Finding the Right Real Estate Agent
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| If you are shopping for a new home you may also be in process
of trying to find the right real estate agent to help you with your search. Not
all agents are created equal and it is important to know exactly which party
the agent represents. For instance, the listing agent may not represent your
interests unless you are in a state that allows dual agency. Dual agency can be
tricky business so most states do not allow the practice. It can be confusing
determining what information can be and should be disclosed between all
parties. You may want to strongly consider turning to a buyer agent or
exclusive buyer agent whose fiduciary duty it is to represent your interest
first and foremost. Exclusive buyer agents only represent buyers and do not
list property. You can find a list of exclusive buyer agents online at
www.naeba.org.
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| Here are some other tips for choosing a real estate agent:
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Look for experienced agents and then interview some “greener” agents as well.
Experience is usually a big plus but a new hungry agent may be willing to work
even harder to find you the home of your dreams. You can always have your
attorney look over the paperwork before submitting your offer.
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Ask for personal and professional references
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Try to obtain the names of some referrals from friends and/or family
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Make sure that the agent is willing to work on your schedule. If you can only
look at houses on the weekend or in the evenings, you need to find and agent
that will work those hours as well.
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Ask your agent if he or she will actively search for for-sale-by-owner listings
and send out mailings to the residents of the neighborhoods that you are
interested in. The more proactive the agent - the better.
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Make sure to ask your agent about your choices for representation (i.e. buyer
agent vs. exclusive buyer agent and how the agent will be compensated)
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Find out if the agent’s company has access to the local Multiple Listing
Service
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Deciding on Whether to Sign an
Exclusive Buyer Broker Agreement
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| More often than not, when a house is listed by a
selling agent and one’s buyer agent sells the property, the seller paid
commission is split between the two agents. This is great for you and your
agent because it has not come out of your pocket. So what could happen if you
have signed an Exclusive Buyer Broker Agreement and you locate a house that is
for-sale-by-owner down the street? If the seller is unwilling to pay the
commission, then you may get stuck paying the agreed upon commission out of
your pocket even if the agent did not locate the property for you. It is a
sticky situation without an easy solution. Your agent may full well deserve
compensation if they have spent time showing you homes and researching the
market. On the other hand, you need to be aware that you may be the one footing
the bill if you want to buy a home where the seller is unwilling to pay your
agent. We suggest talking to your agent about the various pros and cons of
entering into an exclusive contract and then making an educated decision. Take
the time to listen to your agent about the various choices for representation
and then do some independent research before signing on the dotted line.
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| First
time buyer mortgage |
| Determining
what you are qualified to borrow and getting pre-qualified |
| Rent
Versus Buy |
| Beginner
Mortgage Checklist |
| Credit
Scores and Mortgage Rates |
| Choosing
a mortgage company |
| Should
I consider 100% financing? |
| Pro
& Cons of adjustable rate mortgages |
| What
types of loans are available for the self-employed? |
| Why
do mortgage rates change? |
| What
is a mortgage broker? |