1. Why do Real Estate Agents hold Open Houses?
2. Who’s Representing Who?
3. Who are the parties to the Purchase Contract?
4. Who are the parties to a Listing Contract?
5. Why should I see a Lender before looking to purchase a property? 
6. The Bottom Line?
7. What do those acronyms mean behind an agents name?

1. Why do Real Estate Agents hold Open Houses?   top
The fallacy is they are there to sell your home, the chances of your home selling on an open house is 3-5%. Agents sit open houses to obtain clients; this is how real estate agents build their database of potential Buyers and Sellers.

2. Who’s Representing Who?   top
Do you really want a meshing of duties to a buyer or seller? It is risky business for both the seller and agent to handle both sides of the transaction. Would you feel comfortable as a buyer knowing the agent who is the listing agent owes his fiduciary duty to the seller?

3. Who are the parties to the Purchase Contract?   top
The Buyer and Seller not the real estate companies, so the contract time lines (i.e.: inspection period, closing date, repair request response, etc.) is the responsibility of the buyer and seller not their respective agent. Take the time to read each line of the contract and ask your agent to explain any item you do not understand and have the agent go over what date timeline you will be responsible for during the escrow process. A Contract is a legal document.

4. Who are the parties to a Listing Contract?   top
The Seller and the Listing Broker for the company who lists your property. The agent you hire will be paid as part of the transaction and is there to market your property, answer questions, and explain the paperwork. If you are not receiving answers or phone calls back from your agent call their Broker.

5. Why should I see a Lender before looking to purchase a property?   top
Your time and the agent’s time are valuable. Arizona Real Estate Purchase Contract requires a Loan Status Report to accompany any offer with at least a minimum amount of information about the buyers and the loan. If two offers are received and one has a completed “LSR” and the other does not which offer do you feel the seller will consider, one with a qualified buyer or the one who hasn’t applied for a loan. A lender will help you work on any issues with regard to your credit, make sure that the price range you are considering will meet the loan requirements but also your comfort level with the total payment.

6. The Bottom Line?   top
A home is the most important purchase you will make so spend the time to understand your responsibilities in the process. In retrospect, a home will cost you 10 to 20 times what a car will. Pick an agent who has the knowledge and explains the steps involved in purchasing or listing a home. “Knowledge is Power”, make the information you receive from your agent work to your advantage during the negotiating process. A friend or family member who works part time in the business may not be the best choice in a real estate agent. Put your confidence in those agents who are successful at what they do by being able to work full time in real estate. Read next Question!

7. What do those acronyms mean behind an agents name?   top
The bottom line, education beyond real estate school which only teaches you laws and how they apply to Arizona and the Nation. Obtaining a real estate license does not teach an in-depth understanding of real estate contracts and how to sell real estate. Those acronyms mean understanding, credentials and additional education. Ask your agent which designations they have completed. Make sure you do not pick an agent who is too busy that they can’t take the time to help you understand the purchase or selling process or one that turns you over to an assistant as you are then receiving help from someone different than who you hired.