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As a buyer, how would using a REALTOR® benefit me versus shopping on my own? 

“There are many advantages for having a Realtor assist you in the home buying process, the first being that a Realtor can narrow down a lot of the things that the buyers have the opportunity online to look for; but Realtors know how the neighborhoods are laid out, they can give them a heads up on things that are going on, they can do a lot of the research for them.

One of my areas has to do with schools, so the Realtor can really help them and lead them in the right direction should any of those questions come up. In my neighborhood there are so many zip codes and so many areas and schools, that for me to tell someone ‘this school is a great school,’ well there are many schools within that district, so a Realtor can definitely help them as someone that’s familiar with the area, familiar with what’s going on, the trends, and what’s going on as far as community development and things like that.”

Louis McGraw is a REALTOR® with McGraw and Associates in Torrance, CA.

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Harry Khayalian blogs about what to look for in finding the right Realtor for you.

“As a prerequisite for selling real estate, real estate professionals must be licensed by the state in which they work, either as an agent/salesperson or as a broker.

Before a license is issued, minimum standards for education, examinations and experience, which are determined on a state-by-state basis, must be met.”

Buying or selling a house is a huge transaction. No doubt, one of the most important transactions you will ever deal with. So you should make sure you trust the person who will be helping you with this process.

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Either way, you will need a REALTOR® to assist you. And in this struggling economic market, most Realtors will be beating down your door for your business. But with so many qualified professionals out there, how do you know who to choose?

Although all are educated professionals able to help you buy or sell a home, Realtors have specialties. Have you ever noticed the letters following a realtor’s name, and wondered what they stood for? They represent the specialized education and training that those agents have had in particular aspects of real estate.

Some professional designations and certifications available to Realtors include: Accredited Buyer Representative (ABR), Certified Commercial Investment Member (CCIM), Certification for Internet Professionalism (e-PRO), and NAR Green Designee (GREEN).

Just as important as it is for a buyer to find the right house, it’s important to find the right Realtor who specializes in what you are looking for.

You can search through Realtors that suit your needs, and select specific accreditations by using our Find a REALTOR® Search Options feature now.

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I am thinking about selling my home in Colorado (Douglas County Area) and hiring a home inspector. Do real estate agencies hire home inspectors? If so, what are they looking for – someone who is a licensed general contractor in Colorado, or is that not required?

-Andrew

I practice in Orlando, Florida, but I suspect your local real estate professional does not regularly hire home inspectors. I am pretty certain they can recommend some to you. I do it all the time, and I suggest inspectors that are certified by the American Society of Home Inspectors (ASHI). In the state of Florida there is no separate licensure for home inspectors, so it is important to find someone that has been through the ASHI certification process. There may also be a certification available through some state association. Here in Florida, many inspectors are also certified by the Florida Association of Building Inspectors (FABI).

David Welch specializes in residential re-sales and new home construction at RE/MAX 2000 Realty in and around Orlando, FL.

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Robin Jones blogs about what you really need to know when it comes to appraisals.

“Appraising is the science of determining the value of a home. Your real estate appraiser must be state-licensed and certified.

Don’t confuse a comparative market analysis with an appraisal. REALTORS® use CMAs to determine a realistic asking price. Your appraiser’s report will be much more detailed.”

Between a comparitive market analysis, a home inspection, and a property appraisal, the onslaught of information can definitely get confusing. It is important to have a Realtor who will work with you, and for you, and they will guide you through the process.

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This means home buyers and sellers in the aforementioned markets no longer have to base decisions on out-of-date or unreliable data now that the Olympic Listing Service and Cambria Somerset Association of Realtors has joined the growing list of MLS organizations displaying actual sales data about recently sold properties on Realtor.com.

Until now, sold data for properties has typically been available through County public records after 90-days of a transaction being completed. This delayed access to accurate data is one reason home valuations on many real estate portals are inaccurate, out of date and unreliable. County records also don’t always include significant property amenities which often have an impact on sale prices.

Information on “sold properties” will be displayed within the “Find Home Values” feature found on the homepage of Realtor.com.

“If you’re basing a real estate decision on old or out-of-date information, you risk making a poor decision with potentially significant financial consequences,” said Realtor.com President, Errol Samuelson. “Providing current and detailed information on sold properties drawn directly from the local MLS, in conjunction with our 15-minute fresh update program, educates buyers and sellers so they can have more productive conversations with their local Realtor as they navigate real estate.”

