Other than building a good client base, what does my broker care if I buy a house.  Does she get any money from it, and if she does, where does it come from?  I'm not stupid I know they make commission when they sell a house, but what is their incentive to buy?  Or why should she waste her gas and time to cart me around to look at houses.
129883
Ok. Well when you find a home and it is listed with the agent you are working with and the seller is paying a commission to the agents office of 6 or 7% then the agent is a limited agent and then she gets boths sides of the sale. If the agent is offering 2.5 or 3 % out to a selling agent then they will split the listing side with the office and the selling side with the office. If they are on a 50/50 split then she would 50% of each side. \nIf the home is listed by one realtor and you use another then the listing agent splits say 3% with her office and your agent splits with their office. \nExample $100,000 x 6% is 6,000 divide by 2 is 3,000 now each agent splits with their office some 50/50 some 60/40 or more. Say its 50/50 then her side is 1,500 - sometimes 8% to the corporation then minus 30% for taxes.  So maybe she would get around 1200 clear at best. And the same for the listing agent.\nIt is nice to get both sides of the sale but as a buyer you want that agent working for you not for the seller. \nAnd yes I am an agent that has drivin many many buyers around and they bought nothing and then many have so it works out in the end. Sometimes I get paid once a month somtimes not for a couple of months then we pay yearly dues to all the Realtor organizations and Error and Ommission insurance  and MLS dues and website fees and mailings and postage. Not to mention gas. But I enjoy it and I love when my buyers find the right home for them. And First time Buyers are the best the get so excited when its their first home. The more money they have the pickier they get.
404397
My mom is a real estate agent, so I know a bit about this and hope I can help you out here.\n\nFrom what I've been able to observe with my mom, she knows A LOT (TONS!) about her clients' personal and financial business. It just comes with the territory, as the real estate agent is involved with selling their client's largest asset and often has to help with the mortgage financing and the escrow/title process.\n\nIf your husband's nephew just got his license, I think there's better reasons than financial privacy for not using him ... namely, you don't want someone who is that new and that green to be helping you with such a major financial transaction.\n\nIf you don't want to tell him you're not using him because you don't want him to know your financial business, you can just tell him that you want to go with someone more experienced for this major transaction of yours.\n\nGood luck!
610066
No. You work under the mortgage broker's license.\n\n**** The guy below who said to ignore me and the other person who answered your question is ABSOLUTELY WRONG. NONE of our Loan Officers are "licensed" and they don't have to be. I work for a broker in AZ and previously worked for one in TX. Brokers ask for nothing of the sort. Maybe CA is different, you should research the state that you live in. Even with the major lenders, like the one my husband works for which is Countrywide, does not require or even ask for a license. They train new hires like any other job would. Like I stated before, you should research the state that you live in. I highly doubt you'll need anything though. I've been in the biz for years and never heard of such a thing. \nFYI*** There are scams out there that give all sorts of "lisences" online which are jokes. Some car dealerships do the same thing to inexperienced sales people, they make them take a $400 class thats really just a waste of time. As an LO, you'll be TRAINED to read rates and choose programs. The guy below sounds like your average sucker.
598099
The only way you can get access to MLS listings is through a Realtor. The MLS is funded by Realtors with the purpose of sharing information with other Realtors regarding available properties. This is how we service our clients. It sounds to me like you are not clear on what an agents role is. Let me explain:\n\nWhen you see a home for sale and you call the agent who's name is on the sign, that agent is working exclusively for the SELLER. Their job is to represent the sellers and protect the sellers interests only, not yours. You are on your own. Its up to you to make sure you are not over-paying, not to mention all the legal liabilities that go with it. In other words, you have nobody protecting your interests.\n\nNow, if you are thinking about buying a home and contact a Realtor who specializes in servicing buyers, they will be able to show you all the properties that are available within your criteria, check current market conditions to make sure you don't over-pay, and handle all of the legal aspects and make sure you are protected in the transaction. In most cases, the buyer's agents fee is paid for by the seller, so it costs you absolutely nothing. Doesn't it make sense to use a Realtor?\n\nIf you are concerned about an agent hounding or pressuring you, just let them know up-front that right now you just want to look and most Realtors would be happy to mail or e-mail MLS listings to you with no obligation.\n\nHope that answers your question and Good Luck!!\n\nBTW, Realtor.com does not have EVERY home listed in the MLS, just the ones where the real estate companies pay for that website.
87836
Realtors suck big time.   I have just had two very bad experiences.  They will lie to your face to get you to sign stuff.  For example, I was offering 106,000 for a home.  The realtor then added 6 percent to that and some other stuff, all said and done, I paid 115,900.  When I asked him why the numbers were higher than what I wanted to pay, he said "you aren't paying that, the buyer is going to pay the difference".  You are supposed to pay these people to help you and they don't.  They are just as bad as the mortgage companies.
