Betsy A.
Churgai, broker
Island
Associates
Advice from the Better Business Bureau
on selecting a real estate agent
"Whether you want to sell
your
house or are in the market for a new house, you're probably also in the
market for a real estate agent or broker to help you with this complex
transaction.
Just what is a real estate agent or broker and what can they do for
you? A real estate agent is a person licensed by the Department
of Real Estate (in Texas, Texas Real Estate Commission), to handle real
estate sales. A broker, also licensed by the State, is the person
who may own a real estate company or who has overall responsibility for
the agent's actions. The agent or broker will have had to take
real estate courses and pass an exam before he or she could have become
licensed to practice."
Note: I'm a broker with substantially more training and education
than most agents or even other brokers. I'm an active broker, not
merely an office manager. I would love to be your Port Aransas
buyer's broker and help you to find the perfect property for your home
or business.
Sometimes, I help my clients look for a new place as well as sell their
existing one.
"If you want to sell your home, the agent can help you determine how
much your home is worth, devise a strategy to market your property,
help judge whether prospective buyers are financially qualified to
purchase it, and coordinate many of the financial details involved in
closing the deal. You should be honest with the agent about the
condition of your home and what you will accept for a final
price. Remember that your agent represents you... When a
potential buyer makes an offer on your property, the agent will arrange
to present a written offer to you and answer your questions, explaining
any contingencies on the offer contract and telling you how these
conditions might affect you and what is in your best interest.
The agent will offer advice on strategy and counteroffers and will
communicate your counteroffer to the buyer. If you decide to
accept an offer, you should have an attorney review the purchase offer
before you sign it. Once an offer has been signed by both the
buyer and the seller, it is considered ratified and binding.
Closing the deal will probably take a few weeks while the buyer secures
financing. Your real estate agent will continue to monitor the
loan application process for the buyer and will coordinate appointments
with home inspectors and appraisers. The agent will also be
present with you at closing when you sign the papers for the sales
transaction."
Note: In Port Aransas, many people close by mail. I get the
settlement statement ahead of time, and look over it and the papers, to
make sure everything is in order. This is just an extra service I
provide at no charge.
"If you want to buy a home... If you use an agent to help you find and
buy a house, a good one will ask you specific questions about your
wants and needs. The more the agent knows about your financial
situation, lifestyle, and what you are looking for, the more he or she
can do for you."
"The agent will conduct a financial assessment, and based on this, can
help you to realistically balance what you need or want with what you
can reasonably afford. He or she may also be able to recommend
lenders who can help secure a mortgage for you."
I work with several area lenders. One has a really easy and
simple "paperless loan", which relies on your credit score.
Getting a loan can be simple if your credit is good.
"Using a buyer's broker... Because some home buyers do not feel
comfortable working only with an agent or broker who is receiving a
commission from the seller, they hire a "buyer's broker" or "buyer's
agent" to represent them. As with the seller's agent, a buyer's
agent can research the area and type of house you're interested
in. Beyond that, a buyer's agent can suggest sale prices and
terms that may differ greatly from listing agreements, since he or she
is obligated to represent the buyer's interest, not the seller's...
Although buyer's agents are becoming more common, it may not be easy to
find one in your area." I'm one. Click here to contact me.
A good strategy is to contact the broker's former clients and ask them
the following questions.
1. Did you feel the broker was honest?
2. How long did it take the agent to find a house for you or sell
your house?
3. Why did you choose this broker?
4. Would you use him again?
5. Did the broker return your phone calls promptly
6. Did the broker give clear answers to your questions?
The Better Business Bureau has this to say about using a dual agent:
"Suppose a real estate agent is selling a house for one party and
becomes a buyer's agent for another. What happens if the buyer
wants to buy that particular seller's house? In this case, the
agent is considered a dual agent." (In Texas, we use the term
"intermediary".) This is OK, as long as both parties agree to
this in writing. The broker must treat both parties fairly and
cannot give advise to either party as to what to offer or what to
counteroffer. This is the traditional way real estate has
operated for years before buyer's brokerage became popular, and many
people still go this route.