How are real estate agents compensated?
A commission amount is negotiated between the Seller and the
Seller's agent, and that amount is usually divided among
the Seller's agent's Brokerage, the Seller's agent, the Buyer's
agent's Brokerage, the Buyer's agent and referring agents,
if any. Real Estate commissions are traditionally paid at
the close of escrow from the Seller's proceeds.
Do I have to work with the agent that is on the sign or at
the open house?
No, I can assist you in buying any home. Home information on
the Multiple Listing Service is shared and available to any
licensed agent.
I'm not ready to buy, should I establish a relationship with
an agent at this time?
The earlier you partner with an agent, the better prepared
you’ll be to make an offer when you find a home.
What does it cost to buy a home?
The major costs in the purchase your new home are:
- Price of Home: Your expense depends on your downpayment,
from 0-100% of the purchase price.
- Inspections: A general
inspection can be several hundred dollars, and this may lead
to specific inspections at additional costs.
- Closing costs:
Costs vary depending on the purchase contract and may include
items such as various escrow fees, insurance, loan points & fees,
transfer taxes, and prorated mortgage interest and real estate
taxes.
What is 'escrow'?
Escrow is a process for handling the details of the transaction
from the time the purchase agreement is accepted until title
is transferred to the buyer. An escrow is a temporary deposit
of assets, such as funds and documents, with a neutral third
party that makes sure that the terms of the purchase agreement
are carried out. The money is released when the conditions
of the contract between the two parties have been met.
How long is an escrow?
The length of an escrow is determined by the terns of the purchase
agreement and can range from a few days to several months.
An escrow often takes an average time of 30 to 45 days.
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