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Buying A Home

As soon as you begin looking at properties with a licensed real estate agent, you have essentially made the decision to "hire" them.

Why? Because the agent is working on your behalf and the law sees that at that point he may legally deserve to get some compensation for his or her efforts even though you never even signed an agreement. Alan and Denise Fields, in their book "Your New House", call this the $7,650 car ride.

That's why we stress the importance of interviewing one or two brokerages and choosing the broker before you get inadvertently into being chosen by them through the many clever mechanisms set up by the real estate community. There are many attractive enticements to engage you, but you best chance of getting what you want at the end, is to start out with a right beginning. That right beginning involves taking a tiny bit of up front effort to carefully select the person who will end up being your negotiator, your advocate, your representative and your protector.

1. How will you represent me as a buyer client for properties listed within your firm? Will I ever be put into a dual agency situation? If so, how do your obligations to me change?

2. How do you get paid? If you get a commission --then because a higher priced house will result in more payment to you--how can I be assured you will find the best deal for me regardless of the price? Will I have any out-of-pocket expenses other than my down payment?

3. Do you charge a retainer fee? Is it nonrefundable? What is the duration of our agreement?

4. What is your inventory of non-listed properties, such as for-sale-by-owner, foreclosure, and not yet listed properties?

5. How often will you supply me with properties that meet my criteria? How will you get them to me?

6. How familiar are you with the area where I want to purchase? Can you give me references of other buyers you have helped find property in the same area?

7. Can you help me know whether I'd be pre-qualified for a loan, and then help me get the best loan?

8. Do you have a written agreement? What if I see a for-sale-by-owner property on my own? What do you expect my participation to be?