Frequently Asked Questions
General
Should my agent provide me with performance guarantees?
This question is becoming more and more common. Some agents consider this a "gimmick". However, it is not outrageous to want some sort of guarantee. After all, when you purchase an expensive product or commodity, you expect some sort of warranty or guarantee for your money. What you must remember is that agents work strictly on commission. If they don't sell your home, they don't get paid. They have a lot riding on your home sale or purchase too. That being the case, I personally don't believe it is a problem to ask for some sort of guarantee. My guarantee for my clients? If they follow my advice exactly, and we work strongly as a team, and we can't achieve the goals we set out to achieve, I will credit then $500 towards the closing costs once the sale happens. I will also allow the cancellation of a listing contract with 14 days written notice, no strings attached. That is how confident I am in my product!
Is there really a difference between a “part time” and a “full time” agent?
Yes and No. While the amount of time an agent works in real estate is important, what is more important is the quality of the time an agent puts in. It is not uncommon to find less than satisfactory agents that work 40 hours per week, yet find wonderful highly skilled and highly successful agents that work only 15-20 hours per week. As long as your agent is committed, has the education, knowledge and experience necessary to sell your home, and has a great support staff and the desire to succeed, you should be just fine.
A HUD home is a home that is owned by the FHA's Housing and Urban Development, or HUD. HUD homes are generally homes that have been foreclosed that were secured by an FHA mortgage. HUD homes are often fantastic buys, but can be difficult or rare depending upon the market and local area.
Earnest Money is a form of down payment that is used in the offer to purchase real estate. It displays you are "in earnest" of the purchase of the property. This money belongs to the buyer and is stored in a real estate trust account of the brokerage representing the buyer. In some cases, the earnest money may be held in other accounts. If the sale completes, the earnest money is credited towards the buyer at closing. If the sale cancels, the earnest money is disbursed as per the contracted agreement.
FSBO stands for "For Sale By Owner". Simply put, a FSBO is an unrepresented seller that is attempting to sell their home without the assistance of an agent.
A REALTOR® is a real estate agent that is a voluntary member of the National Association of REALTORS®. A REALTOR® follows strict guidelines of rules and ethics to insure consumers are treated with fairness and respect. REALTORS® are held accountable by their peers and must follow all rules to maintain their membership. Most general real estate etiquette is not governed by local and state laws, but by the rules and regulations of the National Association of REALTORS®. If your agent is not a REALTOR®, use caution, as their legal requirements are severely limited.
What is the difference between a real estate agent and a real estate broker?
A real estate agent is a person licensed by the state of Utah to represent consumers in the purchase and sale of real estate. A real estate broker is an advanced version of the same license. A real estate broker is also responsible for all agents that work underneath them as well as responsible for helping all clients of agents underneath them.