Steps to buying a house part 3

Steps to buying a house part 3
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    Are you trying to decide whether you want a real estate agent to help you in your home search
    Well, that's what we're talking about today, and we're starting right now
    Hey everyone, welcome back to my channel. My name is Harry Moore and I'm a realtor in the Washington DC metro area
    I post new videos every week all about
    real estate in the
    DMV
    If you've never bought or sold a house before or even if you have but it was a number of years ago having a
    professional who's on your side
    Can be a great benefit to you. Buying real estate is complicated
    There are a lot of moving parts and it's easy to make a mistake if you don't know what you're doing.
    I might change a light switch, but I would not swap out the breaker box in my house.
    I'd call an electrician. If I went to court for a minor traffic violation
    I might represent myself but anything more than that, and I'd want an attorney.
    We live in a world full of specialists, and a good realtor is a specialist in helping their clients
    Navigate the twists and turns of the real estate transaction successfully.
    If you hire a great agent to represent you then you'll have someone who understands the process from beginning to end
    standing next to you to guide you through it all. In Maryland
    DC and Virginia all real estate agents represent the seller by default. That's the law.
    So if you work with the sellers agent, they cannot give you their full loyalty and highest level of care.
    Legally, they owe their allegiance to the seller and that means they are duty-bound to get the best price and terms for that seller, not for you.
    If you want someone to represent you, you have the right to hire your own agent someone to be on your team?
    That means you'll need to have a written agreement with that agent.
    That agreement is called a buyer agency agreement or buyer broker agreement. I like to look at these as a short-term
    employment contract it outlines what the duties and
    Responsibilities of each party are so that everyone understands exactly
    What is and is not
    included in the service being offered.
    Once everyone has signed the agreement then the agent becomes your agent. They're on your team
    They'll negotiate on your behalf
    Keep all of your confidential information private and give you the highest level of service that they can.
    So you might wonder how much is hiring an agent going to cost me? Well in most cases
    There's no out-of-pocket expense for a buyer to have their own agent represent them.
    Here's how that works. When a homeowner decides to sell their house
    they will usually hire an agent and one of the things that agent will discuss with the seller is offering
    compensation to the buyer's agents who are in the market as a way to get their house
    maximum market exposure to all of the potential buyers who are looking for a home like theirs.
    That compensation is shown in the Multiple Listing Service
    which is the database that all active real estate agents use to find houses for their buyers.
    It's also the primary source of listings that you'll see on the portal sites like Zillow, Trulia,
    Realtor.com and most of the other search engine sites out there.
    So if an agent subscribes to the Multiple Listing Service,
    which most do then they'll know what their compensation is going to be right up front.
    You might wonder, what about the houses that aren't in the Multiple Listing Service. Let's take a minute to talk about
    "off market" listings
    Some homeowners try to sell their houses without the help of a real estate agent.
    They're generally called for sale by owners. Many of them try to sell on their own for a period of time
    some succeed, most don't
    My experience is that most for sale by owners are perfectly willing to pay a buyer's agents compensation.
    They're just trying to save paying the sellers agent side.
    The key is for the buyer's agent to contact those sellers and to discuss that compensation right up front so that
    everyone's on the same page about what's going to happen.
    So you've decided that you want an agent to represent you, how do you pick the best agent for the job?
    Well, here are a few questions to ask
    That will help you decide which agent would be the best one for you.
    Question number one.
    How many buyers do you represent each year?
    Most agents work with both buyers and sellers
    but there are some who only work with sellers. If
    the agent that you're talking to has not worked with any buyers in the past few months
    then they might not be the best choice to represent you.
    Question number two
    How many buyers do you work with at one time? If they say more than about four or five then
    they're probably working with a team, and that means that you may get handed off to another agent for showings and then possibly another
    agent to help you with the offer and so forth.
    Having one point of contact from the beginning to the end can help to make the process smoother and less stressful for you.
    Question number three. Are you full-time or part-time?
    There are a lot of part-time agents out there.
    I know many agents who are trying to get into the business while still holding down another job
    But if you have a question and they're at their other job or you need to meet with them, and they're not available
    where does that leave you?
    Question number four. Do you have any current reviews or testimonials?
    Check them out online see what other clients have to say about the service
    they provide, and see if they sound like someone who you'd like to work with ; somebody who'd be a good fit for you.
    It's also really important to sit down with the agents that you're thinking about working with and to have a face-to-face conversation
    if at all possible.
    You're going to be spending a lot of time together and sharing a really important transition in your life.
    You should feel comfortable with them
    as a person. Online is great for lots of things, but the real estate transaction is a real face-to-face event
    so you want to make sure that everybody is a good fit.
    So that's part 3 of my series on how to buy a home in the DC metro area.
    I hope that you found this helpful, if you did
    I hope that you'll take a minute to like this video and if you want to keep up on more videos as they come out
    click the subscribe button to be notified
    when new videos are posted. If you're interested in learning about pre-approval and how that fits into the whole process
    click on the link above and
    see my video with great tips about that. I'm Harry Moore with Keller Williams capital properties
    Thank you for taking the time to watch and I'll see you again soon
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