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RESOURCES
• Agents in real estate
• The deal in mortgaging
• Hidden Cost in mortgaging –
Plan for your finance
• Mortgaging or Rent – vital decision
• Refinance - The competitive market
• Plan your finance – mortgaging is an
additional burden
• Borrowing in Real Estate
• Mortgaging Jargons
• The Fundamental Needs
RELATED LINKS
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The Deal in Mortgaging
Generally every deal gets completed through several people involved in the process. The main categories are the Seller’s agent, the buyer’s agent and the brokers.
When a seller intends to sale his real estate, then he comes to an agreement with the seller’s agent, though exception is there, where the seller publishes advertisements in several newspapers and at times through mass media like television. People contact the sellers directly for the deal. The main practice is to use an agent. The seller’s agent lists the property in several Multiple Listing Services (MLS). The job of a seller’s agent is to maximize the sale price for the seller. The listing agent negotiates the commission from the sellers different upon several controlling factors like the condition, location etc.
However one it is listed in several MLS, the buyer’s agent contacts the seller’s agent. The more the listings, the more the chance of getting a higher value for the seller. The buyer’s agent also contacts different listings to bring the best buying terms for his buyers.
Figuratively, the total commission of brokerage of any real estate deal gets restrained to 6% of the sale value and the buyer’s agent gets approximately 50% of the total commission value. Playing in numbers benefits the seller’s agent. Now, at times it is possible that the seller’s agents may also assist the buyers, but they can never represent a buyer. Bu definition, a seller’s agent or listing agent has to represent the seller, whereas a buyer’s agent has to represent the buyer.
Any buyer can contact a NAEBA listed EBA to protect his interests to the hilt.
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