NAR Consumers: Questions to Ask a Buyer’s (Selling) Agent

If you’re ready to buy a home, you should feel empowered to find and work with the agent who is the best fit for your needs. Here are ten questions you should consider when selecting an agent:   Are you a REALTOR®? When you work with an agent who is a REALTOR®, you are working with a professional guided by ethical duties under the REALTOR® Code of Ethics, including the pledge to protect and promote the interests of their clients.   What types of services can you provide me? Agents may offer many types of services such as finding you homes that meet your criteria, accompanying you to showings, sharing their analysis of the market and available properties, negotiating on your behalf, and more. For more information about why you should work with a REALTOR®, read about the 179 Ways Agents Who Are REALTORS® Are Worth Every Penny.   How well do you know the markets where I am searching for a home? Your agent must be licensed where you are buying a home. But they should also have the market knowledge to help you successfully find a home where you are searching.   Do you have experience working with buyers in my situation? Many agents specialize in working with certain types of buyers, such as first-time buyers and veterans. Some also earn the Accredited Buyer’s Representative designation to gain specialized skills in working with buyers. Ask your prospective agent about their experience and any designations or certifications they have earned related to working with buyers like you.   Can you tell me about your approach to scouting properties? Agents and brokerages across the country have different business models and use and provide various technology, tools, and resources to inform their search process. Discuss with your prospective agent how their unique approach will help you find the right home.   What will be included in our written buyer agreement? Once you are working with your agent and before you tour a home together, your agent may be required to enter into a written buyer agreement with you that outlines the services the agent will provide you, and what they will be paid for those services. These agreements are fully negotiable.   How long will we work together? Talk with your prospective agent about how long you would like to work together and ensure you feel comfortable with that arrangement. This term will be set out in your written buyer agreement.   What are my options for paying you? Agent compensation is fully negotiable and can take many forms, such as a flat fee, a percentage of the purchase price, or an hourly fee. The written buyer agreement will contain the amount of compensation you agree on. You can also ask the seller to pay your broker’s compensation as part of your purchase offer or, in cases where a seller offers a concession, you may be able to use the funds to pay your broker for the value and services they provided you.   Can you recommend service providers who can help me obtain a mortgage, make home repairs, or support other closing tasks? Your prospective agent may have prior experience or trusted relationships with providers in the area where you are purchasing a home and can be a great resource for facilitating these introductions. Access our Trusted Vendors and Services Providers to get started and let me know if you need any additional recommendations.   Do you have references I can speak with? Many agents will be happy to connect you with satisfied clients they have worked with in the past who can speak to their experience. Access my Reviews and Testimonials from JasonPetersonRealtor.com – we value and are sincerely grateful for our clients and their testimonials.   ✅ Please visit facts.realtor for more information and resources, and consult your real estate professional or attorney for details about state law where you are purchasing and/or selling residential real estate.   📣 REALTORS® are members of the National Association of REALTORS®   📚 Welcome to the Future of Residential Real Estate (Commissions Decoupled)📚 Then and Now: Decoupled Commission and New Flow of Compensation📚 Homebuyers: Here's What the NAR Settlement Means for You📚 Home Sellers: Here's What the NAR Settlement Means for You   📆 Schedule time with me to address any questions and concerns about buying, selling, and renting residential real estate in the Valley of the Sun (Metro Phoenix). 🏠 We'll get you where you need to go! 🚀   ☎️ Mobile 602-517-4463📧 Mail@JasonPetersonRealtor.com🌐 JasonPetersonRealtor.com  

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NAR Consumers: Buying Your First Home

