STEP 2: GET A REALTOR 

10 Steps to Home Ownership! 

Although more than 2 million people in the United States have their

real estate licenses, the dropout rate is high resulting in a small

active percentage. NARS (The National Association of Realtors) is a

compilation of one million brokers and salespeople with extensive

training, community information and a strong Code of Ethics. 

Why? 

Buying a new home isn't as easy as pointing at a picture or clicking

online. Every property is unique, even identical models are two

completely different entities. As are contract terms - from financing

options to closing costs. With a cluster full of negotiations,

financing, inspections, and marketing, it's only logical to hire a

professional local realtor that knows the ins and outs of your

community. Miamirealtyfinder.com has an extensive list of local

professionals and properties. Other good sources would be

recommendations from neighbors, Web sites, advertising, open houses,

attorneys and financial planners. While interviewing your potential

realtor, be sure to consider issues such as experience, certifications,

and training. 

What Should You Expect? (Working With a Realtor) 

It is important to establish a proper business relationship with your

realtor. Some realtors represent buyers and others represent sellers so

have your realtor explain in detail the complete agency disclosures and

requirements in your state. Although market conditions change have

him/her provide you with information regarding your financing options

and the current market conditions. During this time, your agent should

keep you well informed of each step in the transaction process. 

What a Realtor Can Do For You 

Suggest a simple change to make a home more suited to your needs and

improve on its value 

Facilitate negotiations that will satisfy both buyer and the seller 

Research your housing needs if you are residing in another city 

Help you to determine what you can afford, suggest ways to accrue

down-payment, and illustrate alternative financing methods 

Prepare you with what financial and personal documents to bring when

applying for a loan 

Why Use a Realtor? 

Buying a home is one of the biggest investments a person will make in

a lifetime usually exceeding an investment of at least $100,000. More

than likely you would use a CPA when dealing with a $100,000 tax

problem or an attorney for a $100,000 legal question. So why would you

make an investment on a property without the professional assistance of

a trained real estate agent? 

Here are some reasons you might want to consider using one: 

Your realtor can help you with negotiations involving price,

financing, terms, date of possession and repairs and furnishings or

equipment. 

Your realtor is competent in knowing when, where, and how to advertise

your property and will generally prescreen and accompany qualified

prospects through your property. 

When selling your home, your realtor will make sure everything goes

accordingly through the closing process. 

Your realtor can determine your buying power; refer you to the lenders

best suited for your needs. 

Your realtor has access to property that may not be advertised 

Your realtor can provide you with local information regarding schools,

zoning, utilities and answer questions regarding the resale value of

your home in that area 

How To Choose a Realtor 

Not All Agents or Brokers are Realtors - There is a Difference 

In order to legally sell real estate, a person must be licensed by the

state in which they work. Education, examinations and experience must

reach a minimum standard before a license is issued. In order to call

yourself a realtor you must join your local board or Association of

Realtors and the National Association of Realtors (the world's largest

professional trade association known for its code of ethics). A

professional agent has common-law obligations which are as follows:

Client/agent confidentiality; obey the client's instructions; put your

client's interests above anyone else; report to the client anything

that would be useful; account to the client regarding any money issues. 

A realtor has even higher standards of conduct because of their

involvement with NARS. 

The Difference Between a Buyer's and a Seller's Broker 

Say you want to put an offer in to buy a home for $180,000 but you are

very interested in the home so you tell the broker that you will go up

to $200,000 if you have to. But if you are dealing with the seller's

agent, it is his/her obligation to tell his/her client the important

information. The seller's agent does not have any duty of

confidentiality toward you (in most states) and hopefully this agent

would tell you this fact. 

Tip: Don't give any confidential information to the seller's agent. It

is a good idea to hire a buyer's broker whose duties are owed to the

buyer. And regardless of the agency relationship the buyer's broker is

usually paid by the seller. 

How To Evaluate an Agent 

When evaluating a potential agent there are certain questions you

should ask to help your decision making process. You need to find out

if the candidate is in fact a Realtor or an agent. Here are some other

important questions to ask: 

Is real estate your full time career? 

How will you help me meet my goals? 

Is your license active and in good standing? (you can retrieve this

information with your state's governing agency) 

Do you belong to a multiple listings service (MLS) 

Which party are you representing (you-the buyer or the seller)?