|
An
Except
from:
Erin’s
Guide to
Buying
Real
Estate
Step
One:
Select a
Real
Estate
Agent
Once
you’re
serious
about
buying a
home,
it's
time to find a
real
estate
agent.
While
cruising
open
houses
may be a
fun way
to spend
a Sunday
afternoon,
it is an
incredibly
inefficient
method
of
finding
the
right
home for
you. A
real
estate
agent
has
access
to
nearly
all the
homes
for sale
and can
sort
through
all the
data to
find
what
you’re
looking
for.
And, in
most
cases,
our
services
are FREE
to
buyers!
(We’re
paid by
the
listing
agent
for
helping
sell the
home.)
How
To Find
The
Right
Real
Estate
Agent
For You:
In our
area,
there
are
thousands
of real
estate
agents,
so the
choice
is truly
yours.
Referrals
from
friends
are a
great
way to
find an
agent,
probably
one of
the
best.
Open
houses
are also
good
places
to
informally
interview
real
estate
agents.
It’s
important
that you
have a
good
rapport
with
your
agent,
so make
sure you
can
envision
spending
time
with
this
person.
(House hunting
can be a
very
emotional
experience!)
The real
estate
agent
you
choose
should
be
enthusiastic
about
working
with
you and
should
be
familiar
with the
neighborhoods
you are
interested
in.
What
is a
Buyer
Agent?
A Buyer
Agent is
formally
“hired”
by a
buyer to
help the
buyer
find a
home,
negotiate
a
contract
for it
and get
the
transaction
to
closing.
This
involves
much more
than
just
driving
around
on a
Saturday
afternoon
looking
at
homes.
A Buyer
Agent
contractually
agrees
to be an
advocate
for the
buyer,
to
advise,
to
disclose
all
material
information
related
to the
property,
to be
reasonably
available
to the
client
to show
homes
and
handle
other
matters,
to
disclose
any
confidential
information
learned
about
the
seller
or
property
and to
keep ANY
information
shared
by their
client
confidential
(with a
few
exceptions).
Should
you hire
a Buyer
Agent?
We strongly
recommend
that you
NOT sign
an
Exclusive
Buyer
Agency
Agreement
when you
first
meet an
agent.
We
never
ask a
new
client
to
commit
to us
until
they are
comfortable
that we
are knowledgeable
and
responsive,
and that
we have
a good
rapport.
Be aware
that
some
agents
will not
work
with you
at all
unless
you sign
the
contract
up-front.
Once you
have
established
that you
and the
agent
work
together
well, it
is
usually
a good
idea to
sign an
Exclusive
Buyer
Agency
Agreement.
Why?
Because
house
hunting
and home
buying
is hard
work,
and it’s
just
common
sense
that
your
real
estate
agent
will
make a
stronger
commitment
to you
if you
have
made a
commitment
to him
or her.
How
are
Buyer
Agents
paid?
Many
first-time
buyers
are
surprised
to learn
that
BUYER
AGENT
SERVICES
ARE FREE
TO THEM!
In
nearly
all
cases,
the
agent
for the
buyer is
paid by
the
listing
broker
of the
home you
purchase.
The
listing
broker
negotiates
a fee
(typically
5-7%),
to be
paid out
of the
proceeds
of the
sale. If
the
listing
broker
sells
the home
to a
buyer he
finds
himself,
he is
paid the
entire
fee. If
another
agent
finds
the
buyer,
that
agent is
paid a
percentage
of the
above
fee;
typically
close to
half.
Both
agents
split
their
share of
the fee
with
their
employing
brokers
to pay
expenses
such as
support
staff,
office
space,
supplies,
lights,
etc.
And, just so
you
know,
real
estate
agents
are
self-employed.
We do
not have
company
cars,
expense
accounts,
salaries
or
draws.
Our only
income
is the
fee we
receive
when a
home
sells.
To find
out more
about
the
process,
CONTACT
ME
and I
will
email
you my
Complete
Guide to
Buying a
Home. |
