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STEPS TO HOME OWNERSHIP


Wed, Dec 8th, 2010
Posted in Ask the Expert

GET A REALTOR - Buying and selling real estate is a complex matter. It may seem that you can find the right home at the right price by simply checking local papers, picture books or online sites. A basic rule in real estate is that all properties are unique. No two properties - even two identical models on the same street - are not exactly alike. Homes differ and so do contract terms, financing options, inspection requirements and closing costs. Also, no two transactions are alike. In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work with professionals who know the community you are considering buying in.

 HOW DO YOU CHOOSE - A good source would be the experiences and recommendations from family, friends, suggestions from lenders, attorneys, financial planners and/or accountants. In many cases buyers will interview more than one realtor before selecting one professional with whom to work with. These interviews represent a good opportunity to consider such issues as training, experience, representation and professional certifications. Once you select a realtor, you will want to establish a proper business relationship. You likely know that some realtors represent sellers, some represent buyers and some act as dual agents representing both sellers and buyers. Your realtor will explain the options available, described how she or he typically works with individuals and provide you with a complete agency disclosure (the ins and outs of your relationship with the agent) as required by the State of Minnesota.

  Once hired for the job, your realtor will provide you with information detailing current market conditions, financing options and negotiating issues that might apply to a given situation. Your realtor will keep you updated as to new listings that come on the market which meet your criteria, set up showings for you and negotiate your offer with the seller and listing agent. Remember market conditions can change and the strategies that apply in one negotiation may be inappropriate in another. This information should not be set in stone. During your time in the market place, your realtor will keep you updated and alert to each step in the transaction process.

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