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Finding Your New Home
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You’ve got a new job. You want to move closer to family. You’re unhappy with the schools in your neighborhood. Whatever the reason, you’re ready to relocate. Now it’s time to find the perfect home in your new location. But where to start?
You’ve got a new job. You want to move closer to family. You’re unhappy with the schools in your neighborhood. Whatever the reason, you’re ready to relocate. Now it’s time to find the perfect home in your new location. But where to start?
Types of Real Estate Agents
If you’re buying, you’re going to need a real estate agent. You could make it simple: head down to the nearest agency and choose the first friendly face that greets you. Unfortunately for buyers, ending up with the wrong real estate agent is a very real possibility. Being armed with some valuable information may help save you from that ordeal. You should know, first of all, that there are three types of real estate agents: sellers’ agents, buyers’ agents and dual agents. Here are the qualifications of each:
- Sellers’ Agents: These agents have a contract with the sellers of properties on the market. This means that when selling a home, these agents have the owner’s best interests in mind. Though they are bound by law to report any major problems with a house to the potential buyer, their goal in selling a house is to get the highest price possible (and thus the highest commission).
- Buyers’ Agents: You want a buyer’s agent on your side when you’re in the market for a new home. This agent will shop around for you, looking for the ideal home to match your needs. Sure, you can do this on the internet yourself, but these agents know the tricks of the trade and all the ins and outs to finding that perfect house, including, possibly, homes that are about to become available and not even on the market yet. Buyers’ agents may require a flat fee from the buyer, but often a deal is made with the sellers’ agent to share the commission, thus waiving any fees to the buyers’ agent from the buyer.
- Dual Agents: Sometimes you’ll wind up with an agent who is listed as the seller on a particular property that you happen to be interested in buying. This agent is known as a dual agent and, just like it sounds, is divided in his interests. On the one hand, he is contracted to represent the sellers of the property; on the other hand, he is interested in meeting your needs as well. This can get confusing, but generally works best when brokering a quick an easy deal; i.e., you are willing to pay the seller’s asking price without anything but the simplest negotiations.
Choosing your Buyers’ Agent
Once you know which type of agent will work for you, follow these steps to find your ideal match.
- Take a deep breath. This process takes time and patience.
- Remember that your primary search should be for an agent, not a home. Once you have an agent, he or she will shop around for you. If you happen to be flipping through the paper and find your dream house, your interests may not be represented if you move to fast and approach the sellers’ agent on that home.
- Ask friends for referrals. Word of mouth is the best way to find someone you trust.
- If you don’t have friends who have purchased homes in the area, take a look at the National Association of Realtors at www.realtor.org. You’ll be able to find a list of realtors in your area, plus a myriad of valuable buying tips.
- Interview your prospective agents. Try to find at least three possibilities and don’t be afraid to ask questions about schedule (if you can only see houses on Tuesdays and Saturdays, you’ll need an agent that works on those days), how often you can expect contact, and commitment.
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