Can I find my home on the Internet?

The Internet has become a terrific starting point for folks like you who are looking for a home. In fact, in its 2003 Profile of Home Buyers and Sellers, the NAR found that 65 percent of home buyers used the Internet to start their home search, up from 2 percent in 1995. With the advent of virtual tours (where you can view an entire home, room by room, online), digital photography (still photos of the home), and search tools like the online MLS services that many brokerages offer on their Web sites, the Internet has become a consumer-friendly tool useful for culling out undesirable homes and pinpointing those that would make good candidates. The truth is, while technology has put information and resources into the hands of more consumers, it hasn’t really made the homebuying process itself that much easier. So while you might be able to narrow your choices down to six homes by previewing them on the Internet (instead of driving around the neighborhood on a Sunday with your real estate agent), you will still need to touch, smell, and feel a home before making the ultimate buying decision. Whether that means you’ll have an agent, an attorney, or just your spouse by your side when you go into a house is your choice.

How do I choose a buyer’s agent?

Choose a buyer’s agent with the ABR or EBA (Exclusive Buyer Agent) designation after his or her name; ‘‘EBA’’ means the agent doesn’t ever represent sellers. The ABR designation is awarded to real estate practitioners by the Real Estate Buyer’s Agent Council (REBAC) of the National Association of REALTORS who meet the specified educational and practical experience criteria. The National Association of Exclusive Buyer’s Agents (www.exclusivebuyersagents.com) has a ‘‘find an agent’’ section. The group says its agents provide full fiduciary services to their clients and advocate the right of consumers to be fully represented when purchasing real estate.
The National Association of Exclusive Buyer’s Agents suggests that all future home owners ask their agents the following questions before making their selection:
❑ How long have you been representing buyers as a buyer’s agent?
❑ Do you, or the company you are with, take listings? Do you practice dual agency?
❑ What percentage of your personal business and what percentage of
your company’s business is representing buyers? Is the balance of that representing sellers?
❑ Will you try to sell me one of your listed properties before you show me listings from other real estate companies?
❑ Do you have information about FSBO properties?
❑ How many buyers have you successfully represented in the last six months? Can I have the names and phone numbers of three to six of your most recent buyer clients?
❑ What training have you taken that specifically relates to being a buyer’s
agent and representing buyers? Do you have any specific buyer’s agent professional designations?
❑ Do you know the six fiduciary, client-level duties you would owe to me if I chose to hire you as my buyer’s agent? (These duties are confidentiality, accountability, reasonable skill and care, undivided loyalty, obedience to lawful instructions, and full disclosure.)
❑ What is your commission? Or do you have hourly rates or a set fee?
❑ Will there be a written contract?
❑ Do you have a list of home inspectors, insurance agents, and reputable lenders for me to consider?
❑ What clauses will you incorporate in our offer to protect me as a buyer?
❑ How will you help me save money?
❑ Specifically, how will you protect my interests, and why should I hire you rather than another agent?

How are Realtors paid?

Today’s Realtors operate in a number of different ways, although most ‘‘traditional’’ agents (from companies like Coldwell Banker, Century 21, RE/MAX and ERA) work on a certain percentage (usually 6 percent or 7 percent) of the home’s sales price, paid by the seller at closing. Buyer’s agents work in the same manner (the buy-side and sell-side agents split the commission 50/50) and operate as fiduciaries or ‘‘trusted advisers’’ in the transaction.
The good news for you, the buyer, is that most Realtors turn to the seller for payment at the closing table. The transaction coordinator (see Question 56) usually does too, unless it’s the buyer who enlisted her services and therefore is the person responsible for payment