BUYING A HOME

Frequently Asked Questions

Whan I start visiting homes, what should I be looking for the first time through?
The home you ultimately choose to call home will play a major role in your life. A home can be an excellent investment, of course; but more importantly, it should fit the way you really live with spaces and features that appeal to everyone in the household.

Some important factors to consider:

• Is there enough room for you now and in the near future?
• Is the home’s floor plan right for you?
• Is there enough storage space?
• Will you have to replace the systems or appliances?
• Is the yard the size that you need?
• Are there enough bathrooms?
• Will your present furniture work in this home?
• Do I need to bring anything along when I’m looking at Homes?

Bring your own notebook and pen for note-taking and a flashlight for seeing enclosed areas. Be prepared to “snoop around” for a little. After all, you want to know as much as possible about the home you buy. Sellers understand that because their home is on the market, it will be looked over pretty thoroughly.

What should I tell Theresa about the homes I look at?
Tell Theresa what you liked and didn’t like about each home you see. It’s very, very important to really get a feel for what you’re looking for in a home. Don’t be shy about talking about a home’s shortcomings. Was the home perfect except for the carpeting? Let Theresa know that too!

How many homes should I look at before I make an offer?
There is no set number of homes you should look at before deciding to make an offer. That’s why providing Theresa with as many details as possible up front is so important. The perfect home may be waiting for you on your first visit. Even if it isn’t, the house hunting process will help you get a feeling for the homes in the community and narrow your choices to a few homes that are worth a second look.

What should I think about when I’m deciding which community I want to live in?
There are many factors to consider when you choose a community. A few things to look for in a community are good town services, nice parks with playground facilities, convenient shopping and transportation, and a track record of sound development and good planning. You may want to stop by the local Chamber of Commerce to pick up promotional literature about the community.

Where can I get information about local schools?
Again, Theresa is perhaps your best source. I know where the local schools are and can direct you to valuable information about school districts, extracurricular activities and more.

How can I find out what homes are selling for in a given neighborhood?
Home sales are a matter of public record. It is available through our local multiple listing service, or at the local town or city hall.

Who Pays the Commission?
In many cases, the seller has signed a listing agreement with his agent specifying a certain fee to be paid for selling a home. It can include provisions for splitting that fee with the selling agent, regardless of agency representation. In case of a Buyer Agency, the buyer pays his agent a commission as set out in their written agreement. In some cases, the buyer directs his agent to try and be paid from the seller’s proceeds. In any event, each party pays their agent as specified in their written agreement.

What Are the Types of Agency?

Seller’s Agent:
When a seller engages the services of a listing broker, the seller becomes the broker’s client. This means the broker, and its subagents represent the seller. They owe the seller undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. The broker and its subagents must put the seller’s interest first and negotiate for the best price and terms for their client, the seller.

Buyer’s Agent:
When a buyer engages the services of a broker, then that buyer becomes the broker’s client. This means the broker represents the buyer. The broker owes the buyer undivided loyalty, utmost care, disclosure, obedience to lawful instruction, confidentiality and accountability. The broker must put the buyer’s interest first and negotiate for the best price and terms for their client, the buyer.

Disclosed Dual Agent:
A broker can work for both buyer and seller on the same property provided such broker obtains the informed consent of both parties. The broker is then considered a disclosed dual agent. This broker owes the seller and the buyer a duty to deal with them fairly and honestly. In this type of agency relationship, the broker does not represent either the seller or buyer exclusively, and they cannot expect the broker’s undivided loyalty. Also, “undisclosed” dual agency is illegal.