July 31, 2020

Working with Real Estate Agents

The ins and outs of working with an agent, why you should, and what they do.

Watch this interview with Real Estate Experts Tom Jagucki and Bill Jones. Contact an expert HERE. 
If you're wondering how to become an agent in Ohio, check out our step-by-step guide.

At what point do I get a Real Estate Agent involved?

The sooner the better.

If you are simply toying with the idea of selling, talking to an agent can give you an idea of the current market, whether you have some updating to do first, recommended price range to sell at, and so much more. The information can help you decide if and when you want to put your house on the market.

If you are browsing homes on an app, talking to an agent can get you focused on what you are looking for and what is in your budget. 

How do agents help with house showings?

Real estate is a full-time job. If you are selling your house, people want to see it. Having an agent gives you the freedom to continue your daily life without having to schedule in showtimes. If you are buying a house, agents can work around your schedule to do evening showings, or wait until your day off and have 2, 3, or even 8 showings in a day. 

How do agents help with finding homes?

Knowing what you are looking for in a home allows us to set up an automatic search for you, so no home is overlooked. Technology speeds up the process of finding, getting into, and putting an offer on a house. Because this process happens quickly, especially with a hot market, an agent helps you get in more homes, faster.

How do agents help with faster closings?

Managing paperwork and who gets what and when is no walk in the park. Having an experienced agent relieves you of the stress, knowing they have it under control. Closing on a home is a process, and agents know that process. 

Who do Real Estate agents work for?

The short answer is - You. When you sit down with an agent, they have you sign a contract stating that they are working for you. For that transaction, whether you are buying or selling, they are contractually employed by you. They will work in your benefit during negotiations, both monetary and not. Your agent will look out for your best interest.

When and Where do real estate agents work?

Everywhere, all of the time.

Real estate is not a 9-5 job. Your agent may not be available 24/7 but will reach out at the earliest available time.

Agents work a floating schedule around your schedule. They work for you and want to be available to you. Sometimes that means working until 10 pm, sometimes it means leaving home at 5 am. Some agents may give you their schedule open times, others may ask what your availability is. Each situation, and market, is unique.

Agents often travel for their clients. However, if they feel it's in your best interest, they will refer you to another agent in the area you are looking to move to. An agent in the area will know the market and save you time.

Can a real estate agent represent the buyer and the seller?

Yes. An agent may help you sell your home at the same time they help you buy your next house. These are two separate transactions that do not conflict with each other.  

An agent may also be working with the buyer and seller of the same property, however, it is a trickier situation. The agent must work for both the buyer and seller as separate transactions and cannot disclose information they know as an agent for the other party that they would not be privy to otherwise. The transaction is allowed and must be handled carefully by the agent.

How do Real Estate agent fees work? 
Who pays them? When do they get paid?

Real estate agents are independent contractors who are not paid a salary. Their commission check does not come in until after a sale is finalized.

In a typical transaction, the commission comes from the seller in an agreement they signed when listing the home. The agreed percentage or amount is then split between the seller's agent and the buyer's agent. 

Your agent works on faith that you will stick with them after they show you several houses. They want to build that relationship and trust because most transactions do not happen overnight. You will not typically fall in love with the first house you walk into. Life-changing decisions take time, and your agent knows that. Your agent wants the best for you. They learn your likes and dislikes from each property visited, and not visited.

What all can real estate agents do?

The list is frankly endless. Your agent will manage and guide you through the process of buying or selling your home. They will show you homes, or show your home. Real estate agents have experienced a number of scenarios that give them knowledge and expertise. By sharing their previous experiences, they can give you information and insight to help you make decisions. They will explain the choices for you, and allow you to make them. Ultimately, the home will be yours, the loan will be yours, and the decision is yours.

July 28, 2020

Mortgage Pre-Approvals: How? When? Why?

No matter how seriously you're looking into buying a new home, getting pre-approved is a beneficial step to the next level. You may have questions about the process, so we answered some common questions for you!

Should I get pre-approved?

Yes, yes, and yes!

The pre-approval process takes a look at your life and figures out what price you can afford. This is extremely helpful when buying your first home because you might be looking at houses beyond what you can get financed for, or you may have limited yourself when you could afford a higher range than expected.

When you find "the one" house, you want to put in an offer that holds weight. If you put in an offer without a lender behind it, another offer may hold more weight simply because it's backed with a letter of pre-approval.

A pre-approval saves you time! You know what price to be looking for, your offer is more likely to be accepted, and you don't have to suddenly find a lender when the offer is accepted. 

Video recorded on July 24, 2020, rates discussed subject to change*

How do I start the pre-approval process?

Talk to a lender to begin the process! You can go through your local credit union, retail bank, or mortgage broker.

How long does it take?

While each situation is unique, the range is typically a few hours to a few days. If you are self-employed or had recent changes to your credit, it may require a more thorough review before approval. If you've been at the same job longterm with no major changes recently, you could walk out with a letter of approval in minutes.

What does the lender need from me?

Every lender is different, but they typically need to check your credit, debt, income, and assets. Be prepared with your W2s and most recent paystubs.

What is the difference between pre-approval and pre-qualified?

A pre-qualified letter is based on the information you give a lender. Therefore, a pre-qualification is usually not as accurate. A pre-approval requires pulling credit and other documentation verifying your information, which leads to more accurate approvals.

Is a pre-approval guaranteed?

Unfortunately, no.

There are several conditions within a pre-approval letter that must be met to get the desired loan. These may include needing to sell your home, home inspections, the property condition, insurance, closing costs, application fees, and more. 

 

July 21, 2020

Join The REMAX Team

We're so glad you are looking into joining our team!

We would love to add you to our RE/MAX Unlimited Results Realty Office. With years of expertise to guide you and many resources to help you succeed, you can count on this decision.

Start the process!

Not yet a licensed agent? No Problem! Here's how to get started...

Become a Real Estate Agent!

1. You must be 18 or older and have a high school diploma (or equivalent).
You will need a background check, including fingerprints.

2. Required education includes 120 hours of pre-licensing courses completed within the last ten years before applying. 
These courses must be taken at a higher education institution. The 120 hours include 40 hours of Real Estate Principles and Practices, 40 hours of Ohio Real Estate Law, 20 hours of Real Estate Appraisal, and 20 hours of Real Estate Finance.

3. You must be sponsored by a broker in order to apply. This is where we come in! Bill Jones is the primary broker for RE/MAX Unlimited Results Real Estate. Reach out to get started!

4. Submit your application with your transcripts, $60 fee, and Salesperson Examination Application.

5. Once the application is processed, you'll receive a Candidate Information Bulletin with directions to schedule your test. Just pass the test (70% or better) and your new career begins!

Posted in Realtors