Working with Realtors
First and foremost it is important to understand that you do not have to work
with a Realtor® to purchase or sell a house. Many houses are bought and sold without
Realtors® throughout the country every year. Those properties are often referred to as
For Sale By Owners (FSBO). There many documents and agreements involved in
transferring property from one owner to another, and unless you are familiar with the
process you might not know where to begin.
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Realtor Steers Through Real Estate Transaction Process
A Realtor® can help steer you through the maze of documents, addendums,
inspections, mortgage approval, time frames and deadlines that are contained in a real
estate transaction. They understand and coordinate all the pieces of the transaction
puzzle. Whether you are selling your home or buying a new one, they understand not
only how the process works, but also how to bring lawyers, bankers, inspectors and
other Realtors® together so the transaction goes smoothly. Their work with you only
begins in locating the right property for you or listing the one you have. They earn
their keep by coordinating everything that follows up to the closing.
Realtor Representation During Home Buying
The most important piece to understand when working with a Realtor® is, who
do they represent?. In Vermont, the quick explanation is; a Realtor® has to represent
either the seller or the buyer, and by default, they represent the seller. So if you are
looking to buy a property, and have not signed an Exclusive Right To Represent The
Buyer Agreement, you are not being represented. You can still purchase a house with a
Realtor® who is representing the seller, but you have to be careful how much
information you divulge to them, because their responsibility is to the seller, even if
they seem to be working for you. All this will be explained in more detail by your
Realtor® when they give you a document called a Mandatory Consumer Disclosure at
your first meeting. Having a clear understanding from the beginning will make your
transaction go much smoother.
