Buyers Tips

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Buyer's Tips

Home Buying Process from www.Realtor.com
	Visit Realtor.com's Buyers Guide for a step-by-step guide that will walk you through the process and answer your questions on what you should expect from your REALTOR®, where to look for loans, and what to watch out for when closing the deal.
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	Use their Finance Calculators

Who pays the sales commission? Buyer or seller?
	If you said the seller, you'd only be half right. Here is how it works:
	1. The buyer obtains the funds to purchase the property.
	2. The money is given to the title company at closing.
	3. The title company takes out the sales commission (and other expenses), and gives the leftover amount to the seller.
	4. The money came out of the check you gave to the title company!
	So who pays the sales commission? Both buyer AND seller.

	A MAJOR expense to the seller is the commission, which can be up to 6-7% of the sales price. That adds up to a LOT of money (For example, 6% of a $300,000 house would be $18,000 commission) .
	Let's say for a moment that the seller can get the sales commission down to only 3% commission (for example $9000 instead of $18,000) Or better yet, NO COMMISSION. Do you think that affects the sale price of the house? And who pays the price on the house? You do. The buyer.
	Buyers are able to purchase low commission or no commission property listed with Home Listing Service.

When do you need a realtor?
	You do not need a realtor to find property for sale. If you have a computer and access to the internet (which you do, or else you wouldn't be reading this), then that is a good start.
	If you find a "For Sale By Owner" home, you may visit that home directly with no agent. There are many "For Sale By Owner" web sites. You can find them with web search engines, such as www.google.com. You will probably not receive any representation with that purchase unless you have an attorney. Some people do not mind this, because the mortgage company and title company do much of the work, once all the contract contingencies are met.
	You may need a realtor if you find a home for sale through a real estate agency.
	Exception:. If the home is listed by Home Listing Service, with most of our listings, you may be able to contact the seller directly. The seller's phone number is usually available on the "For Sale" yard sign, or from the listing agent. Occasionally an HLS agent will be the point of contact.
	A realtor is not usually needed if you wish to make an offer on one of our listings. A Home Listing Service agent will assist buyers with purchase contracts. Also, if needed, buyers may negotiate additional buyer's services for a small fee.
	Many buyers feel a level of comfort by using a buyer's agent from start to finish. You may like to know you are being represented by a realtor of your choice, someone who you know and trust, and who is working for your best interest. We feel that buyer's agents work hard for their money. If your realtor helps you buy one of our listings, the agent will receive a sales commission.

How do you find a realtor?
	Finding a good realtor by chance can be hit and miss. You can call any real estate agency and any licensed agent can show you property in MLS. But what kind of agent will you get and how well will they represent you?
	Ask for referrals from friends, co-workers, or family members
	Look for an agent who knows the area. You area not just buying a house. You are buying a home in a local neighborhood in a specific community.
	Ask the agent if they will show you homes "For Sale By Owner". The agent is supposed to represent the buyer's best interest (not his own). There are more and more houses on the market in this category, and to avoid them could be avoiding your next dream home. Many or most will pay your agent a commission. Just ask.
	Check the agent's web site. Does it say what they will do for you as a buyer? Do you think you would be compatible with the agent?
	Try to determine if the agent will sit around until something comes up on the computer, or if they will go out and actively look for a house for you.
	When working with an agent, notice if they are steering you primarily to their agency's homes for sale. This could be a red flag. Again, whose best interest are they representing?
	Search for a realtor in Ohio

Buyer's Agent Contract
	Some buyer's agents will ask you to sign a contract to have them act as an exclusive buyer's agent. There are pros and cons to doing this. Understand the terms and the potential costs.

Ohio Association of Realtors
	Links you to helpful resources for homeownership opportunities and resources in Ohio

Visit Open Houses
	If you have a realtor, don't just sit back and wait for the phone to ring. Often the buyer can find a house on his own even before the realtor finds it. Check the newspaper or MLS Open Houses and get into as many houses and in as many neighborhoods as you can to get a good idea of what you like and how much it is going to cost. Then when the "right" house comes along YOU WILL KNOW IT !

Find A Good Web Site For Searching Multiple Listing Service (MLS)
	Here is a surprise: Many big name agencies display MLS information that is not current. The updates to these web sites is delayed because they import the listing data once a day and have to reformat it to meet the criteria for their business model. This is a problem for you because a home for a really good price could hit the market and receive a contract the same day, and you may never know about it until it is too late.
	If you want timely (up to the minute) information, try using this search engine which goes directly into Cincinnati MLS and gives you instant new listings and price changes.:
	Search For MLS Listings
	Many big name agencies only show THEIR open houses. Try using this link to see all available Cincinnati MLS Open House information.
	Search For Open Houses

Ohio Law Protects You In The Real Estate Transaction from the Ohio Association Of Realtors
	See a list of the disclosures you should expect to receive during a real estate transaction.


Good Luck Buying !!!