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FAQ
Q:
Why should I use a real estate salesperson or agent?
A:
A real estate salesperson is more than just a sales person.They act on your behalf as your agent, providing you with advice and guidance to help you buy or sell a home.They do get paid for what they do, but so do other professions that provide advice, guidance, and have a service to sell --such as Lawyers.With the advent of the Internet more information and help is now available to home buyers and seller.The information on listings available for sale is mostly current - but not fully.However, only an agent can give you the most up to date information on what has sold or is still for sale. Do not underestimate this advantage. When selling your home, you reach the most buyers by listing in the Multiple Listing Service.Only a licensed real estate agent who is also a member of your local MLS can get you listed there. This then gets you automatically listed on some of the other major real estate web sites.If you're buying or selling a home, the MLS is your agent's best tool to help you reach your goal.In the past, agents were the only way home buyers and sellers could reach certain information.Because today's home buyers and sellers are so much better informed than in the past, expertise and ability are becoming more important. Be sure that your agent is up to date on all the current available technologies to help you buy or sell a home.
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Q:
What is a FSBO?
A:
This is a term that real estate agents use to refer to a home owner who chooses to sell their own home.
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Q:
Why should I use a real estate salesperson or agent?
A:
A real estate salesperson is more than just a sales person.They act on your behalf as your agent, providing you with advice and guidance to help you buy or sell a home.They do get paid for what they do, but so do other professions that provide advice, guidance, and have a service to sell --such as Lawyers.With the advent of the Internet more information and help is now available to home buyers and seller.The information on listings available for sale is mostly current - but not fully.However, only an agent can give you the most up to date information on what has sold or is still for sale. Do not underestimate this advantage. When selling your home, you reach the most buyers by listing in the Multiple Listing Service.Only a licensed real estate agent who is also a member of your local MLS can get you listed there. This then gets you automatically listed on some of the other major real estate web sites.If you're buying or selling a home, the MLS is your agent's best tool to help you reach your goal.In the past, agents were the only way home buyers and sellers could reach certain information.Because today's home buyers and sellers are so much better informed than in the past, expertise and ability are becoming more important. Be sure that your agent is up to date on all the current available technologies to help you buy or sell a home.
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Q:
What's the difference between a real estate agent and a broker?
A:
Most states require real estate sales professionals to be licensed by that state. This is so that they can control and regulate the education and experience requirements. Many may also have a central authority to resolve consumer problems.State to state the terminology used for real estate professionals varies little.Brokers are generally required to have more education and experience than real estate salespersons or agents.The person you normally deal with is a real estate agent.This salesperson is licensed by the state, but must work for a broker.All listings are placed in the broker's name, not the salesperson's.A broker can deal directly with home buyers and sellers, or can have a staff of salespersons or agents working for them.
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Q:
Where can you find the Real Estate Agent's Code of Ethics?
A:
Many real estate agents are members of the National Association of Realtors, which does have a code of ethics for their members. You can find it on the internet at realtor.org.
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Q:
What is a buyer's agent?What does he or she do for a buyer and who usually pays this service?
A:
On most transactions, there is usually a listing agent and a selling agent. The selling agent is sometimes referred to as the buyer's agent, because he or she works on behalf of the buyer. This is easier than explaining that the selling agent is not the listing agent but rather the buyer's agent. There are some agents that call themselves buyer's agents, exclusive buyer's agents, or even buyer's representatives. This is just marketing. However, part of the reason is because they want to accentuate the reasons a buyer should not go directly to the listing agent when they wish to purchase real estate. This has to do with agency. If a buyer goes directly to the listing agent they are dealing with an agent that has conflicting interests and responsibilities. Their job is to get the best price for the seller and they may not represent the best interests of the buyer. Buyer's Agent indicates they are only working for the buyer in a real estate transaction. The commission is still paid by the seller with extremely rare exceptions. They either get paid by the seller or provide a credit to the buyer for the real estate commission. In this case then the buyer pays the commission.
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Q:
When you buy a home what may be claimed as a tax deduction?
A:
This is a question for a CPA or whoever does your taxes.We encourage you to follow up with a professional tax advisor. There are certain limits and restrictions that do not affect most people, but this is another reason you should contact a tax professional with your questions.Briefly, assuming you itemize your deductions, own and occupy the home, you can deduct both property taxes paid on the home and interest paid on your mortgage.You can deduct the points and prepaid interest you make during the actual purchase, whether you pay them or the seller pays them on your behalf.
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Q:
When making a choice between a newer home in a more modern neighborhood or remodeled home in an older one which makes the most sense as an investment?
A:
Remember that you buy a home for it's feeling to you as a home.Which neighborhood would you and your family be most happy in? Because pricing should be considered in relation to the local neighborhood and not compared to homes in other neighborhoods (for the most part) when considering a home for it's resale value and the one you are thinking of is in an older area check to see if it is at the upper end of values for that neighborhood. If so, then it may not be the best choice.If it is similar or lower in price to the others, this is better. Consider also, is it located in an area in decline, or are others going to be fixing things up, too, so that it is a neighborhood that is improving? If so, it may be a very good deal as long as you don't overpay.
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Q:
We all want to buy a house with a good resale value.How do you determine if your house will increase in value within the short term so that you can then upgrade to a newer or better home?I can buy a smaller house in a great location or get twice as much house in a good location.Which is a wiser decision?
A:
They often say, Location, location, location, and they are often right. However, with all investments, there are risks to your wallet. Make sure that the house does not back to any busy streets and is as close to the interior of the tract as possible. Always avoid corners and intersections.Choose the middle of the block. Be sure it has at least two bathrooms.Sometimes it is timing that works out best for you.As when you buy a home before a major surge in local prices.
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