I was talking with one of my clients and this topic came up.  In conversations I have has since then, it is apparent that the most people do not know that there is a difference between an agent and a Realtor (I would like to point out that Realtor is a registered trademark of the National Association of Realtors, NAR). 

A real estate agent is a liscensed salesperson in the state(s) they work in.  They must abide by the laws of the state, nation and most likely the locale of the area.  An agent may or may not be a Realtor.  Some local multiple listing services are owned or operated by the local board of Realtors, and as such all member agents must be a Realtor. 

A Realtor is a member of the NAR and also a member of their local branch of the association.  Realtors have a code of ethics they subscribe to.  The code includes principles such as loyalty to the client, legal duty to the client, cooperation with other agents, and truthfulness in all statements. 

This is not to say that agents that are not Realtors are not good agents or people, but by becoming a Realtor, the agent has put an additional mark that they promise to meet.  When choosing an agent, this is something you should research and consider before working with any particular agent.  Ask them if they are a Realtor, and if not, why? 

The biggest concern that sellers have today is the financing of the prospective buyers of their home.  This is also the number one issue that causes deals to fall apart. 

As an agent, I am here to tell you that 0 down loans are not a bad thing, in fact they allow good people to get homes that they would otherwise not be able to afford.  However, the loan should not put the borrowers into a situation that is dangerous or uncomfortable.  

As a prospective buyer, your first step should be to ask yourself what you feel comfortable paying a month towards your mortgage.  Second step should be to talk with a certified mortgage broker, so they can qualify you for that amount and tell you what price home that that affords you.  If you do not know one, talk with your real estate agent and they are bound to know several good ones.

The biggest mistake that some people make is thinking that they can afford a certain price, go out and look at homes in that price range and fall in love with a home.  Then they talk with a lender and find out that they can only afford a lower price, which more than likely will either mean smaller or more run down homes. 

Talk with a lender first.  It will save you a lot of hassles in the end.

Well, as my first post here, I am going to set out my goals and ideas for this blog.  I know that few if any will read this initially, but as more people do, they can refer back and keep me on track. 

What I hope to accomplish in this is to keep a semi-regular commentary on what I see as important issues in the real estate industry, as well as a brief running update on what I am doing in my personal business.  I am not allowed to post certain facts and will use initials to preserve some sense of confidentiality.  I will most likely post more on issues that I have recently had issues with or have been reported on in the paper, but I will also keep adding issue to look out for when buying or selling a home.

I hope this evolves as time goes on, so please comment and critique as you see fit.