Real estate agents - who are they? - For first time home buyers there are a lot of people involved in a transaction which may seem mind boggling at first. Usually the first two people they are to meet are the buyers and sellers agents who represent the seperate parties involved.
Just what are their specific roles in a real estate transaction and how can they benefit a home buyer or seller?A real estate agent can also provide you with good commercial or investment property. The problem is that there are a lot of residential agents who aspire to be commercial agents and have no idea of what they are doing. Check for some specific designations when looking for investment properties and GRI is a Graduate, Realtor Institute. CCIM (Certified Commercial Investment Member), RIAOC (Real-estate Investment Association of Orange County), in Orange county a member of OCCAR (Orange County Commercial Association of Realtors. Commercial real estate agents are also real estate investors, it goes hand in hand. Don't buy real estate from a real estate agent who doesn't own his own real estate and don't buy commercial real estate from an agent who does not own commercial real estate. How would expect that they would would have any understanding of your situation.
A Realtor is a member of the local Board of Realtors who usually manage the local MLS system. Realtors enjoy many special benefits, if an agent is a Realtor the agent has access to forms systems, free legal support, access to other Realtors in an integrated system designed to place all the necessary service to support transfer of property in a logical and integrated system with educational opportunities and a code of ethics with professional standards enforcement. Agents who are not Realtors operate on the fringe. This is not wholly true in the commercial field where most agents are independent but the National Association of Realtors is now making inroads into the field of commercial real estate.
GRI designation (now ther is also a Master GRI) indicates that a real estate agent is a Realtor (a member of the National Association of Realtors) and has attend specialty classes which teach things like financing, appraisal, real estate law and many others. A GRI has a much greater understanding of the real estate buying and selling process.
A buyer's agent will represent you directly. Though this may sound silly from a consumer's point of view, it protects you by requiring the Realtor to disclose everything to you and act in your best interest. Not in the best interest of the seller or even the broker. A good buyer's agent is well worth the protection.
Real estate agents should be knowledgeable enough to guide your through the home selling or buying process. When interviewing an agent be sure to ask what you can expect of them beyond a listing or a home showing. You will have many questions and your agent should be available and able to answer them. A real estate transaction can be overwhelming and stressful, with the right agent it can alleviate the pressure.
A real estate agent is their to help a consumer find a home of their liking and guide them thru the tricky process of a home purchase...Keep in mind the more that's paid for a home, the more they make so make sure you are happy with the deal they work out for you...
A seller's agent can benefit the consumer who is selling their home. A seller's agent will list a family's home for sale, market the home on the MLS and through other marketing resources, show your home to potential buyers, provide tips and helpful information as to how to present your home in the best way to maximize your home's sales price, and handle the legal aspect of preparing a purchase agreement and handling the sale of your home. While many Americans try to sell their homes on their own to save the hefty charges that real estate agents charge, most are unsuccessful and end of utilizing the services of a Real Estate Agent to sell their home.
Private mortgage insurance - Private mortgage insurance or commonly called "PMI" is insurance provided by a private company helping to protect the mortgage lender against mortgage default. Generally, this insurance is required by the lender when the down payment is less than 20% of the properly value. The lender requires the borrower to pay the insurance premiums.
Private mortgage insurance can be avoided. If you are looking to do a 100% financing loan, one option is to do an 80/20 combo loan. This allows you to avoid mortgage insurance and will provide a lower payment than if you were to pay the private mortgage insurance.
