Rent To Own Homes – Is A Real Estate Agent Required?

buying a houseThere are many different ways to buy a home. You can buy a home the traditional way without a realtor, so the short answer to whether or not you need a realtor to buy a rent-to-own home is ‘no.’ While you don’t need one, you might want one. For starters, they can help you dig up more listings than you might be able to find yourself. Choosing to hire a realtor for that reason would be dependent on whether or not you’ve already found a home to purchase.

Even if you don’t get help from a real estate agent, you might want to hire a lawyer. Remember this is a big purchase decision, and while you might be able to handle it yourself, you need everything done legally. Again, while you don’t need a real estate agent, you might find that it would be advantageous to have an industry professional help to guide you through the process.

When I purchased my house in Richmond, it wasn’t a rent-to-own purchase, but it was an owner financed purchase. These two different methods for buying a home, condo or other type of property are often appealing to people. It was definitely a great opportunity for me because I was able to get a much lower interest rate on my mortgage than I would have been able to get myself. I was friends with the people who owner-financed my property.

When I was buying my next house, I did manage to find a rent to buy house in Raleigh, NC. This was not an easy process, since I didn’t know anyone in the area, and I did use a realtor I found on realtor.com to help me through the process.

Are you friends with some people who are about to sell their home using the rent-to-own solution? That would be ideal, but you also need to identify the reason you’re seeking out such a solution. I mentioned that the owner financed condo was advantageous for me, but there is little that is advantageous about a rent-to-own home. It does provide you with options, but you need to be in the right position for such a buying situation to be a good idea for you.

Maybe you’re not able to get a traditional mortgage. Again, that was pretty much the position that I was in myself, although I had previously had a mortgage. It was also the same position my niece was in when her and her boyfriend were looking to buy a home. They didn’t end up opting for the rent-to-own home that was across the street from her mom, but it did appear for a minute that it might be the right situation for them.

All things considered, rent-to-own home buying situations are often more complicated than people think. While this doesn’t mean they are necessarily a bad idea for you, you might actually want an expert real estate agent helping you through the process.

Learn more about seller financing on nolo.com.

Difference between a Real Estate Agent and a Real Estate Broker

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Buying or investing in the real estate market can be really brain twisting at times, with so many things such as money flow, brokers, agents firms, selection, calculations, papers, etc the real estate sector tests the skills of the investors. But when going out in search of the right properties one question comes again and again in your mind that whether to go for the real estate agents or the real estate brokers? This is a very common question that comes in the minds of many investors but you can make a wise selection when you know the difference between the two, so let us see so of the differences between a real estate agent and a real estate broker.

Difference between a Real Estate broker and a Real Estate Agent:

When we talk about the brokers in the market of the real estate then we can say that the number of brokers have increased as compared to the real estate agents. This is because the brokers do more practical schooling in the market of real estate as compared to the agents. Due to their practical knowledge and experience in the outdoor field the brokers are quiet dominant in the real estate market.

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The brokers also manages to get some extra reward i.e. Brokerage at the end of the because of their extra hard work where as an agent only gets a fixed salary with the fixed amount of incentive. The amount ratio which a broker gets and which a agent gets is also not the same, the brokers earn more in every deal as compared tote real estate agents and also these brokers sales conversion ratio is also more as compared to the agents because of their practical knowledge that they have gained by handling people from many years. All this information and knowledge is given to them by those hard years of field work which they have done from a long time.

All the brokers are not the same in their duties and way of handling the customers and some lack in professionalism due to outdoor schooling, but talking about the real estate agents all have a professional way of treating the customers as well as duties of the real estate agents is also the same. The agents represent the different companies for which they work for so they always come up with the best of the attitudes and greetings. Some brokers only does half the work and when their commissions are given they tend to disappear from the picture, but all the agents completely focus in their duties and they work till both the sides are satisfied and the documentation is completed.

resort-299536_640The real estate agents duties are complex and systematic in nature such as providing different options, setting agreements, handling loans, completing the payment process, documentation and many more. but the brokers are free to complete their duties in any desired way  and also they need not to answer to anyone else because they all work alone, where as the agents works as a team.

Duties of a Real Estate Agent

Being a real estate agent is itself a very difficult task to handle. In the brick-house-299767_640past few years the investment market has seen a numbers of variations and also one of the major contributors i.e. the real estate market has grown to a whole new level. The investors from all around the world are now mainly focused in the real estate investment market. So the duties of the real estate agents in any town are all the same. More over because of the growth of the investment market the responsibilities have just added for the real estate agents.

The real estate agents as a team need to work as a unit to get through a successful deal. There are many different requirements with every single client and also there are different budgets for every single person depending upon his individual financial conditions. So let us see some of the major duties that a real estate agent needs to complete while he is on the field.

Duties of a Real Estate Agent:

  1. Different options-

A real estate agent must always have different options for different clients. These properties should be suitable for every class of client and should be nearly in every nearby location; the greater the options the agent has the greater his market develops and the higher are the chances to crack a good deal whit the client.

Different Locations-

The agent must hold grip over different areas as much as possible. And the properties with the lower rate and good locations should be taken in considerations as soon as possible, the locations are the most attractive properties for the buyers, whether it’s the investors or whether it is thbangkok-682056_640e residential buyer they all want to buy a property in a good location with good connectivity from the city.

Paper work-

The agents must be very sure of all the paper works that they will be giving to the clients because they will rely on the agents for searching the properties. The papers are the only things which matters the most at the last, whether it is an exotic villa or a small house all that matters are the clear papers of the properties. The papers should be searched and cleared with all the governmental formalities.

Presentations and planning’s-

Understanding the customers need is one of the most important things to make the deal successful. So do a deep analysis and keep a note of every single requirement of the client. When done with the understanding part then the agent needs to plan what all option are suitable for the client and then after setting up all the things the agent needs to show the suitable selected properties that fits best for the clients need.

Closing-

The negotiation and the price put up should be very effective so that the deal does not falls of. The last minute dealing is very crucial as it decides that all the effort that the agent has put done will be rewarded or not, so the closing should be done carefully
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