SELLING YOUR HOME

If you use a real estate agent or broker, your home usually gets listed in a multiple listing service. An MLS listing helps to advertise your home to a wide audience. Agents also use an informal network of agents to pass along listings by word of mouth. (Note: You may have heard real estate agents referred to as "realtors." "Realtor" is a trademark-protected name and may only be used by agents that are licensed members of the National Association of Realtors).

A real estate agent provides many valuable services, including:

• Recommends a sale price that is based on comparable sales. Comparable-sales data are published in the newspaper and elsewhere, but a real estate agent is generally able to compile it quicker
  
  
• Locates and pre-qualifies potential borrowers and introduces them to mortgage brokers and lenders
• Handles all stages of negotiations between buyer and seller
• Introduces you to appraisers or inspectors
• Steers you through the loan-closing process

Some agents may ask for an exclusive listing to sell your home, which means that only they can show your home. You should evaluate such a request carefully. Naturally, an exclusive listing gives an agent an added financial incentive to sell. However, an exclusive listing denies other agents the chance to sell your home at the same time.

An open listing is the opposite of an exclusive listing. An open listing adds your home to the multiple listing service and provides the most exposure to potential buyers. Ask your agent to explain other alternatives for listing your home. In general, the wider the exposure to all homebuyers, the better off you are.

Once you have found a buyer, you will prepare a sales contract. Depending on the state that you live in, drafting a sales contract may require a lawyer. Agents often help with this stage of the selling process by ensuring that all important terms and conditions are included in the contract

The above information is educational and should not be interpreted as financial advice. For advice that is specific to your circumstances, you should Contact us or Call us at (714) 657-7585 and our representative will help you fulfilling your real estate needs.