So now you have an idea of who is involved in the making of an offer to Purchase a Home. So let's spend a few minutes to learn a bit more.
First, did you know that the Northwest Multiple Listing Service has over 3600 real estate Brokerages as members in the State of Washington? But it gets even better, there are over, wait for it.....39,000 real estate Brokers who are also members of the NWMLS. Think about that for a second. Seems like a lot, right? Well, it is. Actually it's a problem for you, the home buyer. How are you going to know who is a good Broker and who has no clue? How do you know who is up to date with changes in real estate contract law and who is not? I'm sure that you don't want to use someone who is a part time broker or hobbyist. Do you really want someone who "dabbles" in real estate to represent you? Nope.
Buying and selling a home is a big deal, perhaps the biggest deal you'll ever be involved in. Be certain that the broker that Aunt Sally recommends or that your co-worker suggested to you is actually an Active, full time local real estate Broker. Think about it. This is not about showing you listings. Frankly, anyone who can fog a mirror can open a door of a house that's for sale. No. It's really about knowing all of the documents involved in a real estate contract and having the experience to negotiate and save you from spending more money than you need to. You want a Broker with the knowledge and experience to shoulder the responsibility of keeping you out of trouble and protect you during and after the home buying process. That only comes with experience.
So here's the Bottom Line. Don't get fooled. Or don't be a fool! Please use a full time seasoned and experienced local Broker to represent you in your home buying purchase. Let the other guy, you know, the one who is competing with you for the same house....let him use the newbie broker ( the discount guy) who's getting on the job training ... at his expense!
My name is Brian Wiegand and I am a State Certified Real Estate Instructor with over 20 years of full time experience in representing home Buyers and Sellers. I have a select team of local full time experienced professional Brokers who have represented Buyers, like you, on properties from $200k to over $6m. We are ready to hold your hand and represent you in the purchase of a home. No stress. No drama. Call me or email me and let's talk. Brian 206-431-5900 or firstname.lastname@example.org
This pertains to you, so pay attention. In a typical real estate transaction there is the real estate Broker who represents the Seller and the real estate Broker who represents the Buyer. Since we are talking about the State of Washington and the Northwest Multiple Listing Service, then what I'm about to tell you applies. However, it is also true almost everywhere else in the United States as well as Canada.
When a Broker puts a house on the market, it becomes part of the huge NWMLS real estate database. The NWMLS is a cooperative of the majority of real estate brokerages in the state of washington. Here's how it works:
Mr. Worthmore wants to sell his house, so he calls Broker Sally to put his house "on the market". Broker Sally, a member of the NWMLS, agrees to "list" Mr. Worthmore's house for sale on the NWMLS and adds his listing to the database. All of the member Brokers of the NWMLS will be able to see and display the entire database of listings on their own real estate websites. That is where you, the Buyer, will likely see Mr. Worthmores house, on one of those websites, such as my website, www.SeattleHome.com.
Mr. Worthmore agrees to pay Broker Sally when the house sells. Broker Sally, by agreement with the NWMLS, agrees to share that pay with the Broker who brings the Buyer... with me so far? Read on....
The listing Broker...Broker Sally, represents the seller, Mr. Worthmore. Her job is to get the house exposed to other Brokers and homebuyers. Her job is to get the best deal possible for her client, Mr. Worthmore, and to guide him during negotiations.
The Buyers Broker...Broker Bill, represents the Buyer, Suzy Hopeful. His job is to help the Buyer find a great house. His job is to educate his Buyer and to get the best deal for his client Suzy Hopeful and to guide her during negotiations.
So in the typical real estate transaction you have the Broker who represents the Seller and the Broker who represents the Buyer. In a real estate market such as ours, it is imperative that you have an experienced Buyers Broker to help you understand all of the documents that you will need to sign. Your experienced Buyers Broker will structure your offer to protect you from default, keep you from losing your earnest money and will give you the best opportunity to have your offer accepted.
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