Choosing A Real Estate Agent
A real estate agent can help save you time and effort in your search
for the right home. Real estate professionals have access to home
buying tools and experience that the average home buyer doesn't have.
The real estate agent's role is to guide you through the home buying
process and help you find the home that best suits your needs and price
range. Real estate agents aren't necessary in every real estate
transaction, but they can help you:
- Understand the paperwork and legal requirements
- Find the neighborhood for your lifestyle
- Find the home that meets your needs
- Search property values in your area
- Negotiate the final offer
- Coordinate the closing process
The Negotiation Process
When you have found the home that best meets your needs, you are
ready to make an offer on the house. In most cases your real estate
agent will present your offer to the seller. Do not be discouraged if
your first offer is rejected by the seller. It is not uncommon for the
seller to make a counter-offer.
Once the selling price has been agreed upon by both the buyer and
seller, a purchase contract is started. In most cases, your real estate
agent will help you negotiate the terms of the purchase contract. The
purchase contract is a legal contract that details the final terms for
the purchase of the home including price, closing date, and estimates
on the closing costs. By signing the purchase contract, it means you
have agreed to purchase the property under the negotiated terms and
price. Although some closing cost fees are required by law, you can
negotiate others as part of the purchase offer.
- What's included in closing costs?Click Here
- Who pays for what?There
are no definitive rules on who pays which closing costs. The buyer and
the seller usually negotiate who pays certain closing costs. For
instance, the seller may be willing to negotiate full or partial
payment of appraisal fees, loan points, credit report request, and
inspection fees. Usually the seller is responsible for the brokerage
fees, as this is compensation to the real estate agents for their roles
in the sale of the home.
- Earnest Money - Typically required as part of the purchase contract, earnest money
provides a "good faith" deposit and secures the sale agreement. This
deposit is usually a portion of the purchase price. This deposit shows
that the buyer is serious about purchasing the house. Earnest money is
held in an escrow
account for the buyer and can be applied toward the down payment or
closing costs. In some cases, the buyer must pay the deposit in cash.
UPDATE - HOW TO FIND FORECLOSURES??
All bank-owned property or REO's (real estate owned property) are listed on the local MLS. Even HUD properties eventually end up on the MLS ("REIN", Real Estate Information Network, the MLS for the 7 cities and surrounding areas). There are certain safeguards to buying a bank-owned property on the MLS, not the least of which is being able to buy with a home inspection contingency, and buying with clear title to the property. Sign up for new listings of foreclosures on the Stay Informed page, or email me. This subscription is FREE. You should NEVER have to pay for lists of foreclosure properties, as some websites might offer you lists, but only after paying them a fee!
Dedicated Buyer's Agent
Wainwright Real Estate, Inc.
a Virginia Real Estate
4098 Foxwood Drive
Virginia Beach, VA 23462
Equal Housing Opportunity