What is a Realtor®?
What is a Realtor®?
A Realtor® is a real estate agent who is affiliated with the trade group National Association of Realtors® (NAR). In other words, all Realtors® are real estate agents, but not all real estate agents are Realtors®. In becoming a Realtor® a real estate agent agrees to maintain their affiliation with NAR and to comply with the NAR’s Code of Ethics.
What does a Realtor® do for a first-time buyer?
A Realtor® or real estate agent helps you make informed and objective decisions about purchasing and selling real estate. They have exclusive access to real estate listings through a Multiple Listing Service (MLS) and can get you into the homes you want to see and tour. They are also your primary negotiator representing your interests throughout the entire negotiation and transaction. They are experts in structuring your offer to be competitive and they specialize in completing the legal agreements that you need to prepare and submit in order to make an offer to purchase a property. Your Realtor® or real estate agent will also help you prepare and submit any counter offers that are needed. They will continue to represent you throughout the entire transaction all the way through loan closing and purchasing the property. Realtors® also so have numerous professional contacts with mortgage lenders, home inspectors, surveyors, home repair contractors, and more should you find yourself in the need of these types of services and can be an excellent source for professional referrals.
What is the difference between a Buyer’s and a Seller’s Agent?
It is important to know that there are Buyer’s Agents and there are Seller’s Agents. A Buyer’s agent exclusively represents the home buyer, while the Seller’s Agent represents the Seller. You need to know thought that it is also legal with proper disclosure for a real estate agent to represent both the Buyer and the Seller in the same transaction. This “dual agent” practice is not recommended for first-time homebuyers who are buying their first home! Instead you really want to select a Buyer’s Agent who exclusively represents your interests and no one else. It is also important to know that the Seller pays all of the real estate agents’ fees, so it costs you nothing to have your very own Buyer’s Agent. It is foolish not to select your own Buyer’s Agent to exclusively represent your side of the negotiation and purchase of your first home
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