So, you’re ready to find your first home. But where do you begin? And what resources are available to help you? Here’s what you need to know as you embark on your homeownership journey:   Who is considered a first-time homebuyer? The definition of “first-time homebuyer” might be broader than you think. For example, it can refer to a person who has never owned a home, a person who has not owned a home in the last three years, or a single parent who has only previously owned a home with a spouse. The definition may vary by program, so check here for the Federal Housing Administration’s definition of a first-time homebuyer.   How do I find an agent? With the cost of housing at an all-time high, agents who are REALTORS® are here to help first-time homebuyers navigate challenges in the market and achieve the dream of homeownership. Agents may offer a wide range of services, such as finding available homes that meet your criteria, accompanying you to showings, and negotiating on your behalf. Ask prospective agents key questions to determine if they are the best fit for your needs.   What is a written buyer agreement? In many cases the agent you’ve selected will be required to enter into a written buyer agreement with you before you tour a home together. This agreement will outline the services the agent will provide and what they will be paid for those services. These agreements are fully negotiable, and you should feel empowered to advocate for the agreement that meets your needs.   What are my options for securing financing assistance? First-time homebuyers have multiple options for financing the purchase of their first home. Discuss with your agent the programs that might be available to you, including:   📃 Conventional mortgage loans are financed by private lenders, such as banks, credit unions, and mortgage companies. Mortgages typically require a down payment—you can use this tool to find down payment and closing cost assistance programs that you may be eligible for.   📃 Federal loan programs are available for eligible buyers through the Federal Housing Administration, Department of Veterans Affairs, and U.S. Department of Agriculture.   📃 State-funded grants for first-time homebuyers may be an option depending on your location. Contact your state’s housing financing agency for more information.   📃 Local governments or non-profit organizations in your area may have programs available to borrowers that meet specific requirements.   Are there other ways I can lessen my cost burden? Some sellers may offer to pay certain costs associated with purchasing a home for you, which are called concessions. You can also ask the seller to pay for your agent’s compensation as part of your purchase offer. Both are options that may reduce out-of-pocket and upfront expenses, helping you stretch your budget further. Your agent can advocate for you during purchase negotiations on these and other terms.   What other resources are available? Agents who are REALTORS® and your state and local REALTOR® Associations can direct you to many other resources. For example, first-time homebuyers should consider homeownership education and counseling services, which provide tools and information to help resolve financial roadblocks, develop a budget, and work on a plan to meet the financial requirements of homeownership. Your agent can refer you to a HUD certified housing counselor.   How do I know what option is best for me? When you work with an agent who is a REALTOR®, you are working with a professional guided by ethical duties under the REALTOR® Code of Ethics, including the pledge to protect and promote the interests of their clients. Your agent will work with you to weigh your options, answer questions, and develop a strategy you are confident in. You can read more about REALTORS®’ duty to put client interests above their own here.   ✅ Please visit facts.realtor for more information and resources, and consult your real estate professional or attorney for details about state law where you are purchasing and/or selling residential real estate.   📣 REALTORS® are members of the National Association of REALTORS®   📚 Welcome to the Future of Residential Real Estate (Commissions Decoupled)📚 Then and Now: Decoupled Commission and New Flow of Compensation📚 Homebuyers: Here's What the NAR Settlement Means for You📚 Home Sellers: Here's What the NAR Settlement Means for You   📆 Schedule time with me to address any questions and concerns about buying, selling, and renting residential real estate in the Valley of the Sun (Metro Phoenix). 🏠 We'll get you where you need to go! 🚀   ☎️ Mobile 602-517-4463📧 Mail@JasonPetersonRealtor.com🌐 JasonPetersonRealtor.com  

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NAR Consumers: Listing Agreements

If you choose to work with a real estate professional to sell your home, one of the first things you’ll do is negotiate and sign a listing agreement with the agent you’ve selected. Here’s what you need to know.   What is a listing agreement? A listing agreement is a contract between you and your agent that says the agent can represent you and market your property to potential buyers and their agents and establishes the sales price for your home. It will also lay out the type of professional representation and services your agent will provide and what they will be paid for those services. Agent compensation is fully negotiable and not set by law.   What are my options for agent representation? The options available may vary based on where you are selling your home or who you are working with. Some of the most common arrangements include:   📃 Exclusive Agency Listing Agreement: You work with just one agent and agree to compensate them if they sell your home. This allows you to retain the option to sell your home yourself without having to compensate your agent for the sale.   📃 Exclusive Right-to-Sell Listing Agreement: You work with just one agent, but you are responsible for your agent’s compensation no matter who sells the property.   📃 Limited-Service Listing Agreement: You work with just one agent who provides a limited set of services, such as publicly marketing your home on a Multiple Listing Service (MLS)—an online platform that compiles home listings from different sources—but may not provide other services, such as arranging showings, providing input on purchase offers, or supporting the negotiation process.   📃 Non-Exclusive Listing Agreement: You work with one agent or multiple agents and agree to compensate the agent who ultimately sells your home.   What services might be included in a listing agreement? The listing agreement typically lays out the agreed upon methods your agent will use to sell your home. Your agreement might include information on how your property will be marketed. This could include listing on an MLS, offering a seller concession covering some costs associated with purchasing a home for the buyer, or offering broker compensation to a buyer’s agent.   Are offers of broker compensation mandatory? No. It is up to you to determine if making or authorizing an offer of broker compensation is the best approach for selling your property. Agents who are REALTORS® are here to help guide you on marketing strategies so that you can make a decision that works for you.   How do I know what will work best for me? When you work with a REALTOR®, you are working with a professional guided by ethical duties under the REALTOR® Code of Ethics, including the pledge to protect and promote the interests of their clients. Your agent will work with you to help you understand the market and to weigh your options, answer questions, and reach an agreement that you are confident in. If you have any concerns about your agreement or don’t understand it, you should consult a real estate attorney.   ✅ Please visit facts.realtor for more information and resources, and consult your real estate professional or attorney for details about state law where you are purchasing and/or selling residential real estate.   📣 REALTORS® are members of the National Association of REALTORS®   📚 Welcome to the Future of Residential Real Estate (Commissions Decoupled)📚 Then and Now: Decoupled Commission and New Flow of Compensation📚 Homebuyers: Here's What the NAR Settlement Means for You📚 Home Sellers: Here's What the NAR Settlement Means for You   📆 Schedule time with me to address any questions and concerns about buying, selling, and renting residential real estate in the Valley of the Sun (Metro Phoenix). 🏠 We'll get you where you need to go! 🚀   ☎️ Mobile 602-517-4463📧 Mail@JasonPetersonRealtor.com🌐 JasonPetersonRealtor.com  

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