- Credit 101
- Teaching Tools
- Scores
- Life Stages
- Credit Mishaps
- Understanding Different Bankruptcy Chapters
- Your Credit Report After a Bankruptcy
- Understanding Judgments
- Inaccuracies on Your Credit Report
- Disputing Credit Report Errors
- Understanding Foreclosure
- The Foreclosure Process & What To Do Afterwards
- Understanding Identity Theft
- In the event of: The Death of a Spouse
- Rebuilding Your Credit
- Choosing a Reputable Credit Counselor
- Avoid the Downside of Credit Mismanagement
- What is a Credit Freeze
- Worksheets & Letters
- 6 Steps to Creating a Budget
- Household Budget: Wants vs Needs
- Personal Budget Template
- Understanding Amortization Schedules
- Loan Amortization Calculator
- Sample Opt-Out Letter
- Sample Dispute Letter
- Annual Credit Report Request Form
- Auto Loan Payment Calculator
- Back-to-School Budgeting
- Cost of Credit
- Emergency Fund
- How Much Car Can You Afford
- How Much House Can You Afford
- How Much Will College Cost
- How Much Will My Loan Cost
- How Will My Savings Grow
- Mortgage Payment
- Mortgage Refinancing
- Pay Down Debt or Invest
- Repaying Student Loans
- Retirement Fund
- Rework Your Budget
- Saving for a Goal
- Should I Consolidate My Debt
- Travel Budgeting
- Your Holiday Budget
- Buying a House
- 5 Steps to Buying a Home
- 5 C's of credit When Applying for a Loan
- What Score is Needed to Purchase a Home
- Using a Realtor
- Understanding Fixed Rate Mortgages
- Understanding FHA Loans
- Understanding VA Loans
- Understanding Interest Only Loans
- Understanding ARM Loans
- Understanding Combo Loans
- Understanding Streamline K Loans
- Understanding Bridge Loans
- Understanding HELOC (Home Equity Line of Credit)
- Understanding Reverse Mortgages
- Basic Mortgage Underwriting Principles
- Credit & Financial Law
- Home
5 C's of Credit When Applying for a Loan
What Score Is Needed to Purchase a Home
Understanding Fixed Rate Mortgages
Understanding Interest Only Loans
Understanding Streamline K Loans
Understanding HELOC (Home Equity Line of Credit)
Using a Realtor
Is it possible to go out and buy a home on your own without the assistance of a professional realtor? Sure. But using a realtor to help in buying your home will make the entire process easier and will help to make sure that you get the best deal on your own and that all of the legal issues involved in home buying are taken care. Take a look at some of the basic benefits of using a realtor to help you buy your home:
- A realtor can significantly narrow down the home buying process by helping you to determine exactly what your needs and desires are for the new home.
- A realtor is an expert in negotiating on the price of the home.
- Home buyers rarely pay out-of-pocket fees for the help of a realtor. Therefore you’re getting professional advice and a better deal on your new home without any costs.
- If you are going to be purchasing a new home in a city that you are unfamiliar with or in a neighborhood that you don’t know a lot about, a realtor can provide you with important information about neighborhood demographics and things like schools in the area.
- Realtors are able to access the right people for making a good value assessment of your home so that you know if you’re paying a fair price.
- Realtors have access to online listings of homes that you yourself may not have ready access to, making it possible for the realtor to find a home for you to buy that you wouldn’t have found on your own.
- There are a lot of details to buying a home and you probably aren’t familiar with them, especially if this is your first time as a home buyer. The realtor can help you through every step of the process so that you understand what is going on and don’t get cheated anywhere along the way.
- You’ll know that the I’s have been dotted and the T’s have been crossed so legal concerns about the home buying transaction won’t have to worry you.
Working with a trusted real estate agent is a key part of the home buying process. A good realtor can help you find the home of your dreams at a price you can afford. Here are five basic questions you should ask a prospective real estate agent before you start to shop for a home.
1. How long have you been licensed as an agent?
Check that the real estate agent currently has a license in good standing and ask him about his professional experience. Look for a real estate agent who has been in the business for at least five years. Ask him about his work schedule and how he wants to be contacted. Ideally, your agent is a full-time realtor who is easily accessible by email, cell phone, and in person.
2. How many homes did you sell last year and for what average price?
Ask your agent about her recent experience helping people in your area buy and sell homes. See if she will provide you with the contact information of former customers as references.. If you are working with a realtor to sell a home, you should also ask about the average amount of time between the listing and sale of her previous properties.
3. How many buyers and sellers are you currently working with?
Look for an agent that works with a few clients at a time, but not so many that he won’t have enough time for you. Ask if the realtor will be acting as a dual agent and representing both the borrower and the seller. If the agent will be representing you exclusively, ask whether he expects you to pay the commission instead of the seller.
4. What are your fee and commission structures?
Most real estate agents work purely on commissions from the sale. When a homeowner sells a home, they pay a real estate agent a commission and closing fee. This listing agent’s commission is usually about 6% of the sale price. The listing agent then shares her commission with the buyer’s agent. For helping you buy a home, your agent will receive about 3-4% of the sale price. Some agents offer discounted commissions, rebates, or flat-fees for their services. Cheaper may not be better: a discounted real estate agent may not work as hard to help you find the best home..
5. How can you help me afford the home I want?
Your agent should be knowledgeable about the financing process and mortgage loan options available to you. You should ask him about tax and insurance policies that may impact your purchase. Also ask about the agent’s experience making tough negotiations. Is your agent going to work hard to get you the best price on a home?
You can shop and compare real estate agents in your area online with no obligation. Don’t be afraid to ask an agent hard-hitting questions about her services. A good agent will understand your concerns and will help you find the best deal.
