Q & A with Dottie Herman

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Q1 - How do I pick a real estate agent? There are a number of successful brokers in my area, and I am unsure how to pick the right one for my needs?

A - Choosing an agent to market your home is an important decision. In preparation for interviews, prepare a list of questions that will address any concerns you may have and also ask for references. It is important to hire an experienced agent who has a demonstrated track record in selling properties in your area and of your type. Speaking to Sellers who have worked with the agent before should be helpful.  In addition, be sure that their interpersonal skills give you the comfort level you seek. You want to feel comfortable with the agent you select and know that they will be accessible to you.

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Q2 - What is a buyer's agent and how does it differ from a regular real estate agent?

A - In some instances, buyers may hire a real estate agent who only represents their interests in a transaction. Alternatively, real estate agents, with full disclosure, may represent the buyer, even if they are the listing agent. It also is not unusual for the listing agent to conduct a negotiation with a buyer and bring about a meeting of the minds.

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Q3 - Is there an advantage or disadvantage to working with a broker who is also working with the seller of the property I am interested in? How can they represent both of our needs/wants?

A - The listing agent, in most cases, knows the property best and has a direct line of communication with the seller. In many cases, agents of the seller are able to affect a meeting of the minds to the satisfaction of both buyer and seller. In addition, engaging a real estate attorney will be helpful to addressing issues that affect your interests in a transaction.

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Q4 - I received two offers on my property recently, but neither of them had pre-approvals from a lender. Should I not proceed with anything until I have those documents? I am selling my house as a FSBO and I don't know how to proceed.

A - It is most important in today's economic environment for buyers to have a mortgage pre-approval from a credible lending institution, particularly if your transaction is contingent upon financing.  If both buyers have presented you with strong Financial Statements, you may want to give them 7-10 days to get a pre-approval, or have them proceed with a non-contingent Contract of Sale, which means that they would have to pay cash for the property if their mortgage was not approved.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com

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