[SurferEd]

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I am an RE agent.

Use a buyer's agent that works only on your behalf, never use the seller's agent as the pitfalls are too great.

Ask for proof of permit, and everything they have that has to do with taxes.

Get a good inspector. Do not get someone who works for themselves. LandAmerica/InspecTech has the best IMO, if available in your area.

If you decide to take on partners, make sure they are compatible with you in a business sense. Also, make sure you have a plan for when one of you wants to bail on the project. A real estate attorney can do wonders here.

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What are the common things that a seller's agent would do which are pitfalls?

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Their duty in dual agency states (where it is considered legal for one agent to represent both parties) is to represent the best interest of both the buyer and the seller.

First off, consider that some states have outlawed the practice of dual agency.

As you can imagine, it is very difficult. Depending on the ethics of a dual agent, they may let the seller know of how high you are willing to go (of course the reverse could also be true, but remember that agents are paid by the sellers usually).

The rate of lawsuits that are filed as a result of this practice is more than twice the rate with two agents involved.

When you have your own agent representing you, you are much more likely to have someone who is doing their best in getting you the best deal and finding out the most about a property. This person wants to close the deal, but they also want your referrals, as well as future business.

When you have an agent that is tied to both parties, their allegiance almost always falls with the seller. There are several reasons for this.

1) If the seller gets the notion that the agent is working too hard on the buyer's behalf, he/she can cancel the listing contract if a deal falls through. The agent spent time, money and energy on the listing and now they won't be getting paid.

2) The seller may be buying a replacement property and the agent wants to get paid on that one as well.

3) The agent and the seller may have a history together

If you must go through the seller's agent, make sure you work that much harder to make up for the above.