I saw a specific foreclosed home that I was very interested in on multiple foreclosed websites. I found the Realtor selling the home, then when I checked the website for the Realtor’s listing of the home she had the price $60k higher then on the foreclosed websites that I had seen.
The agent does not set the price, the bank does. His listing is the most up to date one.
Case in point: my fiance and I are preapproved for a mortgage of "X-amount". I’m pretty savvy when it comes to finances, but I’m having a hard time finding homes which are suitable for our needs. Should I bite the bullet and pay a realtor to help me find our dream home? Or just keep searching on my own and save the realtor fees?
Case in point: my fiance and I are preapproved for a mortgage of "X-amount". I’m pretty savvy when it comes to finances, but I’m having a hard time finding homes which are suitable for our needs. Should I bite the bullet and pay a realtor to help me find our dream home? Or just keep searching on my own and save the realtor fees?
As for the cost of inspection, I’m not sure if the seller pays for it or not. I know that the third party fees include: appraisal, title, inspection, recording fees, taxes, and I think surveys too. I’m not 100% sure who pays for all of these, I’m just going to assume the buyer does so that I’m not guessing my cost too low.
Unless you plan to build, I’d use a Realtor. Fees can always be negotiated, and a good realtor can take care of negotiating away some of the detail fees you mention above.
You need to interview realtors to find out if they WANT the job – many will simply go through the motions. Since I’m not in the biz, and don’t know where you live, let me put an ethical, hardworking realtor’s email below – he’ll take the time to answer your concerns, and if you like, he can refer you to someone in your area – for you to audit. Always stay in control, and NEVER sign agreements with realtors – you can always find another one, and eventually, you’ll find a good one that won’t push you for contracts.
If you want to build, skip the realtor and get a lawyer instead.
I am looking to buy a home (my first). My sister just said something about "signing a contract with the realtor" however the realtor I’ve been in communication with hasn’t brought that up. Does one always sign a contract with a realtor? What does it cover? For whose benefit is this, mine or the realtor’s? Is this common practice?
I’d like to get some background information on it before discussing it with my realtor, if I can ascertain that this is a valid, common practice,
Why would he not have mentioned this contract to me before?
It is more and more common, but not at all typical for a buyer’s agent to have a buyer sign a "Buyer’s Broker Agreement". The contract basically says that if you buy real estate in the next "X" months you agree to do it through thte agent so they can make a commission. Since you are committing to them then they will commit to you and spend hours and hours running around and showing you all kinds of property.
I have been working with buyers for over 10 years and have never asked someone to sign one. I think that it suits me better to develop a relationship with my clients. I have not had a problem with clients leaving me – but that may be an issue for other agents. Some agents use these agreements only for those clients they "get a feeling about" in order to avoid getting taken advantage of.
What would be considered a reasonable time for a realtor to respond to your questions on a house and to set up a time to go look at them?
Glenn… You obviously didn’t read the question or the answers. I had asked if my realtor was taking to long and now I want to know what I should expect from a realtor. Why bother answering if you don’t have anything constructive to add.
It really depends on who is listing the home and if they are answering the phone. If your real estate agent calls the listing agent with questions and to get a lock box code, and the listing agent does not respond, they won’t have any info for you. Out of courtesy, they should call you to let you know what’s going on within the hour if there is a contact issue.
I am an currently an investor in Minnesota and wouldn’t like to necessarily be an active realtor but there are some advantages that I would like to have such as MLS access to review comps. It is my understanding that I would need a company to "hang my hat" to gain access to the MLS. Also, can anyone recommend a company that has lower fees?
If you’re an investor and your sole reason for being a realtor is so you have access to MLS, I suggest you ask around for the CHEAPEST real estate brokerage out there. There are some brokerages that only charge you like $100-200/month for being licensed under them. Simply ask around or do your own research because there are plenty of "discount" brokerages out there.
You are aware that there are also mandatory licensing fees and compulsory courses after licensing etc etc which could get you in the thousands.
I know there is a substantial out of pocket start up fees and evenings and weekend work. What other pluses and minuses are there? I am very interested in becoming a realtor.
The pay is commission which can vary each month like crazy. One month you make $6000 and the next lucky to make $2500. Getting clients to sign with you is the first hurdle, second is actually selling their property (or finding one for them). How creative you are, how much time and effort you can donate to each client will determine your numbers and success. One problem for many realtors is they fail to talk to their selling clients about making the house saleable. This means getting rid of junk, cleaning, fixing problems, painting and then staging (even if using their furniture) for the open houses and all showings. It is a lot of work and at times you’ll wonder why you bother (some clients can be frustrating).
Have fun and enjoy.
Also, what is the difference between a real estate agent, realtor, buyers agent, and listing agent?? Cant a real estate agent and realtor be a listing agent and buyers agent? I am SOOO confused?
A real estate agent is a person who list and sells houses
and a realtor is basically the same thing, But when contact a realtor, its an office and you usually ask a question about real estate, You ask I am calling about a house I am interested in looking at and I need to speak to an agent. The receptionist will pass you to an agent which is a realtor, Now it mostly one in the same. Now this agent works for a Real estate Broker. Which has a different kind of license than an
a real estate agent. In other words when you walk into a real estate office and you see several desk with
a person behind each one you just walked into room of realtors.
What is the difference between a realtor salesperson and a realtor broker?
An agent/salesperson/Realtor requires a licensed broker to supervise his real estate activities. A broker doesn’t require such supervision A broker’s license is harder to get vs. an agent’s license. A broker’s license requires the person to pass a more difficult test and to have years of experience in selling real estate. Basically a broker supervises agent/salepeople.
All a Realtor is, a member of National Association Realtors. Both an agent and broker can be members of the NEA. If the agent or broker is not a member of the NEA he can’t use the copyrighted term "Realtor".
The National Association of Realtor’s has a strict Code of Ethics that each member must adhere to. If a member doesn’t follow these rules they can be fined, censured, and possibly lose their real estate license.
I purchased an older home a few years ago and now am having mold issues due to excess water damage, this is obviously a problem that date’s back to before I owned the home. Is the realtor legally binded to tell the buyer before purchase of any kind of water damage/mold issues?
Thank You Thank You!!!!
The seller would have to fill out a disclosure statement that should list any items that *they* are aware of. Unless you could prove that the agent was in cohoots to hide something, your beef *would have been* with the seller. But, then, comes your next problem: Proving the seller *knew* there was a water issue. This is going to cost you money to prove… and add to that the court costs of suing the former owner… Another problem you may have is the fact you state you bought this home *a few years ago*. Did you have an inspection at the time of sale?
In my opinion, a *few* years means more than 2, and I would say you may be dead on arrival proving that this former owner knew and prevailing in court.
Speaks for itself. What are some important agencies or clubs that its important or beneficial to be a part of, if your a Realtor or real estate agent?
Other than the standard associations that come with being a Realtor (NAR/your local and state associations), I recommend joining networking groups. Some agents are members of country clubs and chambers of commerce, which help circulate their name. Being a Realtor is about promoting yourself – not your business – so any way you can find to get your name out there, the better off you’ll be.