48746
Assuming you'd like to start off working with a good Realtor who will take care of your real estate needs now and in the future, I suggest finding a Realtor who works for and by referral. They will not be spending time on door knocking etc and keep in touch with their past clients. This way, they'll have more time to work with you during the transaction.\n\nI'm a Realtor but not in your area. However, I have met other Realtors in person who are in your area and run their business in the same way I run mine. If you'd like a Referral to one who's professional and runs their business like I run mine, go to http://www.ReferredPro.com and submit your request. I'll forward your request onto a qualified Realtor local to you. Most of the Realtors I network with, I have met in person. I won't give your information out without your approval. So no worries there!
81513
Are you serious?????!!!!  I have been doing mortgages and real estate for over 7 years and I still learn something new about my job everyday.  \n\nI would like to say that there is never a stupid question, but this one may be a bit challenging.....jees.....
71177
Why did she do that?  It must have been a beautiful house.  I used to be in the business . . . and it is a good way to make a living . . . but thing is . . . once you get out . . . it is better to stay out.\n\nI've been out of the business for almost 18 years.  It is good to get yourself established, pay for schooling, etc . . . but for raising a child . . . no . . . especially school age.\n\nI agree with you . . . she should sell the house . . . hopefully for a profit . . . but with the market . . . who knows.  With the money Profit . . . get an apartment or a condo . . . and after a year or two is selling real estate . . invest in some investment property.  Then parlay that in to a home . . . \n\nShe is already out of the business . . . please encourage her to find alternative methods.  She could do it . . . because if she was able to get this far . . . it will take a little more work to maintain it.  I know it is difficult . . . but I know she could do it.
474746
to reiterate the previous answer -- it's hard work, lots of people have the misconception that it's a gravy job -- not so!  long hours, especially when you want to be off (weekends, week nights), but very rewarding to actually help someone achieve the american dream.\n\ni'm a realtor in texas.  although there is no 'set' commission, generally sellers will pay a total of 6% to sell their home -- that 6% is then split between the listing agent and the buyer's agent.  depending on the company you work for, you'll end up with less, as you have to pay fees to the firm.\n\nif you work for a brokerage that requires you to pay hefty fees up front, you might not want to start there.  there are some companies out there that work good for new agents, you're welcome to send me a private message and I'll give you more details.\n\notherwise, good luck!
395454
You make as good of money as the amount of houses you sell and the commissions you get.  It's all up to the salesperson.\n\nI do believe you get started by taking the classses and getting your license.
135064
How on earth can you accurately calculate a mortgage note for someone? Can you pull there credit? If you know there score what rate can you give them? Who do you know that can give that rate? What term will you go? Whats the best rate for there term? You sound like a Realtor giving a payment? I don't mean to fuss at you,but if you contact a mortgage broker he can at least give you a better idea of what a true payment will be.
485258
To think in a positive way.When listings is listed Sold means they had sold it,maybe some buyers are looking at that area,may need more information.As a buyer point of view they wish to know how much the property is sold at,buyers will call the said agent for more info,in this case this agent will try to get the buyer another property that is similar to the one that is sold.Or perhaps Owners that lives in the neighborhood may have ideas to sell their own property may also call this agent to help them sell their property.Isn't it a good way to get listing and buyers too!!!!\nAs for Under Offer is to let buyers to know that this said property  is under negotiating and let others buyers know thats the last chance to make and offer if they are interested in the property.For eg.Certain buyers may love the property but refuse to pay the price which the owner wants(they want best buy).they tried to play hard,but this "under offer" may let them know thats their last chance to make another offer.\nHighlight to you,NOT ALL Estate Agents are well verse in their Trades,this is also a form of Advertisement for themselves.Would you list with an agent which is new in the market that hasnt much exp in selling house,or you would rather list with agent that has sold tons of houses.Of course you will list with the exp ones,cause they can get you a better price.
385985
You can use their format, but NOT their name.  As for the 'Broker's information', that is also not advised.  If your contract with the Broker has concluded, you are entitled any information they have.  They did not sell it, and you paid something for the service, correct?  \n  If you use their name and logo, their will be looking for their com-\nmission on the sale.\n  It is ALSO good advise to have an attorney look over the paperwork at the closing.  Find one in the yellow pages, or ask friends.
