Real Estate Agent (Realtor) Information

Finding a trustworthy realtor that will actually serve your needs as a home buyer or seller can be a daunting task.  Quality realtors share four traits in common; they are knowledgeable, reliable, flexible and patient.   There are many resources on the web that can help you locate the perfect realtor online.

Choosing a Realtor
At a minimum, speak with 2 or 3 brokers from different agencies. Ask prospective brokers the same list of questions, in order to compare their answers. Find out what they would do to sell your house.

Above all, choose a broker that you feel comfortable with and like. This person will help you make the biggest sale of your life, so find someone you think will do a good job!

The following is a list of questions that may be helpful to ask while speaking with prospective real estate brokers.
How many years have you been in business?
For how long have you sold houses in this area?
How many houses did you sell in the past year?
What is your commission?
If I were to work with you, how would you market my house?
Will you organize meetings with potential buyers and will you coordinate them personally?
Can you give me names and telephone numbers of other families that have used your services?

Role of the Real Estate Broker
Frequently, the first person you consult about buying a home is a real estate agent or broker. Although real estate brokers provide helpful advice on many aspects of home buying, they may serve the interests of the seller and not your interests as the buyer.

The most common practice is for the seller to hire the broker to find someone who will be willing to buy the home on terms and conditions that are acceptable to the seller. Therefore, the real estate broker you are dealing with may also represent the seller.

However, you can hire your own real estate broker, known as a buyer's broker, to represent your interests. Also, in some states, agents and brokers are allowed to represent both buyer and seller.  Even if the real estate broker represents the seller, state real estate licensing laws usually require that the broker treat you fairly. If you have any questions concerning the behavior of an agent or broker, you should contact your State's Real Estate Commission or licensing department.

Sometimes, the real estate broker will offer to help you obtain a mortgage loan. He or she may also recommend that you deal with a particular lender, title company, and attorney or settlement/closing agent. You are not required to follow the real estate broker's recommendation. You should compare the costs and services offered by other providers with those recommended by the real estate broker.

Realtors and Transaction Fees - Specific Settlement Costs
This part discusses the settlement services which you may be required to get and pay for and which are itemized in Section L of the HUD-1 Settlement Statement. You also will find a sample of the HUD-1 form to help you to understand the settlement transaction.

When shopping for settlement services, you can use this section as a guide, noting on it the possible services required by various lenders and the different fees quoted by service providers. Settlement costs can increase the cost of your loan, so compare carefully.

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