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Why should I use a REALTOR®?
All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. The purchase or sale of a home is the largest financial investment most of us experience in our lifetime. As a homebuyer, purchasing the wrong home at the wrong price can have a huge negative impact on your life, both financially and emotionally. As a seller, pricing a home too high may delay its sale or prevent it from selling at all. If priced too low, you may realize a much lower return on your investment than you could have if a careful market analysis had been performed prior to putting the home up for sale. In addition to the pricing and legal issues mentioned above, determining how to market the home most effectively, scheduling showings and open houses, bringing unknown persons into the home and making those persons feel "at home" while they are viewing the home are just some of the things that must be considered when selling your home. For both parties, care must also be taken to make sure that the contract of sale is drawn in accordance with the laws governing real estate, and that the parties properly performs their obligations under the contract. Once the contract is negotiated, there are still many other steps the parties must take when buying or selling a home. Professional inspections for defects, scheduling of repair work, securing or providing documentation needed by title companies and lenders for their involvement in the transaction, and coordination of these and other items are required to proceed from the contract phase through the closing of the sale, and the ultimate realization of both parties' goals. The bottom line is this: You need someone who can carefully guide you through the numerous steps involved in buying or selling a home and help you overcome any obstacles that may arise. The successful completion of the real estate transaction demands expertise in handling situations and solving problems that the average person does not typically encounter in their daily lives. Rob Wright is a professional who possesses that expertise and uses it every day as he assists buyers and sellers with unique wants and needs. It doesn't make sense to trust the outcome of your most important financial investment to chance. Use a professional who can help you be certain that everything you need is taken care of. |
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What does a Broker Associate offer when assisting me in buying or selling a home?
In the state of Oklahoma, a licensed real estate professional is technically called a sales associate or a broker. These terms also refer to the two types of real estate licenses issued by the Oklahoma Real Estate Commission. Upon compeletion of a prelicensing course and passing an examination, a person entering the real estate field becomes a sales associate, and is licensed to work under the supervision of a broker. Generally, this is the owner or managing broker of the real estate company that the associate is affiliated with. Within the first year of his or her career, the sales associate also completes an additional course of instruction that reviews and reinforces the associate's knowledge of real estate principals and practices. To become a real estate broker in Oklahoma, in addition to the requirements listed above, a sales associate must have at least two years experience working under the supervision of a broker. He or she must complete an in-depth broker licensing course, and must pass another stringent licensing examination administered by the Oklahoma Real Estate Commission. A licensed real estate broker may be an independent broker, or may be associated with another broker or real estate firm. Rob Wright is a licensed real estate broker, associated with Chinowth & Cohen, Realtors. When employing the services of a broker associate, you can be confident you are working with a highly trained and experienced professional who can skillfully assist and carefully guide you through your real estate transactions. |
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What is a single-party broker, a transaction broker and why do I need to know this?
Although the term "real estate agent" is still commonly used by the public, under the Brokerage Relationship Act, which became effective on November 1, 2000, the common law principals of agency were abrogated, or were replaced by a specific statute that sought to clarify the legal relationships created when a person works with a real estate broker or sales associate. One of the most obvious changes made by the statute is that real estate brokers and sales associates are no longer considered "agents". When transacting business under the old laws of agency, a buyer or seller was represented by an agent, and could be held legally liable for improper or illegal actions or words of that agent while the agent worked on their behalf. The new law created two types of legal relationships between the consumer and his or her broker. The first relationship is called a Single Party Broker. This arrangement is similar to the old agent/client relationship under common law. The broker is required to obey the buyer or seller's specific directions, and is required to perform his duties for the benefit of the party he works for. Under this arrangement, the buyer or seller could incur legal liability for actions or words of the broker working on his or her behalf. To work with a broker as a single party broker, the buyer or seller must enter into a written representation agreement specifically stating that a Single Party Broker relationship is being created. The second type is called a Transaction Broker relationship. Under this arrangement, the broker is not considered to be representing the interests of the party he is working for, but is assisting that party in meeting his or her goals in the transaction without being an advocate for the party. The other key feature of this relationship is that the party being assisted is not considered to be legally liable for the acts of the broker working on his behalf. To create a Transaction Broker relationship, you may enter into a written agreement with the broker, but it is not required. Under the law, if no written agreement between the broker and the buyer or seller has been created, then a Transaction Broker relationship exists. Regardless of the type of brokerage arrangement, the real estate broker must perform within the terms of the written brokerage agreement (if one exists), treat all parties with honesty, obey all rules of the Oklahoma Real Estate License Code and all other applicable laws and rules, and exercise reasonable skill and care in his or her handling of the real estate transaction. The broker must not reveal confidential information of one party to another, unless given explicit permission to do so. The sort of confidential information referred to in this case would be that a party is willing to accept less or pay more for a home than what has been offered, that a party would agree to different financing terms than those offered, or the buying or selling motivation of either party. Pertinent facts or defects about the property are not considered confidential, and if known, must be disclosed by the broker and the seller of the home. It is important the consumer knows and understands the types of brokerage relationships available and their differences, so that an informed decision can be made as to which arrangement will best serve the consumer's needs. While the Single Party Broker arrangement does carry some potential legal liability, this potential liability was also present under the agency laws of the past. The Single Party Broker arrangement is designed to create a relationship allowing the broker to perform services to benefit the interests of the party employing the broker. The Transaction Broker arrangement creates a relationship where the broker assists the party employing the broker in a neutral manner. The broker is considered to be facilitating the transaction, without favoring one party over the other, and the law states that the employing party cannot be held liable for the acts of the broker. |
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Should I get pre-approved for a mortgage loan?
Few Americans can afford to buy a home for cash. According to the National Association of REALTORS®, nearly nine out of 10 buyers in 1999 financed their purchase, which means that virtually all buyers (especially first-time purchasers) required a loan. Even if you can afford to purchase for cash, it generally makes better financial sense to get a loan when buying a home, as the interest paid on the loan is usually tax-deductible. There are several reasons why buyers should get loan pre-approval before seriously beginning to look for a home, but a few stand out in particular. Loan pre-approval takes much of the guesswork out of your home search. Few things are more upsetting to a homebuyer than taking the time to find the perfect home and maneuvering through contract negotiations, only to find out later that you can't get the loan needed to complete the sale. In addition to the emotional anguish, valuable time would be lost, and perhaps the chance to purchase another home that better meets your needs. Your lender will help you determine what size mortgage payment you can comfortably afford, and thus, what price range of homes to investigate. Of course, your Realtor® can give you a reasonable idea of what price range you can afford, but a lender considers your financial position in much greater detail than your Realtor® can, and will be able to make determinations regarding available loan programs to help you get the loan that best meets your needs. The lender can also advise you if there are any issues that might prevent you from qualifying for a loan, and can make suggestions regarding how to overcome such issues. Pre-approval shows sellers you are serious about buying a home and that you have the financial ability to purchase their home if you choose to do so. This generally gives you a much stronger negotiating position with a seller. Imagine a seller receiving two identical offers on the home at the same time, but one buyer has loan pre-approval, and the other does not. If you were the seller, which offer would you be more likely to accept? Perhaps the best reason to get loan pre-approval is that it removes one of the most stressful parts of buying a home from the equation. If you are pre-approved, you can relax, and can focus on the most important aspect of the buying process, finding the right home. |
How can I help my home make a good impression on prospective buyers?
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Office: (918) 392-9900 | Fax: (918) 392-9904 | ||
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