Your agent doesn’t need to know the particulars of your finances but should know, for example, that you are looking for a $300,000 home and can afford a loan between $240,000 and $260,000 at today’s interest rates. That level of detail lets the agent know that you are looking at homes in that price range.
Do real estate agents need to know your finances?
Generally speaking, there are only two things your realtor will know about your financial situation: How much you are approved for your mortgage and how much you can “afford” on a monthly basis. … It’s not fair to expect your realtor to know how your home purchasing decision will affect your overall financial situation.
What should I not tell a real estate agent?
Ross says there are three things you never need to disclose with your real estate agent:
- Your income. “Agents only need to know how much you are qualified to borrow. …
- How much you have in the bank. “This is for your lender to know, not your real estate agent,” he adds.
- Your personal and professional relationships.
Can you negotiate rates with a realtor?
You can! No law sets real estate commission rates, so you are free to negotiate. If you offer a lower commission rate to your realtor, be aware that they may refuse and even back out as your listing agent. There are a few reasons real estate agents may be willing to accept lower fees, though.
Why do Realtors not want buyers and sellers to meet?
A real estate agent stops that. It’s intimidating to have the sellers in the home when buyers walk through it. They may not feel as comfortable looking in all the areas they want to look. When the sellers aren’t present, buyers feel more comfortable looking around and see everything the home offers.
Can a realtor buy a house for himself?
Unlike doctors or lawyers, who should not treat or represent themselves, many real-estate professionals buy and sell their own homes. Under the code of ethics and standards of practice of the National Association of Realtors, they are required to disclose personal interest in a sale or purchase.
Do I get my Realtor a gift at closing?
You’re not required to give your realtor a gift after closing. In fact, realtors and other real estate agents rarely get gifts at closing. It’s not that their clients don’t appreciate their efforts, it’s that most home sellers and buyers are too busy moving after closing to think about delivering realtor closing gifts.
Do real estate agents lie about offers?
Yes, the occasional real estate agent might lie about an offer. However, the vast majority would never do so. In real estate personal recommendations and reputation are critical to success. The loss to an agents professional reputation and the subsequent impact on their business would far outweigh any financial gain.
Can a Realtor tell you what to offer?
Why Agents Won’t Tell You What to Offer on a Home
While real estate agents can guide a buyer to choose the right number, don’t expect a buyer’s agent to name your precise price. … Here are a few reasons many agents will refuse to tell you how much you should offer on a home: The offer was too low.
How do you avoid realtor fees?
Most Canadians use a real estate agent when buying a home, paying real estate agent commissions. A realtor can help purchasers find the right home for the right price and guide them through the entire home buying process. Generally, buyers don’t pay realtors directly.
Why do Realtors get 6 percent?
This commission is taken right off the top of the selling price of the home, so many sellers don’t really feel the impact because they never had the money to begin with. … This rate landed at around 6% of a home’s selling price, which included commission for both the buyer’s and the seller’s agents.
Who pays for closing costs?
Closing costs are paid according to the terms of the purchase contract made between the buyer and seller. Usually the buyer pays for most of the closing costs, but there are instances when the seller may have to pay some fees at closing too.
Can a buyer talk directly to the seller?
Can A Buyer And Seller Communicate Directly? While it is unethical for a REALTOR to speak to another agent’s client, there is nothing wrong with a buyer and seller communicating directly. They are not held to the same ethical standards. It is completely ok for a buyer and seller to directly speak to each other.
Do I have to stick with my realtor?
A: Unless you signed a Buyer/Broker agreement with the first Realtor you are not legally required to use them. Do your due diligence when selecting a Realtor and don’t forget to get pre-approved for a mortgage before starting out on your quest. The best agent for you will be one who really knows the local market.
Why don t Realtors answer their phones?
When real estate agents are with a client a majority of them will not answer their phone because they want to give their client their undivided attention. Now, there are times when a real estate agent is expecting an important call and will need to answer their phone.