I am going to try to enlighten and inform in this blog, how real estate works, and what you as a consumer can expect from a Realtor. This will be an ongoing blog, with additions made on a regular basis, so come back often...It just may help you!
How Real Estate Works - 101
In a normal Real Estate Transaction, there is a Seller and a Buyer. A Realtor, or two Realtors will facilitate this transaction. In a normal Transaction, one Realtor represents the Seller, as the Listing Representative, and the second Realtor represents the Buyer under a Buyer's Agency Agreement.
I will cover both sides of the Transaction in the following number of Posts.
Buying
The buying of a home is the single most important financial decision anyone will make in their lifetime. It only makes sense to work with Professionals when undertaking this task. Does one trust their new Car to the neighbourhood handyman when it comes to caring for it? Is it wise to ask your neighbourhood handyman what stocks to invest in? Is it wise to ask your neighbourhood handyman for medical attention for that ache in your chest? I don't think so.
Now, if you could get professional help and assistance, and advice when buying a property, and there is no cost to you, why would you trust the neighbourhood handyman, or for that matter someone who is selling their own house? Who is looking out for your best interests? Who is going to prepare the offer to purchase agreement, with your best interests at heart? Not the local handyman! Especially when the services of a Professional Realtor, comes with his services paid for you! That's right.....when you purchase your home using the services of a Realtor, the fees are usually paid by the Seller! And this does not, as commonly thought, add to the price of a house! The Mortgage Co. or Bank will only finance the property if it meets the Appraisal Price done on the property for the Mortgage Co. or Bank. My advice to all my friends, clients and customers is to take advantage of the services of a Buyer's Representative (Realtor) when buying Real Estate. I have no problem with someone trying to SELL their own property, but when BUYING use a Professional, for your protection.
Buyer's Representative - A Buyer's Representative will work, under a contract with you, to provide specified services, in order to find the home, prepare the offer, negotiate the final price, and to offer other professional advice and assistance in the Investment of buying your home. There are three types of services that you can choose from when you work with a Buyer's Representative Realtor; As a Customer Representative, as a Client Representative, or as a Dual Agency Representative. There are specific duties and obligations owed to you under each of the choices. I will explain the differences in a later post, or contact me for my pamplet explaining Buyer's Agency.
The important point I want to make in this Post, is to take advantage of the Expertise and Protection you receive when working with a Realtor.
And so, until next time, take care and ask for help in this Major undertaking. If you have any questions, check out my website at http://www.thehomeguy.ca/ or email me at thehomeguy.ca@gmail.com
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