Real estate agents are great sources of information and assistance in the housing industry. Their purpose is to serve the real estate market with integrity. Under contract they have fiduciary responsibilities to their clients. Before enlisting the assistance of a real estate agent, there are 10 things to keep in mind.
1. Before as agent can successfully sell your home, you need to have it in tip top shape. All colors inside and outside of the home should be in neutral colors, including wallpaper, painted walls, and the exterior. If you are a smoker or own a pet, find a way to make the home odor-free. The best option would be to smoke outside only and buy an air cleaner. Clean spotlessly and free the home of all clutter. Nothing turns a potential buyer away more quickly than dirt, clutter or odor.
2. Not all real estate agents are created equal. There is a lot of competition in the market and some real estate agents work harder than others. When you are ready to put your home up for sale, you want an agent that will work hard for you. Your best bet is to use one referred to you by someone you know.
3. The seller pays the sales commission, not the buyer. There is very little exception to this rule.
4. Your real estate agent is not responsible for ensuring that your inspections are carried out appropriately. When you find your dream home and your offer is accepted by the buyer, inspections will ensure. Your real estate agent may be in attendance at your inspections, but your agent is not responsible for following around the inspector and ensuring that everything is noted.
5. If you want to live in an adult community, within a specific religious area, particular ethnic demographic, a low crime neighborhood or one that services a particular school, your real estate agent cannot help you find those areas. It is against the law according to the Fair Housing Act.
6. Until you sign a Seller’s or Buyer’s Agent Agreement, your real estate agent is not bound by law to keep anything you tell the agent private between the two of you. Once you sign, your agent is legally bound by user disclosure. It explains the legal responsibilities of the type of agent applicable to your situation.
7. Once you sign a Buyer’s Agent Agreement, only your agent should be showing you homes in which you are interested. In fact, you should only contact your agent when you find a home in which you are interested. Your agent is your point-of-contact when you have questions.
8. There are advantages and disadvantages to signing a Buyer’s Agent Agreement for more than 60 days. The advantages are that you know your agent by now and you won’t be starting on square one, redoing work already done. The disadvantages are that you and your current agent may not see eye-to-eye on the sale strategy and a different agent may work better for you.
9. Your home may not be priced at the amount you feel it is worth, and the projected price of your home may not cover what you currently owe on your house. You may have to concede on what you think your home is worth based on the agent’s best estimate of your home’s value. If it is less than you owe and you need to sell, you may want to consider a short sale.
10. Understand that when you finally enlist the assistance of an agent, if the situation becomes unmanageable, you can legally fire your agent. You’re only legally obligated to an agent if that agent fulfills his legal and contractual obligation to you. If at any time an agent violates your confidence, continually does nothing to promote your home or in any other way violates your agreement, then you can legally fire him. It is best, however, if you and your agent can jointly agree to dissolve the contract.
Selling or buying a home is a huge undertaking and you shouldn’t go into it blindly. Understand your rights and responsibilities, and your transaction will go more smoothly and be less stressful for you and your family members.
10 Things to Know Before Enlisting the Help of a Real Estate Agent
No comments:
Post a Comment