Tag Archives: working with a Realtor

Reasons To Use A REALTOR

The following is reprinted with permission from the Tommy Morgan Inc Realtors email newsletter March 2020 and the National Association of REALTORS website:

Why is Tommy Morgan Realtors the best choice?

REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. This is the REALTOR® difference for home buyers:

  1. Ethical Treatment
    Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As a REALTOR®’s client, you can expect honest and ethical treatment in all transaction-related matters. The first obligation is to you, the client. 
  2. An expert guide
    Buying a home usually requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also, there’s a lot of jargon involved, so you want to work with a professional who can speak the language. 
  3. Objective information and opinions
    REALTORS® can provide local information on utilities, zoning, schools, and more. They also have objective information about each property. REALTORs® can use that data to help you determine if the property has what you need. By understanding both your needs and search area, they can also point out neighborhoods you don’t know much about but that might suit your needs better than you’d thought. 
  4. Expanded search power
    Sometimes properties are available but not actively advertised. A REALTOR® can help you find opportunities not listed on home search sites and can help you avoid out-of-date listings that might be showing up as available online but are no longer on the market. 
  5. Negotiation knowledge
    There are many factors up for discussion in a deal. A REALTOR® will look at every angle from your perspective, including crafting a purchase agreement that allows enough time for you to complete inspections and investigations of the property before you are bound to complete the purchase. 
  6. Representing your interests
    By law, a designated seller’s agent must “promote the interests of the seller with the utmost good faith, loyalty and fidelity” and must “protect the seller’s confidences…” A smart seller will hire a good seller’s agent to work for them in this fashion – As they should. Simply put, the seller’s agent is only looking out for the seller. Understanding this, it is important to realize that what you say to a seller’s agent may compromise your ability to negotiate the best deal for you. If, for example, during an open house, you casually mention to the seller’s agent that your family must be relocated by the end of the month to accommodate the start of a new job, the seller’s agent, by law, must “promote the interests of the seller” by letting the seller know about your situation. As a result, the seller is now aware that you are somewhat desperate and must move quickly, thus compromising your ability to negotiate the best deal. 
  7. Your rock during emotional moments
    A home is so much more than four walls and a roof. And for most people, property represents the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you stay focused on the issues most important to you.
Eileen Saunders, SRES REALTOR with Tommy Morgan Realtors BOF-Oxford 2092 Old Taylor Road #101, Oxford, MS 38655  662-404-0816/662-234-5344 eileen@tmhomes.com

Real Life House Hunting

According to my Pinterest, I need a house with 14 bedrooms, 20 bathrooms, 11 kitchens, 5 bonus rooms, 6 garden areas, 32 screened porches, 100 closets …

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My husband and I enjoy watching the home shows on television such as Beach Front Bargain Hunting and International House Hunting.  If you are not familiar with these shows, I’ll explain. A couple or family decides to move overseas or to the coast. A Realtor shows them 3 options, some within the budget and almost always there is one above the budget.  After seeing 3 homes, the couple makes a decision. Meanwhile, they critique the home’s livability, outdoor space, bathrooms and need for repair.  One home definitely gets the “X” and they pick between the 2 left over. Rarely do they have to wait and find something unscripted, which ends up on the “update” at the end of the show.

While it is fun to see what they picked, also it is fun to see what is available around the world. However, this type of home-buying experience is not the real world.

When shopping for a home your Realtor should have a great selection in your budget to show you.  It should not be unusual for him or her to show you a house that is more than your budget; remember, you can always make an offer lower than the asking price.  However, if the inventory in the area is low, you may only have 3 choices.  If none fit your needs, wait if you can because there is always tomorrow and something to your liking will pop up.  Ask your Realtor to investigate FSBO homeowners that will work with Realtors.  But beware: if you are working with a Realtor and have signed State-required papers that essentially exclusively hire that Realtor, do not go to a For Sale By Owner home seller on your own. You may end up having to pay the broker’s commission if you purchase the house.

The rules may differ from state to state but they are made to protect the consumer, so pay attention to what you sign and let your Realtor do your work for you. Remember this, the seller always pays the commission, unless you go behind your Realtor’s back and find something on your own.  Then in most cases you will pay it.

Working with a Realtor benefits  you in the following way:

As the buyer:

  • Realtors can save you time by searching for your specifications and making the appointments for you to view houses
  • Realtors are professional negotiators
  • Realtors have access to the local MLS containing accurate information about what is for sale in your price range
  • When you work with a Realtor, other Realtors will leave you alone
  • When you work exclusively with a Realtor, the seller pays the commission

As the seller:

  • National statistics show that Realtors can get more for homes than homeowners
  • Realtors are familiar with the necessary paperwork
  • Realtors can pre-qualify prospective buyers and know what similar homes in your neighborhood sold for
  • Realtors can market your house more effectively
  • You reach more home buyers with a Realtor lock box on your front door.

If you go it alone, be sure you have an attorney to help you out with the contract, the contingencies, the disclosures, inspections…your rights.

Happy house hunting!

Eileen P. Saunders, Realtor
Tommy Morgan, Inc., Realtors
2092 Old Taylor Rd., Suite 101
Oxford, MS 38655
662-234-5344, 662-404-0816