In addition to the Open Houses Nearby button, which uses the GPS feature to navigate users through unfamiliar neighborhoods, the iPhone app also includes a Notes and Ratings feature that gives on-the-go buyers the ability to keep their Realtor up-to-date with their impressions and opinions throughout their home search. Users can also send their friends, family, or agent a link to a property via e-mail, Twitter or Facebook to get feedback from their trusted confidantes.

Joel Burslem, of 1000Watt Consulting, who was named one of the Top 25 Most Influential Real Estate bloggers in 2007 and 2008 said upon reviewing the app: “The Realtor.com app is hands down the best real estate search tool on the market right now….I’m usually not this effervescent in my praise. In fact, many have called me a downright cynic at times. But this app is a true joy to use and fulfills the original promise of Realtor.com. It’s all the listings in one place.”

Lifehacker.com says, “This nifty app for the iPhone and iPod touch taps directly into the listings at Realtor.com to give you all kinds of information on nearby homes for sale…. If you’re in the market for a new home, or just want to daydream about what’s out there, then this app is a good start. It’s a handy way to carry around a comprehensive overview of the housing market right in your pocket or purse.”

Download the free Realtor.com iPhone app now, and improve your home search experience.

In addition to the Open Houses Nearby button, which uses the GPS feature to navigate users through unfamiliar neighborhoods, the iPhone app also includes a Notes and Ratings feature that gives on-the-go buyers the ability to keep their Realtor up-to-date with their impressions and opinions throughout their home search. Users can also send their friends, family, or agent a link to a property via e-mail, Twitter or Facebook to get feedback from their trusted confidantes.

Joel Burslem, of 1000Watt Consulting, who was named one of the Top 25 Most Influential Real Estate bloggers in 2007 and 2008 said upon reviewing the app: “The Realtor.com app is hands down the best real estate search tool on the market right now….I’m usually not this effervescent in my praise. In fact, many have called me a downright cynic at times. But this app is a true joy to use and fulfills the original promise of Realtor.com. It’s all the listings in one place.”

Lifehacker.com says, “This nifty app for the iPhone and iPod touch taps directly into the listings at Realtor.com to give you all kinds of information on nearby homes for sale…. If you’re in the market for a new home, or just want to daydream about what’s out there, then this app is a good start. It’s a handy way to carry around a comprehensive overview of the housing market right in your pocket or purse.”

Download the free Realtor.com iPhone app now, and improve your home search experience.

I am interested in buying a house from a friend that is about to go into foreclosure. The bank told my friend just to bring someone in if they are interested, and that they don’t need to involve any REALTORS®. Is that even possible? Also, I don’t know whether I can get approved for a loan since I have a mortgage now that I am paying on. I do have pretty good credit though. Will I have to sell mine first?

-Annie

First, I would suggest speaking with a lender and get pre-approved to see if you can carry the two mortgages. I would discuss my options on your current home with the lender. Are you able to carry two mortgages? If you are able to carry both mortgages, and you meet the debt-to-income ratio, are you planning on using one of the homes for an investment property, or are you planning on selling your current home down the road?

After speaking with a lender, and deciding what your plan is for your current home and the one you are considering purchasing, I would then contact a Realtor that is knowledgeable in short sales and foreclosures.

I would highly recommend using a Realtor to represent at least you, and maybe the seller of the home you are looking at purchasing. The asking price that the seller’s give you might not be the amount the bank will accept. Also, the amount the seller’s are given might be what is needed to pay off all of the debt on the house. With today’s market, the price for the home might be above what the market is bringing right now, and you don’t want to overpay for a property.

I would not cross this bridge alone. I would find an agent you can trust and who has knowledge in the foreclosure and short sale industry. I would interview a few agents to get a feel for their knowledge and experience in this area. If you are ok with dual agency, that agent can represent you and your friend (the seller) through this transaction. They will be able to help make sure the offering price is fair in today’s market, and they can help you get all of the proper documentation filled in correctly in addition to doing the leg work and follow up with the bank .

Mabel Davis is a REALTOR® with Keller Williams Elite in Pennsylvania.

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Typically it isn’t that easy with the extra costs involved in home-selling transactions like agent’s fees, transfer taxes and so on.

Elan Chertock blogs about the truth behind the numbers.

“I do encourage home ownership for the many great things that go with it including the long term financial gains.

But, I strongly encourage everyone to look at the real numbers of how much it costs to acquire property and how much it costs to sell property, and then subtract those amounts from any potential gains in equity.”

Helping your clients understand everything that is involved in the home buying and selling process is an integral part of being a Realtor. Many homeowners may simply see the value of their house rise and think they can enjoy a quick profit. They definitely may be able to do so, and you could be the one to make it happen for them. But it is important to educate them so that they are aware of any and all extra costs that they will be responsible for.

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