1. What type of benefits can a real estate professional offer?
A knowledgable Realtor can educate the purchaser about properties that have sold in the area & the comparable values for available properties. Additionally, a Realtor can give the marketing history for a subject property.
2. How do I choose a real estate professional?
Shop around for a professional, full-time, local expert Realtor in the community you are looking. Consider choosing a reputable, well-established firm. Choose an energetic professional. Look for a broker who is organized, truthful & someone you are comfortable with. Find someone who is easy to reach & stays in touch properly. Agree to pay the Realtor if he finds an acceptable "FSBO" where the seller won't pay a commission. The Realtor will stay in touch with the purchaser & search for acceptable properties that match the purchaser's search criteria.
3. Can real estate professionals show listings from other real estate agencies?
Absolutely. The entire purpose of the MLS (Multiple Listing Service) is so that brokers can share listings with each other. All Realtors can show all the other Realtor's listings.
4. What is a buyer's broker?
A buyer's broker represents the interests of the buyer only, not the seller. This is a legal definition & the relationship is created by signing an Exclusive Right To Represent Agreement. The buyer promises to work with this broker only & the broker promises to find an acceptable property for the buyer. A buyer's broker will arrange for property showings, negotiate the best terms & price for the buyer, research the house & the seller, & help the buyer find a mortgage, attorney, & home inspector. A buyer's broker will protect the buyer's best interests. The buyer's broker receives a portion of the listing agent's commission as its' fee. Any Realtor can be a buyer's broker, it simply depends on what paperwork has been signed or agreed to between the buyer & his broker. If an Exclusive Right To Represent Agreement is not signed, then the broker legally works for the seller.
5. What is a Multiple Listing Service?
A Multiple Listing Service (MLS) is a computerized networking organization that helps Brokers share listings with each other. It is easily searchable so that agents can find acceptable properties for their buyers based on their buyer's search criteria. Not all agents belong to their local MLS, so make sure the broker you choose belongs to ensure that you'll have access to all the properties that match your search criteria.
6. What information should I bring when I visit a real estate professional?
You should have an idea of what kind of house you are looking for & any special needs you may have. Create your search criteria, including: price range, school district, town or post office or zip code, house style, bedrooms, square footage, etc.
7. How much house can I afford?
To figure this out, calculate your total average monthly income & subtact your average monthly expenses for non-housing items. The amount of money left is generally for housing expenses. Your monthly mortgage payment should not exceed 35% of your gross monthly income. Speak with at least 3 mortgage brokers or bankers to get their opinions of your price range. Don't exceed your limits or you'll be living for your house, which isn't much fun. You should also determine how much money is available for a deposit or down-payment.
I am the Principal Broker of Grand Lux Realty, Inc, located in Armonk, NY. I invite you to visit our website for more real estate tips or call our office at 914-273-9688.