Q: When deciding about buying a home what should be the first thing one should do?

A: One of the foremost things one needs to know is, how much he would be able to afford. After the price range is fixed in which buyer would be able to afford a house, the home purchase process starts.

Q: Is it important to have an agent to purchase a home?

A: Probably not. But many would recommend that you do get an agent. An agent is in a better position to represent your position in the whole transaction.

Q: At the time of visiting homes, what to look for the first time through?

A: A home is always an excellent investment but it should also be suitable with your way of life & have the features which appeal all family members.

While visiting homes you need to pay attention to the following points which are the most common things that your home should have:

• The particular home you are visiting has enough storage space or not?

• Presently has enough room to accommodate all family members & also to meet your future requirements.

• Yard size as what you were looking for.

• Is floor plan of the home right for the family?

• Will the furniture you have be suitable for this home & would you have to replace the appliances and carpets that exist in this home?

Q: What are the must ask questions that you need to put before the owner?

A: These are some of the basic questions that every buyer should ask the present home owner:

• How much he pays for monthly utilities?

• How old the air conditioning system & furnace are?

• What problems & defects, if any, are there which need to be fixed?

• How old is the roof? Has he experienced leaking anytime?

Q: Who is a buyer’s agent? What he does in the buying process?

A: There are agents who only work for a buyer and are called as exclusive buyer’s agents & buyer’s representatives. These agents only work for the buyer in the real estate transaction.

These are different from listing agents who have the job of getting a good price for the seller and such listing agents may not fully represent buyer’s interest in the transaction. However, it should be known that agents get paid by seller. The seller pays them directly or the transaction is set up in such a way that a credit is provided by seller to buyer equal to the commission due to agent. The buyer then pays that commission to the agent.

Q: Is it necessary to have my own agent while buying a house?

A: Most real estate experts will suggest that buyer be represented by an agent. Let us look at the reason because of which it is suggested:

The real estate commission is basically paid by the seller & the commission amount is already mentioned in the listing contract. And when the buyer doesn’t have his own agent, the same agent can represent both seller as well as the buyer, working as what is known as “dual agent”.

In such situation as there is a single agent who gets paid, buyer can get a price reduction by having the agent accept a lower commission from seller.

Q: Can buyer switch agents while buying the property?

A: Buyer can switch agents but it can cause conflicts between the new agent and the previous agent. If the earlier agent comes to know that buyer has purchased the property with the help of a new agent then he can claim a share from his commission.

According to norms, a different agent is not supposed to make any type of offer on a real estate property which buyer has previewed with some different agent.

The buyer can resolve such a situation by informing his current agent that he is not comfortable with the kind of service he is providing & whether it would be possible to get the services of some other more experienced agent from his office. This is the best possible way to avoid any kind of conflict between different agents.

Q: One agent seems to be well versed with real estate laws & responsibility of agents towards buyers and gives him brochures and the other agent is quite informal and doesn’t provide anything in writing. Whom should the buyer select?

A: Well, agents are all different in their presentation and style. They all have different approach to dealing with buyers. You will find some are very formal and some are just the opposite.

But this should not have any impact on the knowledge each one has and their ability to successfully complete a real estate purchase transaction. Buyer should always select an agent with whom he is comfortable working with & can trust.

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