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| Working With Your REALTOR |
WORKING WITH YOUR REALTOR
In my last article I suggested ways to find a good Realtor. Now
that you have found that person, I have some thoughts for you.
Realtors will generally work under one of two methods depending
upon the state's requirements. In states where lawyers are not
usually involved in a transaction, you may be asked to sign an
Agency Disclosure. This is not a contract between you and the
Realtor. Consider it a hand shake agreement that is not binding
on either party. It states that the Realtor, while working with
you, owes their fiduciary duty to you which includes loyalty,
obedience, disclosure, confidentially and accounting in the
transaction.
If the Realtor asks you to sign a Buyer Broker Agreement, this
is a contract between you and the Realtor. It should have a
beginning date and an ending date. You will be bound to that
Realtor for that time frame. The agreement will also indicate
how the commission will be paid. Most of the time the seller
will pay the commission, but you could owe the Realtor an
additional amount if there is a shortage on the agreed |
upon
commission in the Buyer Broker Agreement. Make sure you read the
entire agreement and fully understand your rights and what the
Realtor is required to do for you.
No matter what system/disclosure agreement you will work under,
I would like to point out some things that you need to do to
help your Realtor find that one property you have been looking
for. Make sure you explain how you intend to finance the
property and the maximum you are willing to spend. You should
have determined that at the time you met with your loan officer
to start your loan application if you are financing your home. I
know I will show you any home in our Multiple Listing System (Tucson MLS) that meets
your criteria up to the price you give me.
At this point your requests or criteria should include all your
likes and mandatory items. It is now up to your Realtor to
search the MLS to come up with the homes that fit your needs.
Please trust your Realtor that they have researched everything
that is available. Homes magazines are nice, but in today's
market, most of the |
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homes you see in the magazines will probably
have been sold. One of the things you can use the magazines for
is to show your Realtor the style of home you would like.
On the day of showing, I like to spend a few minutes with my
clients talking about the homes we are going to see. I usually
have made appointments or have left messages on seller's
answering machines as to the approximate time I will show their
house. Please help your Realtor stay on schedule as there are
times we have to meet with someone to get into a house. I
usually allow enough time to stay on schedule. We can always
revisit a house if there is real interest.
Once you have seen the first home, give your Realtor feedback of
your likes and dislikes about that home. When you find a home
you like, compare all other homes to that one. On the first day
I try to show five to nine homes depending on the distance
between the homes. After that day discuss what you saw and what
you liked. Take lots of notes. I find that naming a house helps
to recall that one later. The "smoke house" (cigarettes tell on
themselves) or the purple |
house (if a room is purple) or, one of
my favorites "the duck house" (country theme with ducks
everywhere). With the information you give your Realtor, they
are better able to narrow in on the next days showings and save
you time.
Now, here is some advice: if you find the home of your dreams,
STOP! Write a contract! If you love it, I guarantee someone else
will love it also! Have your agent work up a competitive market
analysis (CMA) so that you can make an intelligent offer. But do
it FAST! If you have not found that right home, keep looking and
helping your Realtor with feedback. You are part of a team
looking for that special property you will be able to happily
call home.
About the author:
Barry has been in the Real Estate Business for over 26 years. He
holds the CRS, GRI, and e-Pro designation with the National
Association of Realtors. He is the Broker for his family owned
business. Tucson
Real Estate - CENTURY 21 Ability Realty - Barry
Fotheringham - Search 1000's of listings and find valuable
information on Tucson!
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