Part of the reason Condo Metropolis suggests using an agent to buy is because buyer agents usually have the inside scoop on the market. So even if you fancy yourself as a crack negotiator and are prepared to breeze into the developer’s office and demand 3% off because you don’t have an agent, you better know what you’re buying. Otherwise, cutting the agent out of the deal might turn out to be a poor decision, costing a lot more than you ever saved.
Case in point: Two years ago, a buyer purchased a condominium from a conversion in MetroWest. Local agents knew that there was a mold problem at this particular conversion. The buyer purchased without an agent, and he also purchased the mold along with the subsequent remediation expenses.
Last weekend, the Sentinel’s Jack Snyder reported that there are now over 40 downtown projects on paper hoping to grace the Orlando skyline. Do you know which ones are going to break ground and which are unlikely to ever see the light of day? Of the 40 proposed, less than half have begun construction and only a fraction will ever see completion. But they are all touting for your pre-construction dollars. Which should you invest in? Many buyers hoping for hot deals will find their deposit checks eventually being returned to them along with their wasted time.
While there’s no guarantee that an agent’s inside knowledge will prevent a buyer from making the wrong choice, an agent is likely to be able to prevent poor choices in most cases. Condo Metropolis was the first to publish news of the collapse of the Eola Place deal last month – and we have a pretty good idea who’ll be next for the chop.