What is a counter offer? After you have determined which home appeals to you the most, you will make an “offer to purchase” on that home. After advising you of the best possible solution (contingencies), your agent will present the offer to purchase to the listing agent representing the seller. At this point, the listing agent will present the offer in a timely manner to the seller and you will be awaiting the sellers answer to your terms and conditions previously set forth in the offer.
Real Estate commission…? Who pays? How much money do they make? When agents give advice to and represent the buyer in a real estate transaction, they will typically earn a commission for their knowledge and ability to close the deal. They help you find lenders, your dream home, facilitate the entire transaction, and strive to obtain the keys to your front door.
An appraisal is a written estimate of a property's market value completed by an appraiser. The value is based upon a market analysis of the prices of recent sales of similar properties in the area and the property's physical condition. Usually, this requires an interior and exterior property inspection.
What is the MLS? The Multiple Listing Service is a system that places all homes for sale (listed through realtors and real estate licensees) into a database, which can be searched by licensed real estate agents. Usually the first step for them to figure out what type of home you are looking for is for you to tell them what you are looking for. After they determine exactly what style home you are looking to purchase, they will begin emailing you all the active MLS listings in your selected areas. Unfortunately, all homes for sale located in their field of practice are not listed on the “REIN” MLS System.