If you are in the market for a home, you might feel as though you have walked through a door into a new world. To get a handle on what some common real estate terms mean, read on.
The Real Estate Professionals
It pays to understand the roles of the various real estate professionals that might assist you in your home search. Real estate agents have passed a qualifying exam and work under the umbrella of a more experienced and trained agent known as a broker. Often, the broker owns the real estate agency and employs several real estate agents. When you see a capital R next to the agent's name, that means they are a member of the main governing board (the National Board of Realtors) for agents and these professionals are known as Realtors. You may also encounter buyers' agents who specialize in working only with buyers and not with sellers.
The Marketing Department
The multiple listing service (MLS) is the main database real estate professionals depend on to provide them with vast amounts of information about home listings and all the details that go along with the listings. Each local area has its own MLS in most cases. Some buyers are provided with access to these listings though it varies by location. You can probably search the net for MLS sites in your area and access parts of the site. Beyond the listings found on the MLS, most agents will alert you to open house events for homes that meet your requirements. If you are serious about finding a home in the next few months, treat these events seriously. Your dream home could slip away if you don't act fast when you visit it. There is no need to call in advance, make an appointment, or ring the bell – just walk in and speak to the agent on duty.
Due Diligence
This term stands for the tasks buyers must undertake once their offer is accepted and the closing is scheduled. In some areas, it's known as being "in escrow". Having a home inspection performed, buying homeowners' insurance, having a title search performed, and obtaining financing are all crammed into a few weeks' time.
Let your real estate agent take the lead and show you what needs to be done to find just the right home for you. Speak to a realty agent and learn more about any of the above terms and more as you begin your home search.
Share15 March 2022
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