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"For Sale By Owner" may be
the four most tempting words
in the world to a homeowner
who feels the need to earn
every penny from the sale of
his or her property. A ‘For
Sale' sign, a classified
advertisement, and a
telephone seem to be the
only tools necessary for you
to get underway. Likewise,
buyers may be tempted to
think they can find the home
of their dreams armed with a
recent homes-for-sale
magazine and a road map. But
rarely do these solo
ventures yield the sweet
success envisioned by the
thrifty consumer.
Buyers and sellers are
clearly better served when a
real estate professional is
engaged to assist in the
sale or purchase of a
property. In today's market
there are dozens of reasons
why a REALTOR® can
give you an edge, beginning
with the information and
experience necessary to
arrive at an appropriate
asking price, to the
knowledge of state laws and
regulations for which both
parties to the contract will
be held liable.
Given that you as a home
seller or buyer have agreed
to use a professional to
assist you in the
transaction, what can you
expect in the way of
services? How do real estate
agents earn their
commission? A listing agent
engaged to help you sell
your home works with you in
a number of capacities,
including determining your
asking price. It is the
listing agent who researches
the sale prices of similar
homes in your area to show
you what you might
reasonably expect to garner
from the sale of your
property. The listing agent
also will assist you in
making your home presentable
for sale, offering
suggestions about how to
best show the property and
what, if any, improvements
ought to be made before
putting the property on the
market. The listing agent
will inform the seller about
laws and regulations such as
fair housing requirements,
septic regulations and lead
paint laws. Any forms or
disclosure documents
required by law can be
obtained through the listing
agent. The listing agent
will provide you with a yard
sign, and advertising - at
no extra cost to you.
It is the behind-the-scenes
work of your listing agent,
however, that may matter
most in procuring a buyer
for your property. The
listing agent most likely
will conduct an open house
viewing of your home, not
only for the public, but for
other real estate agents who
may know about a potential
buyer for your home. Listing
agents keep abreast of what
other properties in your
community are for sale, and
how that might affect
activity at your home, or
the price of your home.
Your listing agent is your
advocate during sale
negotiations, presenting
offers to you and counseling
you about the qualifications
of potential buyers. The
listing agent works hard to
bring only qualified buyers
into your home, enhancing
your ability to sell the
property in the most time
efficient manner possible.
It’s also the listing agent
who will assist in
coordinating deadlines and
closing dates, making sure
all documents are signed,
sealed and delivered on
time.
Buyer's agents, as well as
sub-agents perform many of
the same functions on behalf
of clients looking to
purchase a home. They help
buyers determine how much
they can afford to spend,
research properties
available on the market
within their price range,
and provide important
disclosures about the
property being shown. Like
listing agents, sub-agents
and buyer's agents also can
assist prospective buyers in
completing legal forms,
reviewing the purchase and
sale contract, and
presenting the offer.
Additionally, all three may
offer referrals for
financing and legal
representation, and may
accompany buyers to the home
inspection. However, only
the buyer's agent can assist
in formal price negotiations
on behalf of prospective
homebuyers.
The purchase or sale of a
home is an enormous
undertaking, filled with
complex issues - both legal
and financial. Consumers
should know that REALTORS®,
those agents who have
voluntarily joined a
professional trade
association and abide by a
national Code of Ethics, are
specially trained to attend
to all aspects of each
transaction, and their
experience as professionals
works for the buyer or
seller they represent. “The
REALTOR'S® commission is a
small price to pay for the
security of knowing your
real estate transaction is
being ushered through the
process by a professional
who is trained to foresee
potential problems and who
will work hard to find
solutions that satisfy you.
Copyright 2005 Dian Hymer
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