Working with a real estate professional

Whether you're buying a home, selling a home, or both, you're likely to work with a real estate professional.  You may work with a real estate agent or a real estate broker . . .but is there a difference?

A licensed real estate agent works under the authority of a licensed real estate broker to sell real estate.  The agent earns a commission for the sale of the home, which is generally a percentage of the sales price of the property.  A real estate broker has additional training and holds a different license. In addition to selling real estate a broker may also, depending upon state law, engage in other activities relating to real estate, such as managing and appraising property.  A licensed real estate broker may have a number of licensed real estate agents working under his/her direction.

In a real estate transaction, there are often two real estate professionals, a listing agent who works with the seller and a selling agent who works with the buyer.  Both agents are paid a commission, with the most common arrangement being that each will receive a percentage taken from the proceeds of the sale. The sales commission details are generally outlined in the listing agreement with the seller. 

In choosing a real estate professional, it's always a good idea to ask questions.  As a buyer and/or seller you want to know details; the agent you choose should be able to answer your questions. It's a good idea to get referrals from family or friends who may have had a good experience and to interview several agents. The agent you choose should be responsive to your needs, prompt to return your calls and understand what you want and how much you may be able to afford.

According to the Federal Trade Commission, there are several questions that should be asked when interviewing prospective agents to represent you in either a sale, purchase or both.

With buying a home likely to be one of the biggest financial commitments that you'll ever make, you don't want to leave anything to chance.  Choosing the right real estate and mortgage financing professionals can make your selling, buying and financing experience a pleasant one. 

I'd be happy to discuss the various home financing options available from GMAC Mortgage. Please feel free to contact me for more information.

GMAC Mortgage is one of the nation's leading mortgage lenders, offering you comprehensive mortgage financing and services that start before you have a home and continue long after you've made settlement.