All About Real Estate Agents
Real Estate Agents…..
Who Are They…
Real estate agents are professionals instrumental in connecting the buyer with the seller.
Additionally, many real estate agents manage rentals wherein they introduce tenants to landlords and oversee the maintainance of the property on behalf of the landlords.
In most areas real estate agents are required to be highly educated, licensed and are regulated by a governing body.
Some real estate agents are also .
To use the title Realtor, a real estate agent must be a member of the National Association of Realtors which in addition to a number of other requirements, requires Realtors to adhere to a strict code of ethics and offers Realtors additional educational and designation opportunities.
Though not required by rule or law, it might be a wise decision to seek the services of a Realtor.
What Do They Do….
Real estate agents bring together two or more interested parties, perform those steps necessary to successfully conclude a transaction and charge a commission for their services.
For sales transactions, they charge commission to the seller while for rentals, commission is typically charged the landlord.
Real estate agents generally calculate their fee as a percentage of the selling price (in the case of a sale) and as part of the rent for rental units.
How Do They Do It…
People who want to sell or rent their property leave details of their with the real estate agent.
Along with all property details the real estate agent will typically have keys to the house to facilitate showings.
The other interested party (i.e. the buyer/tenant), gets access to this information and to the property by contacting the real estate agent.
That’s how the real estate agent becomes a hub of information.
Contrary to some common misconceptions, real estate agents typically represent the seller or the buyer but rarely both.
Why Should I Use One…
First and foremost, to protect yourself. Real estate transactions are highly regulated, highly paper (document) intensive transactions.
The real estate agent possesses an in depth knowledge of the laws, rules, regulations, disclosures and documentation necessary to successfully complete the transaction to the satisfaction of the buyer, the seller and the law. Because real estate agents are most familiar with local real estate market conditions, it is wise and makes sense to seek the advice of one to get an idea of the current trends and pricing for properties within that market.
A good real estate agent will know the prices (or price range) of various properties of different types and at various locations within the region. Because of the real estate agent’s knowledge and expertise, property sellers often get a few thousand dollars more for their property. Many home seekers, including seasoned real estate investors use the services of real estate agents to locate the best real estate bargains in the easiest and quickest manner. Furthermore, the best agents analyze the wants and needs of a home buyer/tenant and provide valuable input as to the kinds of properties available to them within their budget. Therefore, a good real estate agent will not just present a list of available properties to the buyer/tenant but will actually discuss their needs and make suggestions.
The good real estate agent, working in this manner benefits in at least two ways…
First and most obviously, when the real estate agent is able to successfully complete the transaction the commission is earned and the real estate agent is paid…
and secondly, if they make the customer/client happy they earn a good reputation and often receive referrals (hence more business).
Worth Noting…
It is worth noting that there is a myth floating around that real estate agents only work on behalf of the seller, buyer beware.
This is not written in stone nor is it always the case. Real estate agents are, in most regions, highly regulated.
With few exceptions, real estate agents work either for the seller (as is the case with many listing agents) or for the buyer (as is the case for a buyer’s agent).
Additionally, some areas allow for dual agency where an agent can work for both the seller and the buyer or as a transaction broker where the agent represents the transaction itself and neither the seller nor buyer individually.
However, in the case of dual agency/transaction brokerage, note that rule, regulation (law) and ethics do not permit the agent to act in favor of either party while in detriment to the other.
If you are unsure of the relationship between you and your real estate agent, do not hesitate to ask.
What to Look for at New Homes for Sale
If you are looking to move into a brand new dream house, then you should definitely consider buying display homes. There are a lot of advantages, such as top notch design and construction, that you can never go wrong. There are a lot of deals and offers you can choose from, so you can buy a new home according to your preferences. Purchasing new houses for sale can be quite cumbersome. However, with packages and deals from display houses, you will be able to find a house plans and designs that are good for your taste and budget. There are lots of options that you can choose from like the house should be energy-efficient, sustainable and thoroughly green if you want your house designs eco friendly. Look for the home design that is updated with the latest trends and keep in mind that the house plans and designs should meet your needs and requirements. Before buying a display house, it is good to first look at different design homes. This will let you choose the specifications of your new dream house. There are a lot of design houses available for you to choose from. Depending on the kind of house plans and designs you are looking for; choose the one that is best suited to your preferences. Consider the use and function of the home, as well as those who will inhabit the space. You will also be able to choose from a variety of different house designs. If contemporary and modern is more your taste, then you should opt for houses with geometric shapes and hard, sharp lines. These are the common characteristics of modern architecture. However, if you like classic house designs, try looking and reviewing different house design to choose which one you think will be best for your dream house. You will find that there are a lot of new homes for sale available in the market today. Display houses can be a great way to inspect a new house you are planning to buy. A great investment would be in home and land packages. Investing in a land is the greatest thing you can do, as the value rarely goes down.
By: Dashiell Wood
Loan Fraud
Each year uninformed homebuyers, usually first time purchasers or seniors fall victim to predatory lending known as loan fraud. True, there are many lenders, appraisers, brokers and other real estate professional that legit ably want to assist you in obtaining a nice comfortable home with a great loan but always remember that trite phrase “buyer beware.”
Buying or refinancing a home is one of the most important financial decisions that we make, it is vital to learn as much as we can about the home loan process. That is why I decided to list the most important steps you can take so you won’t become the next victim of loan fraud.
Step one is to Beware of false appraisals. You should have a good idea of what houses appraise for. Step two is to take your time and shop around. Competition is great for consumers. If you don’t appreciate one lender’s offer, there is always another one waiting. Step three is be certain that the costs and loan terms at closing are what you originally agreed to. Step four is do not be talked into lying about lie about your income, expenses, or cash available for downpayments in order to get a loan. Step five is get several quotes from multiple brokers or lenders so you know you’re being charged a fair interest rate based on your credit history, not your race or national origin. Step six is watch out for higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties. Step seven is be careful about disclosing things like your need of cash due to medical, unemployment or debt problems. You are very vulnerable in these cases. Step eight is do not sign a sales contract or loan documents that are blank or that contain information which is not true. Step nine is don’t strip your home’s equity by refinancing again and again when there is no benefit to you. The Final step is do not let anyone convince you to borrow more money than you know you can afford to repay. If you get behind on your payments, you risk losing your house and all of the money you put into your property.
By: Johnny Stapleton