||You'll be better prepared to work with an agent if you know what to expect and what your agent will expect from you.
Real estate commissions average 6 percent of a home's purchase price (that's $6,000 on a $100,000 house). A seller almost always pays the commission, which is split between the two real estate agencies involved in the purchase.
Agents, Brokers, & Realtors
Real estate agents are state-licensed to represent buyers or sellers. So are real estate brokers, who supervise agents and typically manage or own the office. Realtors are agents or brokers who are voluntary members of the National Association of Realtors (NAR), an industry trade organization.
Offer and Deposit
You're usually not required by law to make any kind of deposit when you submit a contract to buy a house, except in court-supervised sales. Most agents will expect you to include a deposit with your offer, though, to prove you are a serious buyer.
Getting to 'Yes'
When you sell your home through an agent, the agent will be the conduit for all purchase offers and negotiations with prospective buyers. A good agent will have excellent negotiation skills and a track record of satisfied sellers.
Most purchase contracts contain a paragraph about fixtures, or what comes with the house. Fixtures typically include wall-to-wall carpeting, major appliances, plumbing fixtures, built-in bookcases, track lighting, tile and anything else that has been "fixed" to the property. If you're a buyer, a good agent will make certain you've covered all the bases in your offer. If you're a seller, a good agent will make sure the contract only includes items that are indeed fixtures.
Federal law prohibits an agent from discriminating against buyers or sellers in any way, including refusal to show, sell, or rent a house to someone on the basis of race, color, religion, sex, national origin, handicap or family status.
Agents use a shorthand all their own when they write real estate ads. For example, an ad describing a house as "split lvl, 2b, 2ba, frpl, q.pos" means a split-level home with two bedrooms, two baths, fireplace and quick possession. Watch out for euphemisms, too. For example, "low upkeep" may mean a house with no yard. Use a checklist to keep track of what you want.
For more information and a personal consultation with Denise Christinzio, Broker-Manager of RE/MAX PREFERRED - SEWELL, you can contact her directly at 856-227-1122 or (cell) 609-206-6186, office 856-589-4848 x2005 or email: firstname.lastname@example.org