It is not surprising that most homebuyers hire a REALTOR® to help them find a home. Without one, in the time it takes you to find and buy a home, you would have to learn and put into practice a special set of skills real estate professionals spend years honing. From finding a home and matching you with adequate financing, to negotiating the contract and closing the deal, the real estate agent's numerous duties and responsibilities reflect the often-esoteric nature of home buying. Ultimately, you can expect your agent to guide and assist you through this home-buying adventure. In this case, Christine will help you avoid potential pitfalls, and in the end, hand you the keys to your new dream home. 
- To help you buy a home, your agent must have a vast working knowledge of the real estate market, including price trends, neighborhood conditions and amenities, real estate law, zoning issues, financing, taxes, insurance and negotiating. The best agents are also "street smart" in the psychology of home buying and the stresses that accompany it.
- During your initial meeting, agents typically help you determine the viability of your wants and needs in both a neighborhood and a home. The agent will help you learn how much you can afford, help you find suitable financing, clue you in on current market conditions and tell you what to expect as you shop for a home. Your agent will also devise a strategy or shopping plan based on your needs, how much you can afford and current market conditions.
- As you shop for your home, you will likely meet with your agent to tour available properties and discuss myriad details, including a home's pertinent selling points, floor plans, the neighborhood's crime rate and community proximity to schools, shopping centers, cultural activities and work centers.
- The agent is responsible for obtaining disclosures, making sure home inspections and repairs are completed and coordinating the activities of your lender, attorney, roof inspector and other professionals engaged in your purchase. If bargaining over the price is necessary, your agent will be your negotiator, and when it's time to sign the final closing documents, he or she will accompany you to make sure all the "I's" are dotted and the "T's" crossed.
- When you have a question, concern or idea as you shop, your agent will respond either directly or by referring you to someone who can help.
 How agents are paid
Once you find your home and the deal is sealed, your agent is most likely paid by commission. Typically, the seller pays the commission, making realty services "FREE" to the buyer. The listing broker, for whom the listing or seller's agent works, typically requires that sellers pay 5 percent to 7 percent of the sales price. Because most real estate transactions involve two brokers - the broker who finds the buyer and the broker who finds the seller -- the commission is generally split 50-50, between the two brokerage offices. Then, within each office, the agent who handled the transaction gets a share, usually half of the 50 percent or about 1.5 percent. Furthermore, the buyer's agent contract stipulates that the agent works exclusively for you, and will work with your best interests at heart. Avoiding dual agency
More and more, buyers hire a buyer's agent, especially in hot competitive seller's markets and to avoid what's called "dual agency" -- an agent, brokerage or company representing both the buyer and seller. It's only natural for an agent to attempt to sell you listings from her brokerage or company. Legal in many states, dual agency nevertheless comes with an inherent conflict of interest as the agent, broker or company attempts to fairly exercise fiduciary duty, represent two opposing clients and collect the full commission. Some buyer's agents, however, split their time acting as a listing agent. Conclusion
With so many different types of agents to represent you, take great care in selecting an agent to meet your needs. Ask family, friends, co-workers, other professionals you have hired and others you trust for referrals to agents who have recently satisfied their needs. Be sure to check out Christine Hendricks’ client testimonials on this website. It's our job to know EVERYTHING about Indianpolis, Carmel, Zionsville, Westfield, Fishers, Geist, Noblesville, Brownsburg and Avon! Ask us any question. Or request a FREE information package. There's no obligation, and we promise to get back to you quickly...
 |
First Time Buyers >Good Faith Estimates
Several years ago the U.S. Congress tried to protect consumers from a few unscrupulous lenders by requiring all lenders to calculate and disclose the annual percentage rate (APR) you pay on your mortgage loan. But most homebuyers will learn more by directing their attention to the Good Faith Estimate of Settlement Costs (GFE). Although Congress meant well, in practice the APR is not helpful and may be confusing.
If you are looking for a good way to understand your costs of borrowing and/or to compare one lender's costs to another, the GFE is your best bet. Get your lender(s) to provide a written GFE before you commit your mortgage business. When reviewing a GFE, keep in mind that the lender actually controls only a certain portion of the disclosed costs. Other parties typically control costs of appraisal, settlement, title insurance, recording fees and taxes, survey, and the "prepaid" expenses of homeowner's insurance, mortgage insurance, real estate taxes, etc. Review these origination fees, discount points, etc. and you will have the ability to understand the full costs of your proposed mortgage loan.
|
|
| Q |
Where is the world's largest mud building?
|
| A |
The Grand Mosque in west Africa measures 328 feet long and 131 feet wide, and has been carefully maintained for centuries by local craftsmen, especially during the rainy season. |
 See More Real Estate Trivia > |
|
|
|
- NUMBER1EXPERTS™ 
