Real Estate Fundamentals

Best place to start – From the very beginning

For all you whom have never used a Realtor, and also for the ones that have never bought or sold a home or property, this is for you!

Last week my husbands long time college friend told him he wanted to buy a townhouse.  After listening to several conversations back and forth between my husband and the friend,  I was brought into the conversation.   In my amazement, the friend thought as a buyer, if he used a realtor, he would have to pay a percentage or a fee to the realtor.  I realized at that point, that just because realtors know this, everyone else might not.   Why should they?  If you don’t list and sell property for a living, or if you don’t buy a lot of property, then why should you know this?   Being a realtor, I sometimes forget the pubic/customer/clients, need more information.  

If a home or property is listed with MLS, (multiple listing service) that means it’s listed for sale with a firm/realtor for a fee.   The SELLER is required to pay this fee or percentage to the realtor or realtors for selling the property,  There could be two realtors involved in a sale, a sellers agent, and a buyers agent.  It doesn’t matter if there are one or two agents involved, the seller  is still the one responsible for paying the percentage/fee to one or both realtors,  This means the BUYER, is not responsible or required to pay any fees to the firm/realtor/agent at all!  

Stay tuned –  more to come

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