Real Estate Buyer Tips

AGENCY DISCLOSURE:
There are 4 types of real estate agencies. An agency is basically the amount of representation you receive from a real estate sales professional .

  • Single Agent A single agent is a licensee who represents only one party in a property sale. That is, a single agent represents his or her client. The client can be either the seller or buyer. A single agent must be completely loyal and faithful to the client.
  • Subagent Agent A subagent is another agent/licensee who also represents only one party in a property sale. A subagent helps the agent represent the same client. The client may be either the seller or the buyer. A subagent must also be completely loyal and faithful to the client.
  • Transaction Broker A transaction broker assists one or more parties, who are customers, in a sale. A transaction broker is not a real estate agent and does not perform the same services as an agent.
  • Limited Consensual Duel Agent A limited consensual duel agent is a licensee for both the buyer and the seller. This may only be done with the written, informed consent of all parties involved in the real estate transaction. This type of agent must also be loyal to the client, except where the duties owed to the clients conflict with one another.

BUYER BEWARE:
Alabama is a buyer beware state. This means you should be aware of what you are buying. If a seller does not disclose to an agent possible problems with a property the agent can not be held responsible. A home inspection is the best way to protect your investment.

MORTGAGE PREQUALIFICATION:
Getting prequalified is a great idea. This gives you a good idea of how much home you can afford. NEVER APPLY FOR A MORTGAGE ON THE INTERNET. Your loan score will be brought down by the number of inquiries of your credit. When you apply on line, there will be a numerous amount of inquiries of your credit. This could drive your score down unnecessarily. The best option is to contact a reputable mortgage professional for all your mortgage needs. I will be glad to refer you to several mortgage professionals in the Lake Wedowee area.