Okay so if a homeowner hires a realtor to sell their home just the regular way, does the homeowner make any money off of this sale? Or does all the profit go to the realtor and his/her company?
The Realtor contracts with the seller for either a fixed fee or a percentage of the sale price.
You needn’t let him dictate the all conditions of your contract with him..
Another important factor is whether the listing is ‘exclusive’ to one Realtor or not.
You can get several to compete to bring you the best price.
The fee is negotiable, as are contract conditions, so haggle and this is one of the
biggest deals you will ever do so know what you’re signing.
( An hour’s briefing on what to watch out for, from a local Real Estate Lawyer
would be a good investment. A couple of hundred that could save you thousands.
Listen and take notes.)
When a homeowner hires a realtor to sell a home, do they make any money?
What happens when you go to a realtor for a house to rent?
My husband & I are looking to rent a house and are thinking about going to a realtor to aid in our search. What are the pros and cons.
Some Realtors specialize in this. Most do not think there is enough money involved to do this. But their pay comes from the landlord- you would not be paying.
Once a realtor has sold a home do they have to supply the seller with documents?
My mother received a certified letter from the buyer of her home requesting money because he put in a French drain due to water coming in the basement after he purchased it. In case we go to court or mediation I would like the seller’s disclosure, inspection report and sales agreement. I have asked her realtor for it but she does not answer my emails or return my phone calls. Is there another way I can obtain these papers since my mother can not find her copies?
A nice email to the Broker on record should get you copies of the sales agreement and seller’s disclosure sheet but at this point highly unlikely you are going to get the buyers inspection report
If you where to go to trial then in discovery phase you would be legally entitled to any and all documents relevant to the suit
If the buyer is seeking serious cash, or seems on the verge of filing suit then best bet is to at least consult an experienced real estate lawyer
In general for the buyer to prevail they must not only produce admissible “proof” that you mother knew of the flooding basement, she took steps to hide this material defect , the fact the sellers disclosure sheet does not address flooding in the basement does not mean your mother knew and attempted to hide the fact
If the buyer files suit in small claims court it may be in your best interest to hire a lawyer, to move the suit to real civil, in that case unless the buyer is an experienced contractor his lay opinion on what is the problem with the basement would not be admissible “proof” in a court of law
What is the difference between a real estate agent and realtor?
Also, what is the difference between a real estate agent, realtor, buyers agent, and listing agent?? Cant a real estate agent and realtor be a listing agent and buyers agent? I am SOOO confused?
A real estate agent is a person who list and sells houses
and a realtor is basically the same thing, But when contact a realtor, its an office and you usually ask a question about real estate, You ask I am calling about a house I am interested in looking at and I need to speak to an agent. The receptionist will pass you to an agent which is a realtor, Now it mostly one in the same. Now this agent works for a Real estate Broker. Which has a different kind of license than an
a real estate agent. In other words when you walk into a real estate office and you see several desk with
a person behind each one you just walked into room of realtors.
Should first time home buyers use a realtor or save their money and DIY?
Case in point: my fiance and I are preapproved for a mortgage of "X-amount". I’m pretty savvy when it comes to finances, but I’m having a hard time finding homes which are suitable for our needs. Should I bite the bullet and pay a realtor to help me find our dream home? Or just keep searching on my own and save the realtor fees?
Case in point: my fiance and I are preapproved for a mortgage of "X-amount". I’m pretty savvy when it comes to finances, but I’m having a hard time finding homes which are suitable for our needs. Should I bite the bullet and pay a realtor to help me find our dream home? Or just keep searching on my own and save the realtor fees?
As for the cost of inspection, I’m not sure if the seller pays for it or not. I know that the third party fees include: appraisal, title, inspection, recording fees, taxes, and I think surveys too. I’m not 100% sure who pays for all of these, I’m just going to assume the buyer does so that I’m not guessing my cost too low.
Unless you plan to build, I’d use a Realtor. Fees can always be negotiated, and a good realtor can take care of negotiating away some of the detail fees you mention above.
You need to interview realtors to find out if they WANT the job – many will simply go through the motions. Since I’m not in the biz, and don’t know where you live, let me put an ethical, hardworking realtor’s email below – he’ll take the time to answer your concerns, and if you like, he can refer you to someone in your area – for you to audit. Always stay in control, and NEVER sign agreements with realtors – you can always find another one, and eventually, you’ll find a good one that won’t push you for contracts.
If you want to build, skip the realtor and get a lawyer instead.
What happens if a realtor dies during a transaction?
I’m a realtor, and I sold a house to a client a few weeks ago. It will close in another 2 weeks from now. Suppose I die between now and scheduled closing. Would the sale fall through, or would my employing broker be re-assigned as the buyer’s agent?
The sale is really with the broker, you are jusst an agent of his.
He would have to finish the transaction himself, he can not legally delay it because of this.
There is no re-assign here, it was always the brokers deal.
What are some important agencies its important for a Realtor to be a part of?
Speaks for itself. What are some important agencies or clubs that its important or beneficial to be a part of, if your a Realtor or real estate agent?
Other than the standard associations that come with being a Realtor (NAR/your local and state associations), I recommend joining networking groups. Some agents are members of country clubs and chambers of commerce, which help circulate their name. Being a Realtor is about promoting yourself – not your business – so any way you can find to get your name out there, the better off you’ll be.
Becoming a realtor a rewarding career, what are the pluses and minuses of this business?
I know there is a substantial out of pocket start up fees and evenings and weekend work. What other pluses and minuses are there? I am very interested in becoming a realtor.
The pay is commission which can vary each month like crazy. One month you make $6000 and the next lucky to make $2500. Getting clients to sign with you is the first hurdle, second is actually selling their property (or finding one for them). How creative you are, how much time and effort you can donate to each client will determine your numbers and success. One problem for many realtors is they fail to talk to their selling clients about making the house saleable. This means getting rid of junk, cleaning, fixing problems, painting and then staging (even if using their furniture) for the open houses and all showings. It is a lot of work and at times you’ll wonder why you bother (some clients can be frustrating).
Have fun and enjoy.
How long should a realtor take to get back to you?
What would be considered a reasonable time for a realtor to respond to your questions on a house and to set up a time to go look at them?
Glenn… You obviously didn’t read the question or the answers. I had asked if my realtor was taking to long and now I want to know what I should expect from a realtor. Why bother answering if you don’t have anything constructive to add.
It really depends on who is listing the home and if they are answering the phone. If your real estate agent calls the listing agent with questions and to get a lock box code, and the listing agent does not respond, they won’t have any info for you. Out of courtesy, they should call you to let you know what’s going on within the hour if there is a contact issue.
What are the monthly/yearly costs associated with becoming a realtor for a company like Keller Williams?
I am an currently an investor in Minnesota and wouldn’t like to necessarily be an active realtor but there are some advantages that I would like to have such as MLS access to review comps. It is my understanding that I would need a company to "hang my hat" to gain access to the MLS. Also, can anyone recommend a company that has lower fees?
If you’re an investor and your sole reason for being a realtor is so you have access to MLS, I suggest you ask around for the CHEAPEST real estate brokerage out there. There are some brokerages that only charge you like $100-200/month for being licensed under them. Simply ask around or do your own research because there are plenty of "discount" brokerages out there.
You are aware that there are also mandatory licensing fees and compulsory courses after licensing etc etc which could get you in the thousands.