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First let me explain the difference between a Real Estate Agent and a Realtor. The Real Estate Agent has gone to state approved classes and received specific training regarding real estate. They have taken the state licensing examination and they have passed. Of course, experience varies and new agents can be more enthusiastic than seasoned vets, so this is not a reason in itself to choose another professional. There are many agents who never go on to become Realtors and that can be just fine. This lack of designation can present some difficulty in viewing properties listed by Realtors. Realtor is a term that comes along with having joined a Board of Realtors, thereby enabling the member to use the ?Realtor? designation. Realtors are also entitled to use the Multiple Listing Service or MLS that lists the available properties in a given city or area. Realtors also ascribe to a code of ethics that among other things they agree to treat all parties to a transaction fair and honestly. The upshot for the consumer is there are consequences to misdeeds. Realtors are held to a higher standard and those standards benefit the consumer.

I have a lot of clients who thought that driving around looking at houses was a great way to start the home buying process was to start driving neighborhoods. Let me say beyond figuring out what works best for you as far as distance from work, your church and schools, there are no benefits to driving through neighborhoods and calling agents from their signs. You see, a Listing Agent (usually a Realtor) has a contract with the seller of the property to act in their best interest. Unless they have agreed in writing with the seller to act as an Intermediary (which means they represent neither side of the transaction) they cannot truly negotiate on your behalf. Therefore , what you need is a Buyer?s Agent. The Buyer?s Agent will have you sign a Buyer?s Representation agreement that says that they represent you exclusively. When this happens and you have found the property that is ideal for you, your Realtor springs into action to negotiate the best price, terms, and conditions of the sale. Should the listing agent share with your Realtor, for instance, that the seller is desperate to sell the property and would probably take less than the published price, your Realtor/Buyer?s Agent can rush right to you with this information and take advantage on your behalf.

Should you call from the sign in front of the property and speak with the Listing Agent,and she becomes and Intermediary in the transaction, she cannot disclose the seller?s desperation to you. She can only pass on facts regarding the other side. She cannot disclose anything that could potentially harm either party to the contract. Be sure that your Realtor is working for you. Sign the Buyer?s Representation Agreement and get her working for you and get the new home that you deserve at the best possible terms and conditions.

With all of that being said, be sure to check out how to avoid the trap of Predatory Lending practices. It is so important understand your credit scores and how they affect everything in the home buying process from your down payment to your interest rate. I promise how to wise up on shopping for your Mortgage Broker in my next article.

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Source: http://geomatics2009.com/cmmsassetmanagement/2011/05/26/new-home-search-features/

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