What do you need to know when Choosing a Realtor to Purchase Real Estate. The first thing is, Are they licensed in the state in which you are looking. Agents must take an education coarse in order to take the exam for licensing. They must also take continuing education every year of their licensing. Once licensed, agents must join their local board or association of REALTORS® and the NATIONAL ASSOCIATION OF REALTORS®. Then and only then can they be called a REALTOR®. REALTORS® adhere to a strict code of ethics.
Why does this make any difference to you? If the IRS sent you a bill for $100,000 you would call a CPA or and attorney, wouldn't you? You wouldn't have a grocery store checkout person prepare your will would you? So, when getting ready to make the largest purchase of your life time, wouldn't you choose the best possible agent to help you with this purchase. The first thing you need to know, is does the agent have the licensing and credentials. An agent that takes your largest investment seriously and can actually advise you every step of the way.
In most states compensation, or commission paid to the buyer's agent comes from the listing agent who gets paid from the seller's. Make sure you understand who your agent is representing. If your buyer's agent is also the listing agent, anything you tell them has to be told to the seller's by law. So for instance, you tell your agent that you want to offer $130,000 for a property but you will go as high as $145,000, and he or she is also representing the seller's, that agent has an obligation to pass that information along to the seller's. If you are unsure how you are being represented, make sure that you ask. If you are dealing with the seller's agent, keep confidential information to yourself.
Make sure your agent subscribes to the Multiple Listing Service, That service is always up to date.
Ask your REALTOR® if they are full time. It is important to know if they are just working a job or is this their career,
Why should you use a REALTOR®?
A. Because they are up to date on financing options.
B. They know the areas in which they work,
C. They have the resources to evaluate properties so you have objective information.
D. They have knowledge of contracts and can help you negotiate.
E. They have an ethical obligation to protect you through the entire process and help you through the closing process.
I always tell my families that showing houses is the easy part. Once we have an executed contract, that's when my job starts and that is where I earn my commission. This is the part of the transaction that the buyer's really don't know what I'm doing and they really don't care as long as they get the property closed without any problems.
So when Choosing a REALTOR® to Purchase Real Estate, take a little time and ask questions and make a good decision. Remember, buying a home is probably the largest purchase you will make in a lifetime. Choose aREALTOR® that puts your well being first.
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