same agent and in neither case did the words “contract” ever come up.
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