Buying blind tipped to become common

In complete contrast to the story above, would you buy a house you have never even laid eyes on?  Your normal response would probably be a resounding no, but a new TV show is bringing the buying blind trend to the forefront of real estate conversation. 

The new TV show Buying Blind may make you ponder whether you would ever engage someone else to find your new home, but it is becoming the new way to buy property, according to one of the show’s cast members, president of the Real Estate Buyers Agents Association (REBAA), Rich Harvey.

Mr Harvey said buyer’s agents were a growing force in Australia and were increasingly being engaged to search, evaluate and negotiate properties on behalf of home buyers.

“A good local buyer’s agent is an expert at finding exactly the right property for the client, performs a tailored search and advises the client which properties to avoid and the best properties to make offers on,” he said.

Most buyer’s agents charge the equivalent of two per cent of the purchase price for a full service while others will charge an upfront retainer plus a fixed-dollar success fee.

“As experts, we struggle to understand why anyone would enter into a financial transaction of this size without professional representation,” said Mr Harvey.

“Many people wouldn’t think of selling their home without paying a real estate agent and yet they’re happy to buy a home without professional advice.

“An important question to ask a buyer’s agent is whether they are truly ‘exclusive’ or ‘independent’. A truly independent buyer’s agent acts for you as the buyer and is only paid on the buying side.

“Ensure you choose someone who is licensed in their state and preferably a REBAA member,” he said.