FAQ
Why work with a Buyers Agent?
When making one of the most significant financial transactions of your lifetime, you deserve an expert advisor to guide you through the process and protect your interests.
- LOCAL EXPERTISE AND BUYER INSIGHTS.** With my deep knowledge of the area, I will quickly enhance your understanding of the local market and introduce you to properties you may not have considered.
- ACCURATE PROPERTY VALUATION.**As an expert in property valuation, I can advise on what a reasonable price is for a property based on market conditions, regardless of the list price.
- EXPERT CONTRACT NEGOTIATION. **I work to negotiate key contract terms, safeguard your interests, and minimize your risk.
- CLOSING ASSISTANCE. **I guide you through the closing process to ensure all terms are accounted for at closing.
- PROBLEM RESOLUTION.**I navigate unexpected challenges, from financing hiccups to closing delays, with confidence and professional ease.
Why sign a Buyer Representation Agreement (BRA)?
A BUYER REPRESENTATION AGREEMENT:
- Outlines our responsibilities and legal obligations to you as your agent
- Allows us to legally advocate for you and represent your best interests
- Transparently shares our fee for our services.
FAQs about the NAR Settlement
- COMPENSATION HAS ALWAYS NEGOTIABLE!**If a seller does not want to offer buyer's agent compensation, they can do this today! The proposed settlement does not change that. Our fee is the same as it was and will be in July 2024.
- CAN A SELLER OR LISTING AGENT STILL OFFER COMMISSION TO A BUYERS AGENT AFTER THE SETTLEMENT IS APPROVED? **Yes, compensation can still be offered. The NAR settlement prohibits advertising the offered buyer's commission on the MLS (Multiple Listing Service). As a result, the brokerage/listing agent can advertise the compensation in any media, print, digital, on their website, etc.
General Questions
- SAVINGS:** If you have substantial savings, using cash to buy a property outright can save you from paying interest on a loan. However, this might not be feasible for everyone due to the high cost of real estate.
MORTGAGE LOAN:** Most people buy property with a mortgage, where a bank or a lending institution lends you the money to buy the property and you repay the loan in monthly installments over a set period, typically 15 to 30 years. There are various types of mortgages, such as fixed-rate mortgages and adjustable-rate mortgages, each with its own advantages and disadvantages.
- HOMEWONER FINANCING** In some cases, the property owner might be willing to finance the purchase directly. This means you make payments to the seller over time, usually with interest.
- HOME EQUITY LINE OF CREDIT (HELOC):** If you already own a property, you can use a HELOC, which is a line of credit secured by your home, to finance the purchase of another property.
- REAL ESTATE CROWDFUNDING:** This involves a group of investors pooling their money to buy properties. Each investor gets a share of the income generated by the property. This method is typically done online through crowdfunding platforms.
- LEASE OPTIONS:** In a lease option, you lease a property with the option to buy it at a later date at a predetermined price. Part of your lease payments might go toward the down payment if you decide to buy the property.
- FRIEND OR FAMILY LOANS:** Some people borrow money from family or friends to buy a property. While this can be a good option, it's important to have a clear agreement and legal documentation to avoid misunderstandings.
When deciding on the best way to finance a property purchase, it's crucial to consider your financial stability, long-term goals, and the associated costs, such as interest rates, closing costs, and potential market fluctuations. Consulting with a financial advisor or mortgage broker can also provide personalized guidance based on your specific situation.
We are happy to connect you with experienced mortgage brokers and financial.