WHEN TO CALL IN THE EXPERTS TO HELP BUY OR SELL A HOME

Buying or selling a home is probably one of the biggest financial transactions you will ever make so it makes sense to have a real estate professional working for you. A REALTOR has the skills, knowledge and experience you need and will act as an 'arm's length' intermediary during the transaction, ensuring that you get what you need and expect.

Before selecting a REALTOR, interview several and ask about their track record, knowledge of your neighbourhood, local selling or buying prices and how they will handle a sale or purchase on your behalf. Be sure to discuss the REALTOR's commission or fees.

REALTORS are experienced in arranging financing and closing deals. They can help you negotiate offers, act as mediators in heading off potential conflicts and draw up a legally binding contract between you, a buyer or a seller. He or she will also be able to advise you on how to select bankers, lawyers, building inspectors and insurance brokers that may play a role in the transaction.

If you are selling...
One of the most important decisions you will make is deciding the 'asking price' of your home. Your REALTOR will suggest a price range based on his or her experience and knowledge of what comparable homes have sold for in your area. Once you have decided on an 'asking price', your REALTOR will develop a marketing plan that will likely include placing the home on the Multiple Listing Service® (MLS®) to ensure the widest possible exposure along with possible open houses and advertising. Your REALTOR will also offer tips to make your home 'show' better to prospective buyers.

If you are buying...
When buying a home, a REALTOR will begin by helping you identify what you want in your new home - a particular neighbourhood, closeness to schools and shopping, number of bedrooms and bathrooms, a certain design, etc. He or she will compare your needs, wants and budget with what is available on the market.

With access to the MLS®, your REALTOR can prepare a computerized custom list of homes that meet the criteria and budget you have set. Your REALTOR will then be pleased to arrange for you to view the homes that appeal to you.

REALTORS have broad, current knowledge of the many financing choices available to prospective buyers. A REALTOR can help you evaluate mortgage options and obtain financing at the best available rates and terms.

Buying or selling a home can be an emotional and stressful undertaking. Having a REALTOR's knowledge and expertise working for you can take much of the worry out of the transaction and give you assurance as a buyer that you are getting the best value possible or as a seller that you are getting the best price possible for your home.

This information is provided by the Victoria Real Estate Board for the information and benefit of consumers.