Hiring Real Estate Agents: How Does it Work?

Are you thinking of buying or selling a property? Purchasing or selling properties is a big decision which will have big effects on your finances. When buying a house, you’d want to make sure that costs are kept at the minimum, whereas when you sell a property, you’d obviously want to earn as much money as possible.

Not everyone has the capacity and the knowledge to buy or sell property all on their own. This is the reason why people who specialize in the field of real estate are there. These real estate agents are hired by more than 70% of all homeowners to assist them in selling or in purchasing a home. Since the agents earn money through commissions, they do not earn money until a settlement is reached. This means that real estate agents will do their best to seal the deal.

The standard commission that real estate agents receive per property stands at 6%. This percentage does not go directly to the listing agent alone. This is usually divided between the buying agent and the sales/listing agent. The commission first goes through the listing brokerage, where the agent will receive a 60% to 90% cut, although the percentage can go lower.

Real estateIf you decide to hire an agent to help you with either buying or selling a home, the best way to select the best one would be to check their background first and see how they have performed in the past. If the real estate agent has a respectable track record, paying him full commission will most likely be worth it.

If you are looking around neighborhoods for a house to buy with the help of an agent.

Here there are steps you can take in order to make sure that you won’t make any mistakes.

• Look for the agent with the best reputation.

If you pay a great agent a premium, you are likely to end up getting the best deals which can help you save huge sums of money.

• Always negotiate the commission with your agent.

The only time that it is okay for you not to do this is when you are working with a top agent.

• Do not tell your agent how much you are willing to pay while you offer lower amounts to a home seller.

The agent might use this information to earn more commission.

• Frequently check buyer agent association websites.

These websites will help you look for buyer agents which are unrelated to seller agents. In addition, going through the list of agents provided in these websites will help you look for an agent that prefers fee structures instead of commissions.

Real estatesIf you are selling a property, you can actually opt not to look for an agent and just equip yourself with the knowledge of selling properties by studying strategies with the help of the internet. You can also opt to hire an appraiser for an average of $200 who can help you correctly price your home.

Savings wise, an appraiser is better for you than an agent. Let us say that you just sold a $200,000 property, and you used the help of real estate agents. If you pay them their 6% commission, it would cost you $12,000. If you used an appraiser for only $200, and spent approximately $200 for advertisement, you will have saved $11,600.

To sum it up, buying and selling properties are industries which involve large sums of money. Therefore, understanding how agents are paid can help buyers and sellers decide whether the best choice would be to hire an agent or do everything on their own.

www.li-realestatefinder.com is the best site which can be a popular choice where you get real estate deals and reasonably priced property acquiring and selling alternatives.

Choosing Your Long Island Foreclosure Attorney

Lenders enjoy an advantage when filing for a foreclosure complaint. This is part of their regular business and hence, they are more knowledgeable in the processes involved. More often than not, they have existing relationships with attorneys to aid them into achieving a favorable result. On the other hand, borrowers are often disadvantaged, not just due to their lack of financial capacity but also of proper knowledge of the process.

To top it all off, the emotional burden can overwhelm the defaulting borrower into paralysis. In Long Island, a foreclosure attorney helps such clients even out the playing field and stand a real chance to defend their rights and protect their homes.

real estateImageWhen dealing with foreclosures, know that there is not only one course of action. Borrowers do not have to be forced into a corner; they should be able to explore alternatives. In addition to that, this service may be achieved free of charge through professional counselors certified by the Department of Housing and Urban Development. Unlike attorneys, counselors do not charge by the hour and borrowers are able to fully discuss their situation and explore their options.

Even if the borrower does decide to hire an attorney, speaking to a counselor is not a waste of time because he may be able to help find a suitable attorney or ease the process. If borrowers have insufficient funds to seek help, there are always legal aid offices they an approach.

It is important to get professional help when you suspect that the lender is illegally or unjustly gaining advantage. These could be grounds to complete dismissal of the case, easily giving you space to breathe. However, if no proper legal action is taken, there may be irreversible consequences.

Stalling or dual tracking.

Although most lenders would still prefer to amicably settle the mortgage, borrowers might encounter some who purposefully stall attempts to explore other payment options in order to fulfill the obligation. On the other hand, dual tracking is an illegal course of action wherein the lender simultaneously pursues foreclosure action and load modification requests.

Predatory Lending.

If borrowers realize belatedly that they have entered into mortgage agreement that is beyond their capacity to fulfill, they should hire an attorney to look into this further.

Procedural mistake.

In Long Island, foreclosure attorneys pay close attention to the lenders’ ability to comply to due process. If they file motions without proper notices, this is reason for borrowers to pursue a dismissal of the case.

Error in origination or servicing.

There are times when loan services make errors in servicing accounts. Such circumstances include the charging of unreasonable fees, incorrect application of funds and failure to properly credit payments.

Time and money are of the essence in any legal proceeding. Hence, it is important that borrowers take enough time and effort to discern which attorney will be able to address their needs and goals best.

Choose an attorney who exhibits competency and mastery of foreclosure laws. Aside from his knowledge, his character is also important. After all, borrowers need someone who can help navigate their way through this maze. Your attorney must be goal-oriented, with a course of action set in mind and clearly explained to the defaulting borrower. He must also be thorough and objective in his review of all the pertinent documents and situation of the borrower. Last but not the least, he must have the borrower’s best interests at heart.

A telltale sign of an attorney’s capability is the number of cases he is handling. Can he give proper attention to each of his cases? Or does he merely have a few cases, making him lack the necessary experience needed?

Knowing when one needs an attorney and which one to hire will save borrowers money, time and effort when faced with foreclosure complaints. It is okay to feel at a loss, but help from Long Island foreclosure attorneys is always available for borrowers to enforce their right on their property.