I get these questions a lot so, I thought I would go ahead and answer them…
Q: Can a Realtor help me if the listing is not his or hers?
A: Yes! The listing agent has the listing and the buyer’s agent is the one assisting you, the buyer. It can be the same Realtor assisting both the buyer and seller but often times it is another Realtor working for the buyer.
Q: Does each Realtor only have his or her own listings available to show?
A: No! Each Realtor (as long as they are a Realtor) has access to the MLS and ALL listings. One Realtor does not have access to different listings then another. You should work with the one Realtor that you feel most comfortable with.
Q: I can look up everything online, why do I need a Realtor’s help?
A: For many reasons! First of all, a Realtor can search all listings on the MLS for you, not just the ones featured online. Second, a Realtor can assist you with the home buying process from start to finish: from showings to contract negotiations to the closing. A Realtor will make sure that you have a smooth transaction and protect your interests. Third, you need to be accompanied by a Realtor to view the listings. Fourth and best of all, it does not cost you anything as a buyer! There are many more reasons that I will be happy to share with you if you are on the fence about working with a Realtor.
Q: I am ready to buy a home, what do I do now?
A: Great, you picked a wonderful time to buy! Your first step is to speak with a mortgage broker about getting pre-approved for a loan. Your Realtor should have a recommendation for you should you need one. Your Realtor will need this pre-approval letter to determine what price range is best for you. This letter is also needed to accompany your offer on a home. Your offer will not be accepted without it. If you plan on paying with cash, a bank letter or statement showing proof of funds will be needed. You should have these ready prior to going to view homes.
Q: How soon before I want to purchase a home should I start looking?
A: You should be ready to make an offer right away if you find what you are looking for. If you wait, it will most likely be gone. The good deals are going quick! Keep in mind; short sales may take several months to go through after you make the offer.
Q: What is the difference between a regular sale, short sale, and a foreclosure?
A: A regular sale is a traditional sale with a seller selling his or her home. A short sale occurs when a seller is selling the home for less than what is owed to the bank. Often there is a hardship involved where the seller can no longer afford to pay his or her mortgage. Although the seller must first approve the offer, the bank will have final say on the approval and what price to accept. The seller does not take any proceeds; they all go to the bank. This is what the majority of the current market is. A foreclosure occurs when the bank has taken full possession of the home and is selling it through an REO agent. The seller no longer owns the home and all negotiations are with the bank. These often become a bidding process where the listing goes to the highest bidder. Foreclosures move more quickly than short sales.
Hope this helps! Please contact me if you have any other questions or, I can help you with anything 🙂
