5 Things To Ask Your Real Estate Agent

The real estate agent you choose can make or break your home buying experience. In this post, we'll highlight five questions you should ask a potential real estate agent to ensure the best service quality possible.

1. What are your credentials? 

Asking this question ensures that your agent is currently licensed and is in good standing. His or her experience in the real estate world is crucial to success in buying or selling a home. All agents are required to have a state license, but agents who are a part of the National Association of Realtors are required to abide by a higher ethics law. Look for an agent who is well versed, readily available, transparent, eager to work with you, and has a high success rate. 

2. Are you comfortable closing a short sale or bank owned home?

When dealing with distressed properties, often an agent will become less eager to close on the property and steer you towards another deal. More complicated paperwork and higher liability might be a turn off property appeal, however, an experienced real estate agent is efficient, transparent, and knows how to work with the bank to get your transaction closed in a timely matter.

3. How can you help me afford the home I want?

Your real estate agent should be well versed in how mortgages work, the current interest rates, and other financing and refinancing options. He or she should be able to provide you with realistic options to purchase the home of your dreams.

4. What are your commission and fees?

Most real estate agents work purely on commissions from the sale. When a homeowner sells a home, they pay a real estate agent a commission and closing fee. This listing agent’s commission is usually about 6% of the sale price. The listing agent then shares her commission with the buyer’s agent. For helping you buy a home, your agent will receive about 3-4% of the sale price. Some agents offer discounted commissions, rebates, or flat-fees for their services. Cheaper may not be better: a discounted real estate agent may not work as hard to help you find the best home.

5. What is your marketing plan?

Some questions to ask include: How will you search for my new home? How many homes am I likely to tour before I find a home I want to buy? How do you handle multiple offers? Where and how often do you advertise? Specifically, how will you sell my home? Are you on the MLS? How do you market online? Such questions ensure you are aware of the entire home buying and selling process and that you are comfortable and satisfied with the work your Realtor is doing to buy or sell a home. 

If you are looking for an agent to represent you in Southern Idaho or Utah, contact Cornerstone Real Estate Professionals.
office@utahcornerstone.com
435-787-8683


for more information about hiring an agent visit
http://blog.redfin.com/blog/2008/05/15_questions_to_ask_when_hiring_a_real_estate_agent.html#.UnGDSfmThjk
http://www.credit.com/life_stages/buying_house/Five-Questions-to-Ask-Your-Real-Estate-Agent.jsp

10 Commonly Misunderstood Real Estate Terms

Buying a home is complicated enough without feeling like your real estate agent is speaking a foreign language. Learning the real estate lingo is an important part of feeling in the loop while you're purchasing your home. These 10 definitions of commonly misunderstood real estate terms will help you be on your way to being an informed home buyer.

1) Appraisal

An appraisal is an assessment done by a certified appraiser justifying the purchase price for a property. The appraisal is usually based on an analysis of comparable sales of similar homes nearby. 

2) Commission

Commission refers to the money that is paid to real estate agents after the closing of the transaction. They are a percentage of the purchase price (usually 3% or 6%). This is how real estate agents make their money.

3) CMA (Comparative Market Analysis)

A CMA is a professional report that real estate agents give to their clients. The report is an analysis done on the values of similar homes in the neighborhood or area that have sold or that are for sale at the same time. This report helps give a realistic listing and selling price.

4) Earnest Money

Earnest money is a deposit made by the potential home buyer to show that he or she is serious about buying the home. When the transaction is finalized, the funds are put towards the buyer's down payment. 

5) Escrow

To place something in escrow means to place it in the hands of a third party until certain conditions are met. For example, earnest money deposits are often put into escrow until they are delivered to the seller when the transaction is closed. 

6) Equity

Equity refers to a homeowner's financial interest in a property. Equity is the difference between the fair market value of the home or property and the amount still owned on it's mortgage and other liens.

7) Lien

A lien is a legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed are both considered liens.

8) REPC (Real Estate Purchase Contract)

The Real Estate Purchase Contract is a contract between parties for the purchase and sale of real estate. They are legally binding and are written down and signed by both parties. 

9) Short Sale vs. Bank Owned Home

When a homeowner defaults on his mortgage, the lender may allow the home to be sold in a short sale. This means that the bank has agreed to let the home be sold for less than what the current owner owes on the property. A bank owned home is simply a home that has been foreclosed but the lender has not agreed to sell the home for less than what is owed on it.

10) Under Contract

If a property is "under contract" it means that the seller has accepted the buyers offer to purchase the property. Generally, the buyer is given a time period in which the sale can be finalized. During this time period, the seller cannot accept or entertain any other offers from other buyers. 

definitions credited to

http://homeguides.sfgate.com/term-escrow-mean-real-estate-46555.html

http://www.realestateabc.com/glossary/glossary1.htm#Fannie Mae (FNMA)

http://www.bhgrealestate.com/Learn/Buying-and-Selling/Understanding-CMA-Comparable-Market-Analysis.html

http://en.wikipedia.org/wiki/Real_estate_contract

http://homeguides.sfgate.com/better-bank-owned-short-sale-7250.html

http://www.cfcre.com/glossary.htm#U

New in Southern Utah Real Estate!

Cornerstone Real Estate Professionals has opened an office in St.George! 

St. George is the outdoor adventure capital of Utah- from the incredible river rafting opportunities to the beautiful national parks, St. George is a beautiful place to raise a family.

If you are looking for a home in southern Utah, would love to assist you in any way possible. 

Check out this video we've made highlighting the amazing things St. George has to offer!

How is the Market Doing?

"How is the market doing?"

This is commonly asked by homeowners and those looking to buy or sell a home. In this short video, our head broker Robert Brown shares a quick update on how the market in our own Cache Valley is doing.