Like the video shows, it is a good idea to compare several. And ask these questions. What is your experience in my community and neighborhood? What type of representation do you offer? Different states have different types. Some brokers represent buyers, some represent sellers some act as neutral parties between both. and in some states, different people at a single firm can handle each side in a transaction. And of course, what are your terms and fees? Get the key facts in writing to help you compare your options. Then make the best choice for your situation.

As you will see in this video, real estate marketplaces are generally most active in summer because families with children want to move in before school starts. So more homes are typically available in summer as well. But buyers and sellers tend to balance out in other seasons, too especially in todays tight market. There may be fewer buyers in late December but usually fewer homes, too. So, prices tend to rise or fall on general demand in that market rather than time of year. It is best to sell when you & your house are ready to sell. Start working with a real estate professional as early as possible to make the most of your sale in any season.

Real estate transactions are complicated, and real estate agents are usually involved to ensure they are successful and legal. In many cases, there are 2 agents — one representing the buyers interests, one the sellers. In most cases, real estate agents are compensated with a percentage of the transaction, which links their payment to a successful job. In most states, 6% has long been the common commission percentage. This is split — usually in half — when two agents are involved. Real estate commission rates are not set by the government, or by industry bodies. In most states, commissions are legally negotiable. Keep in mind that point above - commission is linked to success. Think about the expertise and work you need them to do to understand how they earn the commission.

The S crow is kind of a mascot here, because there is no such bird. You wont hear the word "escrow" for years, and then youll hear it all the time if youre buying a home. Heres what the word means. Some of the charges connected to a home: Real estate taxes Mortgage insurance Homeowners insurance are applied annually. The escrow account is a bucket where part of monthly mortgage payments accumulate to pay these costs. Escrow account costs may — and usuallydo — change each year, because these charges change. Its useful to understand that the lender is responsible for making those payments on time, from the escrow account. If somethings late, make sure you are not fined or punished.

The term "appraisal" has a specific meaning in the home-and-mortgage process. Its not an inspection; it is a professional assessment of thevalue of the property. The companies and individuals that do this assessment are called "appraisers". Its important to understand that the appraiser works for the lender, not the buyer or the seller. While a professional opinion about value seems like a useful thing in negotiating price, thats not their job. Because the property will be used as loan collateral, the lender really needs to know what its worth; thats the job. Appraisers have the training and experience to put numbers on key aspects of a property: Size Condition How it compares with other properties in the local market They have the training to focus on things that will affect value; as the video says, damage and neglect affect value but a sink full of dishes does not. The appraised value can affect transaction details. If the value is lower than the offered price, the offer might have to change — for example, reducing the price, or increasing the down payment. Appraisal results are a good point-in-time thing to know. Just remember that the appraisers customer is the lender, not you.

Companies involved in the mortgage loan process are required to follow detailed regulations. Many of these are detailed in the Real Estate Settlement Procedures Act — the Federal law commonly called "RESPA." The RESPA rules spell out the information that a lender has to provide to potential customers, step-by-step. They mandate detailed, full information about all costs, servicing details, account and escrow practices. They also mandate that lenders disclose any business relationships that they have with other parties involved in the transaction. In plain English, that means that you should be informed of existing relationships. If the mortgage process requires you to get your car washed, and the lender gets a commission from the car wash across the street, they have to tell you. Same for other not-so-silly business arrangements. The Dept of Housing and Urban Development - HUD - provides information on the RESPA regulations. Here are some of the current links: RESPA page that says nothing particularly useful. Settlement Costs Booklet The Settlement Costs booklet is quite useful and detailed — a recommended resource if youre starting the mortgage journey. HUD also sponsors housing counselors. Some consumers can qualify for counseling without any charges; where charges are involved for counseling, HUD requires that any counseling fees be "commensurate with the level of services provided." The HUD housing counseling agencies directory is here: https://apps.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

Beautiful, modern model homes and neighborhoods can make the job of comparing different builders and projects a challenge. Here are a few questions to help you. Ask everyone the same questions, like: How is the final price of a home in your project set, and when? Do you offer a warranty option? Can we have a copy of the warranty terms? How many different models are available? Can we see plans or brochures? Can I make changes and upgrades during construction? Until what stage? When do inspections take place in your construction schedule? Who would be supervising construction of our particular home? When is completion scheduled? What happens if there are delays? Also ask about other projects, and their history in this business: Are you insured? Licensed? How many other homes have you built? Where? Do you provide references, such as from prior buyers? Ask for written confirmation of things you consider to be key. Compare the answers from different projects, sales teams and builders. And consider involving a real estate buyers agent, or new-home cobroker, for professional advice.

Buying a new-construction home means contractual commitments. While the sales team at a project may understand the contracts very well, their job is not to look out for your interests. Since most of us do not buy homes and sign real estate contracts on a regular basis, theres a good argument to be made for having a knowledgeable attorney review a contract on your behalf. Construction project contracts are frequently "fill-in-the-blanks" because they involve many buyers and many homes. This can leave little room for negotiation, and as a result, less opportunity for questions and answers to clarify the contract. An attorney can help you be very clear about what you are committing to, whether or not they recommend changes in the contract. Their biggest value may be in explaining the contract to you, not necessarily re-negotiating it. If incentives, deals or specials on project homes compel you to sign quickly, ask for a clause making the contract contingent on review and approval by your attorney. Reputable builders should be OK with this, if you are prompt about arranging the review.

Nearly all buyers of new-construction homes — 88%, according to a nation-wide survey in 2013 — involved a real estate agent in the transaction. While it may not be required, if you are considering or buying a new-construction home, you should consider it. Most new-home construction projects — particularly large developments — have sales staff to assist in the transaction. They are knowledgeable about the project, the home models, and incentives. But in contrast to a real estate buyers agent, their job is the project, not you. Times have changed; builders expect real estate agents, and frequently the commission for an agent is built in to their pricing. Agents help guide buyers to realistic choices and help them in the complex purchase process. Building a relationship with an agent, and building their knowledge about a development, can also lead more people to the builders project. If you do have an agent, make sure they are contractually committed to represent you in the process. If you do not have an agent, look for a buyers agent or new-home cobroker to help.

New-home builders frequently offer additional terms to help close sales quickly; these are usually called "incentives." Incentives are frequently used at critical times, like the end of a financial period, or for particular models or lots. Here are some of the most common: Cost-reduction incentives reduct short-term or up-front costs. For example, a builder might use a cash contribution to closing, or waiver of premiums on the lot, as cost-reduction incentives. Value-add incentives provide upgrades to the home being purchased. A decorating allowance to upgrade appliances, floors or fixtures is a common value-add. Value-to-buyer incentives are not necessarily connected to the house, but they are of value to the buyer. A trip to Hawaii, a car lease, or a big-screen television are all examples of this. Time-to-close incentives speed up the process. For example, if the builder has arrangements with a lender, with details of their project and models already in place, the buying process could be accelerated. While incentives can be emotionally tempting, try to evaluate them neutrally. Would you BUY the item or addition? What will it actually cost over time as part of the mortgage? Is the price fair or inflated? With lender arrangements, ensure that the terms are still fair compared to market terms. As a final check, get advice from your real estate agent or certified new-home cobroker.