What is the etiquette in dealing with Real Estate agents?

We are first time home buyers and have never used a real estate agent before. What is the etiquette in dealing with an agent, do you choose one and stick with them or go to a number of agents and get as many people working for you as possible?

It's helpful to get recommendations from people who know the agents in your area. You could interview several before you pick one, but once a an agent has started to show you houses, stick with that agent as long as he or she is meeting your expectations. The agents in one area are basically working with the same data, so getting more people to work for you doesn't really help you. It's not fair to let an agent spend a lot of time and gas showing you houses, and then buy from someone else. The agent gets paid nothing unless you complete a purchase.

Before seeking a real estate agent you should get yourself pre-approved for a mortgage to purchase a house. Your mortgage broker or a friend or relative might be able to help you select a real estate agent after you are pre-approved for a mortgage.

You should interview several real estate agents making sure that the two of you are compatible. You need not sign an exclusive agency letter with any real estate agent, though many will ask you to sign such a document. Be flexible, know what area you are looking to stay in. Get a real estate agent that is familiar with the area in which you wish to reside.

In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

#1 One month of pay stubs for each person that will be on the mortgage.

#2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

#3 Two years of federal income tax along with the W-2 that match.

Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

Make sure your mortgage broker explain all your options so you may make an intelligent decision.

What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

So select the best option for you and your financial situation.

You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

Your mortgage broker will now order an appraisal to show proof of the property value.

The mortgage broker might ask for additional information or documentation, don't get all up tight this is normal, just supply the information or find the documents needed.

After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

I hope this has been of some use to you, good luck

"FIGHT ON"

You usually stick with one agent, or agency. If they can't handle the work then you go to another.

ask alot of questions, be kind and polite smile alot <3

find an agent that you like and understands what you want. Work with one at a time. Every agent has the ability to see ALL LISTINGS. Working with more then one at a time is NOT a good idea. When agents know this, you actually get less service.

Agents get paid when they sell and settle the house.

I would work with an agent during one round of showings. If you like them, then sign the buyer agency agreement.

If th agent wants you to sign it upfront, OK, but make sure that it's only good for 30 days or so.

Choose one that you are comfortable with and that is familiar with the area you wish to purchase property from. Don't feel the need to sign any exclusive agreement with that one until you are ready to make an offer on a property.
Using multiple real estate agents would be a headache for you, since they all have access to the MLS system and would be sending you the same listings. Real estate people are at heart sales people; so they will follow through and contact you, do you really want multiple people doing that?
They get 3% of the asking price of a home or condo from the sellers not from you! So make sure that your agent takes care of your needs and is attentive. They will get taken care of, if they take good care of you.

interview a few agents and find the best one. they all have access to mls which is the same data base they all use. im a mortgage broker so if u need financing id be happy to help. Fairway Independent Mortgage Brandon Elias 2146322776

I'm an agent and this is the way I work. I talk to a prospective client and if I feel that I can an adequate job for them I am signed up as their buyer agent. Never more than 60 days and I tell them that we agree that if either of us isn't happy we will rescind the agreement. If they are looking for something that is out of my area of expertise I tell them that and offer to refer them to someone I know to be reliable in that area.

You aren't going to get many good people working for you if you try to work with many. Sure, they'll all e-mail you every listing that looks remotely possible, but they aren't going to go out and actually examine houses and the area.

It's best to chose one as your buyer rep and let him/her find homes that meet your needs. Personal recommendations are the best way to find a good agent.

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