E14: The Open House Trap
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E14: The Open House Trap
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In this Episode of Loans By Emmett, we discuss the the financial risks of working directly with a listing agent, a practice often referred to as dual agency. Because these agents are legally and financially obligated to prioritize the seller’s interests, buyers frequently face inflated purchase prices and pressure to use overpriced lenders. Real-world case studies and academic research suggest that unrepresented buyers are often steered into costly contracts and higher mortgage rates that can result in massive long-term debt. To avoid these pitfalls, the author recommends securing independent representation and obtaining pre-approved financing from a transparent lender before viewing homes. Ultimately, the source emphasizes that while buying through a listing agent may seem convenient, it typically lacks the fiduciary protection necessary for a fair deal.
Note that different States have different rules, this is specifically with California in mind.
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