623664
What is the event in a homeowner's life that would cause them to want your service?  Is it routine maintenance? How often?  Or is it only when they're about to sell?\n\nYou want to find a way to align with that. You don't have enough money to tell the whole world, and they won't pay attention anyway. Instead, focus your dollars on the very few people who are ready to buy what you're selling. \n\nIf it's home sellers, you obviously want to hook up with realtors, home inspectors, and the like. There are "home spruce-up" services out there, see if you can work with them. Offer commissions on referrals - and pay them! It will still be cheaper than wasting money on newspaper ads that everyone ignores. \n\nHow about landscapers and lawn services? See if you can send a series of simple direct mail pieces to their customers, or better yet see if they'll "re-sell" your service under their brand name - they can make a markup and you get business w/ no ad costs. \n\nWhat's a typical job worth to you? What's your gross profit on a new customer? What's your referral strategy?\n\nCheck out www.dankennedy.com, and see if you can find his "Earl the Plumber" story, it's useful to you I think.\n\nBest of luck,\nScott
323406
Hello,\n\nCongratulations on deciding on a long-term decision right at the outset of your career.\n\nBy deciding to buy your home, you will do the following:\n\n1. Stop paying someone else's mortgage.\n2. Build your own equity.\n3. Since you have a good income, you will book the tax benefits.\n4. Fix your monthly payment on living in a home for your lifetime (based on your mortgage).\n\nThe Process:\n1. Check your credit by yourself. Try to work on any cleanup that you might need to do (like some irregularities in payments or any other incorrect reporting regarding your credit history. A good Mortgage agent should be a great help and be able to do everything for you. But some mortgage agents might use this for a rip-off.\n2. See if you can identify your objectives, needs and wants. Like, if you want to live close to downtown, a new home, a nice neighborhood, commute, lifestyle etc.\n3. Find a good Realtor who will help you understand your objectives, needs and wants and put them in perspective so that he will help you identify the home you will want to live in.\n4. A good Realtor should be able to take care of the entire process. You have to zone into your dream home out of the Millions of properties available out there. You will also have to identify your constraints in terms of finances, having a Realtor will give you all these ideas.\n5. It is very important that you pin your requirements, it will make the process of selection very easy.\n6. The process itself.\na. Find a Realtor.\nb. Find a Mortgage Agent.\nc. Find a house.\nd. Once selected, make an offer.\ne. If the offer is accepted\nOrder inspections, title reports, HOA docs if it is a PUD / Townhome.\nFinalize Mortgage.\nRemove Contingencies based on investigations.\nGet ready for sign-off.\nSign-off\nDo a walkthrough inspection\nFund your mortgage\nGet your Keys\n\nYou may want to browse on the internet for some more preliminary understanding.\n\nDisclosure: I am a Licensed Realtor with Century 21 in San Jose, CA.
136345
Depending on the type of loan you need for your new home, you need to have a DTI (debt-to-income ratio) between 45-50% opn average for a purchase. It makes sense to refi your home to ensure you are prequalified to purchase the new home. It is difficult for a mortgage broker to provide you with a preapproval letter (usually required by a Realtor to prove to a seller that you are a ready-willing-able buyer) unless you meet this DTI guideline.  However, ask what your DTI is and ask that to see it on the application. Worst-case-scenario (although unlikely) and if the mortgage broker is unscrupulous and your DTI is fine, they could be trying to get two deals out of one.  It is very common to recommend a refi prior to listing your home for other reasons as well - for example if you find your dream-home and you put in an offer, but your current home hasn't sold, your purchase offer will have to have a 'contingent upon current sale' clause. This could become a heart-breaking 'deal-breaker' if your home doesn't sell before the offer expires. A seller cannot be expected to hold the sale for you, while you are waiting to sell your home. Also, it is good to have the cash from your refi in the bank (or better yet, invested) as 'reserves'. This makes a lender feel more confident in lending you money for a hew home, because the extra cash removes risk by showing you could cover your new mortgage payment if for some reason you were to become unemployed. I hope these three reasons help you become more confident with your broker. I know it is scary for everyone, and the media only makes it more confusing for consumers. I commend your questions!  Keep asking, information is free!
642568
I bought my first house with the help of a first time buyer program.  I had to take one 2 hour course (free, all I had to do was show up & listen), and the county paid my down payment.  It showed as a silent second mortgage.  As long as I lived in the house, and did not refinance, I did not owe any money to the county.  When I did refinance I had the option of paying that money back or making payments just like any other loan.  I was able to close on that house for $300 out of pocket because of that program.  As another poster said, there are many programs out there.  Some will even offer very low interest loans to make improvements to your home after you move in.  Your Realtor or mortgage broker should be able to steer you in the right direction as far as what programs you qualify for that are available in the area you are buying in.