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Real estate facts you need to know before you buy or sell

Getting the right real estate agent in South Carolina can be helpful when you want to buy or sell a home, but you don't want to work with someone who cheats you or doesn't have your best interests in mind. Here's a few things you may want to know about real estate ethics. If you've been defrauded, then you may be able to file a lawsuit.

If an agent provides a bid to you for a property, claiming that another buyer has offered more than you on a home, you trust that they're being honest. You raise the bid, and you eventually buy the home for $15,000 more than you wanted to spend. Later, you find out that the other bid wasn't real; the seller's agent had made up the bid to get you to pay more. That's fraud, and it's something you can fight.

Here's something else to consider. When you buy or sell a property, an agent usually receives a commission. You want to be sure that you get the information on that commission written down in a contract. You don't only want to have a verbal agreement, because you could find later that you're charged a full rate or higher rate than you were expecting, leaving you to pay a higher bill with few ways to prove the agreement.

On the topic of contracts, if the seller's agent claims the property is zoned for commercial and residential usage, but you later find it's only residential, you may want to look into your options for compensation, since the agent misled you about what you could potentially do within the property you were buying.

Source: Real Estate ABC, "Real Estate Q&A" accessed Mar. 03, 2015

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