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When
you're ready to think about buying or selling your property,
you need to ask yourself the following questions: Do you
have the time, energy, sources of information, and contacts
to do the job yourself? If you were one of the 'do-it-yourself'
people, would the results be as good or better than they
would be if you had professional assistance? Would it
have gone smoother? Would it have given you more personal
time? Would you have purchased for less, or sold for more,
if a real estate agent was involved? Read the following
information and learn how a real estate agent can help
you understand everything you need to know about a real
estate transaction.
The Buying Process
The process of buying a home or investment generally starts
with determining your buying power; that is, your financial
reserves plus your borrowing capacity. If you give us
some basic information about your available savings, income
and current debt, we can refer you to lenders best qualified
to help you. Most lenders - banks and mortgage companies
- offer limited choices.
Finding Your Next Home
Once you know how much you can and want to invest, the
next step is to find the properties that most nearly fit
your needs. This is the time to choose professional real
estate licensee. Sometimes the property you are seeking
is available but not actively advertised in the market,
and it will take some investigation by your agent to find
all available properties.
Due Diligence
With a negotiated agreement in hand, it is time to complete
the evaluation of the property. Depending on the area
and property, this could include inspections for termites,
dry rot, asbestos, faulty structure, roof condition, septic
tank and well tests, just to name a few. As your agent,
we can assist you in finding qualified responsible professionals
to do most of these investigations and provide you with
written reports. You will also want to see a preliminary
report on the title of the property. Title indicates ownership
of property and can be mired in confusing status of past
owners or rights of access. The title to most properties
will have some limitations; for example, easements (access
rights) for utilities. Your agent, title company or attorney
can help you resolve issues that might cause problems
at a later date.
Closing or Settlement
Finally, there is the closing, or settlement, as it is
known in different parts of the country. Every area has
its own unique customs. In some areas, the title or escrow
company will handle this process. In other parts of the
country, an attorney does it all. Again, your real estate
agent can guide you through this process and make sure
everything flows together smoothly.
How Do Real Estate Agents Get Paid?
Real estate agents or brokers are generally paid through
the sales commission paid by the seller when a transaction
closes. Agents have expenses and financial obligations
just like you, so it will be to your mutual benefit if
you choose a real estate agent and stick with that person.
The agent will respect your loyalty and respond with a
sincere commitment to you.
You Be the Judge!
Real Estate transactions involve one of the biggest financial
investments most people experience in their lifetime.
Transactions today usually exceed $100,000. If you had
a $100,000 income tax problem, would you attempt to deal
with it without the help of a CPA? If you had a $100,000
legal question, would you deal with it without the help
of an attorney? Considering the small upside cost and
the large downside risk, it would be foolish to consider
a deal in real estate without professional representation.
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