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Working with FSBOs and Real Estate Agents:
Thanks to the internet, today you have many more options to
find a home or to sell your home than by calling a real estate agent or real
estate office. In the past, your choices for finding homes for sale were limited
to these options: The real estate section of the newspaper, for sale signs, free
real estate magazines and a search of the local multiple listing service (MLS)
by a real estate agent. These venue are still available but now
you have the web and you can access not only to realty listings, but also to
individual for sale by owner (FSBO) listings, look up MLS listings without a
real estate agent, and access to various national, regional, and local real
estate listings.
For Sale By Owners (FSBOs):
These are home owners who sell without the assistance of real
estate agent or a broker. It is a small percentage of the real estate market,
but they are out there and you should look into it. In the past the only ways
to find these are classified ads or drive around the neighborhood you are
interested in and
looking for a "for sale by owner" signs. Now, there are hundreds of web sites on
the internet devoted to FSBO listings (national and regional). Here are 4 sites that have nationwide
listings of FSBOs: Owners.com,
Byowner.com,
ForSaleByOwner.com and
buyowner.com. No single site will have every
FSBO listing in a given location. You can look for other national and regional
FSBO sites using a search engine such as google by typing "fsbo". You should
also check out FSBOGuide.com. You can also
find classified ads online,
NewspaperLinks.com for example is a comprehensive gateway to newspaper Web
Sites around the world. It provides links to U.S. daily and weekly newspaper
home pages and sections (including classifieds), Canadian and international
daily newspapers, newspaper groups, associations and other media organizations.
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Multiple Listing Service (MLS):
MLS is the listings of almost all the properties being sold
by a realtor. So you can not list your property for sale on an MLS system
without an agent and a listing agreement. Your only option in the past to view
listings was to deal with a real estate agent to have them search the database.
No longer do the real estate agents have a database monopoly with the invent of
internet. You can now search just about any MLS system in your particular state.
It used to be that before you can see the listings, you would need to work with a
real estate agent or a real estate firm. But nowadays you can search just about any MLS
system in all states on the internet.
Realtor.com
for example is the official site of the National Association of Realtors, which
has the most listings on the web. Not every MLS listing from your area will be
here, but this site should definitely be searched first. Even though you may be
able to find and view MLS listings, the only way for you to see them in person
is to contact a real estate agent or a broker. Most likely you will contact the
listing agent but any real estate agent can show you the homes you are
interested in.
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What is a REALTOR?
A real estate agent or
broker is a REALTOR when he or she is a member of the National
Association of Realtors (NAR).
Realtors are pledged to a strict Code
of Ethics and Standards of Practice defined by NAR. You don't have
to be a Realtor to be a real estate agent or broker.
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Working with Real Estate agents:
When buying or selling real estate, you may find it helpful
to have a real estate agent assist you. Real estate agents can provide many
useful services and work with you in different ways. In most real estate
transactions, the agents work for the seller. In others, the seller and buyer
may each have agents. And sometimes the same agents work for both the buyer and
the seller. It is important for you to know whether an agent is working for
you as your agent or simply working with you while acting as an agent
of the other party.
When buying real estate, you may have several choices as to
how you want a real estate firm and its agents to work with you. For example,
you may want them to represent only you (as a buyer's agent). You
may be willing for them to represent both you and the seller at the same time
(as a dual agent). Or you may agree to let them represent only the
seller (seller's agent or subagent). Some agents will offer you a
choice of these services. Others may not.
Seller's Agent Working With a Buyer - When you are buying a home, this is
probably the most common type of relationship you would face. Sellers' agents
are compensated by the sellers and therefore represents the seller—not you. They
must try to obtain for the seller the best possible price and terms for the
seller's property. Furthermore, a seller's agent is required to give the seller
any information about you (even personal, financial or confidential information)
that would help the seller in the sale of his or her property. The seller's
agent can still help you find and purchase property and provide many of the same
services as a buyer's agent. The agent must be fair with you and provide you
with any "material facts" (such as a leaky roof) about properties.
In the past, you often assumed that real estate agent worked
for you (buyer). After all, the agent showed you lots of properties, called
regularly to tell them about new listings, wrote the offer to purchase, and
answered questions about mortgages and other issues related to the sale. You
felt free to give confidential information to an agent, unaware that it was the
agent's duty to pass the information on to the seller. Today, many states have
enacted laws to help protect and educate buyers. In those states, agents must
tell you in writing if they are sellers' agents before you say anything
that can help the seller. The disclosure may take place at your first
face-to-face meeting, during a phone call, or by e-mail, but should always be
made before a real estate agent asks for specific information about your needs.
