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MORTGAGE TUTORIALWorking with a Real Estate AgentBuying or selling a home can be a confusing and overwhelming process. Although it is not required to use a real estate agent to buy or sell a house, real estate agents can take the time to help you understand how the market works and apply their knowledge, skills and resources to simplify the process for homebuyers and home sellers. As a homebuyer, you will usually not have to pay the real estate agent to help you find a home. Although there are exceptions, a real estate agent representing the buyer in a transaction typically receives a portion of the commission that the sellers pay when the house is sold. A great source to learn more about real estate agents is the official web site of the National Association of Realtors (http://www.realtor.org). Here are other tips for selecting the right agent, provided by GMAC Real Estate (http://www.gmacrealestate.com): 1. Avoid the temptation to let family members or friends "give it a go." Yes, it would be nice to help a loved one or friend get a foot in the door and a commission, but you're dealing with possibly the largest transaction you'll ever make. 2. Find agents who specialize in your neighborhood and your specific home value range. Interview agents with specific experience that matches your needs and make sure to ask whether they have a comprehensive customer satisfaction plan in place. Ask them what their customer satisfaction rating is and whether they will put into writing - up front - what they will do for you. 3. Ask agents for a comparative market analysis. You need to be sure the agent you choose does his or her homework and fully understands the nuances of your market. 4. Ask each agent you interview to share a "list price versus sales price" percentage to compare with the market average; ask each agent to also disclose a listing's average "days on the market" to compare with the market average. 5. Ask agents for references from their last three clients. If they hesitate, then maybe they have said a lot without saying a word. 6. Finally, in addition to choosing the agent who offers the kind of experience you need to help you buy or sell a home, check the personality "click factor" - so that the agent you select is someone with whom you'll enjoy working. |
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| Jump to: | |||
| 1. | Home Buying Process - How It Works |
7. | Signing a Purchase Agreement |
| 2. | What to Consider in Choosing a Home |
8. | Home Inspection |
| 3. | Working with a Real Estate Agent |
9. | Final Walk Through |
| 4. | Getting Pre-Approved and Pre-Qualified |
10. | Getting an Appraisal |
| 5. | Finding a Home | 11. | The Closing |
| 6. | Making an Offer | 12. | Moving In |