The Luxury of Second Opinions

Whose advice do you ask when you're searching for a condo?

I bought the very first condo I looked at. Granted, this was quite some time ago. My parents were helping me out, and we had a tight budget. After looking through all the newspaper listings (remember those?), I found exactly one condo in my price range. I looked at it with my parents, we put in an offer and bought it--before anyone else could. We didn't look at comparable sales. We didn't think to ask about the condo association's finances. We didn't take time to consult with anyone. It all worked out for the best, but it just as easily could have been a disaster.

Buyers now have a luxury that buyers haven't had in a while--time. Time to truly analyze options; time for due diligence; time to ask for second opinions. While your agent should be someone whose advice you trust, it doesn't hurt to have a gut check before signing on the dotted line. And your agent shouldn't discourage you from being diligent in making a decision. In my opinion, the job of an agent is to help the client make a good decision--even if it means not closing a deal.

A recent New York Times article cites an estimate that up to 25% of buyers seek second opinions and that 10-25% of those deals don't close. Check it out. It's a good read. And if you're interested in Chicago and Lakeview-specific market data, check out my website.