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.