But until you are sure that an agent is not a seller's
agent, you should avoid saying anything you do not want a seller to know.
Seller's Agent - If you are selling real estate, you may
want to "list" your property for sale with a real estate firm. If so, you will
sign a "listing agreement" authorizing the firm and its agents to represent you
in your dealings with buyers as your seller's agent. You may also be asked to
allow agents from other firms to help find a buyer for your property by listing
your property in a MLS system. Be sure to read and understand the listing
agreement before you sign it. Once you have signed the listing agreement, the
firm and its agents may not give any confidential information about you to
prospective buyers or their agents without your permission so long as they
represent you. For representing you and helping you sell your property, you will
pay the listing firm a sales commission or fee. The listing agreement must state
the amount or method for determining the commission or fee and whether you will
allow the firm to share its commission with agents representing the buyer.
The listing firm and its agents must promote your best interests, be loyal to
you, follow your lawful instructions, provide you with all material facts that
could influence your decisions, use reasonable skill, care and diligence, and
account for all monies they handle for you. To help you sell your property, the
listing firm and its agents will offer to perform a number of services for you.
These may include but not limited to helping you price your property,
advertising and marketing your property, giving you all required property
disclosure forms for you to complete, negotiating for you the best possible
price and terms, reviewing all written offers with you and otherwise promoting
your interests.
Buyer's Agent - Once you have agreed (either orally or
in writing) for the firm and its agents to be your buyer's agent, they may not
give any confidential information about you to sellers or their agents without
your permission so long as they represent you. If the real estate firm and its
agents represent you, they must promote your best interests, be loyal to you,
follow your lawful instructions, provide you with all material facts that could
influence your decisions, use reasonable skill, care and diligence and account
for all monies they handle for you.
To make sure that you and the real estate firm have a clear
understanding of what your relationship will be and what the firm will do for
you, you may want to have a written agreement. However, some firms may be
willing to represent and assist you for a time as a buyer's agent without a
written agreement. But if you decide to make an offer to purchase a particular
property, the agent must obtain a written agency agreement. If you do not sign
it, the agent can no longer represent and assist you and is no longer required
to keep information about you confidential. Furthermore, if you later purchase
the property through an agent with another firm, the agent who first showed you
the property may seek compensation from the other firm. Be sure to read and
understand any agency agreement before you sign it.
Whether you have a written or unwritten agreement, a buyer's agent will perform
a number of services for you. These may include helping you find a suitable
property, arrange financing, learn more about the property and other-wise
promote your best interests. If you have a written agency agreement, the agent
can also help you prepare and submit a written offer to the seller. A buyer's
agent can be compensated in different ways. For example, you can pay the agent
out of your own pocket. Or the agent may seek compensation from the seller or
listing agent first, but require you to pay if the listing agent refuses.
Whatever the case, be sure your compensation arrangement with your buyer's agent
is spelled out in a buyer agency agreement before you make an offer to purchase
property and that you carefully read and understand the compensation provision.
Dual Agent -You may permit an agent or firm to represent you and the
seller at the same time. This "dual agency relationship" is most likely to
happen if you become interested in a property listed with your buyer's agent or
the agent's firm. If this occurs and you have not already agreed to a dual
agency relationship in your (written or oral) buyer agency agreement, your
buyer's agent will ask you to sign a separate agreement or document permitting
him or her to act as agent for both you and the seller. It may be difficult for
a dual agent to advance the interests of both the buyer and seller.
Nevertheless, a dual agent must treat buyers and sellers fairly and equally.
Although the dual agent owes them the same duties, buyers and sellers can
prohibit dual agents from divulging certain confidential information about them
to the other party.
Some firms also offer a form of dual agency called "designated agency" where one
agent in the firm represents the seller and another agent represents the buyer.
This option (when available) may allow each "designated agent" to more fully
represent each party. If you choose the "dual agency" option, remember that
since a dual agent's loyalty is divided between parties with competing
interests, it is especially important that you have a clear understanding of
what your relationship is with the dual agent and what the agent will be doing
for you in the transaction. This can best be accomplished by putting the
agreement in writing at the earliest possible time.
Next -->>
It's closing time: Title and the keys please!
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