FAQs you should know about buying and selling a home!  I learned these the hard way.

Buying

You don't need a Realtor - True but do you really want to take a chance and buy a house which may not be worth what the seller is asking? 

Do you know what to look for in an older house?  The Structural property of the house and the neighborhood COMPs can help you determine  what you're willing to pay for the property.

If you use the listing Realtor and he or she finds you a home, great!  Now ask him for a 1% contribution towards your closing costs.  If they complain remind them that they would have to pay your Realtor even more.  They should then be more then happy to give you a measly 1% towards your closing cost.  This is harder and almost impossible to achieve it you have two Realtors involved so don't get greedy.  There is a lot of work and hidden costs which goes into being a Realtor and most of them don't like to give their money away.  Don't forget to also try and get a contribution from the seller.  Sometimes they will do what ever it takes to sell their house.  The more contributions you can get, the less you have to come up with at closing.

Remember that the seller's Realtor may represent the seller, leaving you open to some "misinformation" during your purchase. Whether it is intentional or not, it may be difficult for you to determine, and will usually be too late for you to do anything about it.

Your Realtor will work to protect you during the transaction.

Selling

You don't need a Realtor - True but do you really want people you don't know walking through your home?  How many times a year do you hear of someone getting robbed while showing there home to some strangers?

The commission is a set percentage - Not true.  You can negotiate the commission level with the listing agent.  It can be higher than 6% for residential property but it can also be lower than 4%.  In some cases it is simply a fixed price, say $1000.00 per agent, or so.  Just keep in mind that the larger the commission, the more motivated the listing agent and buyer's agent will be to sell your home.

More to come..............

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