Tammy C. Benkwitt, ABR,e-Pro,GRI

Absolutely check with a mortgage company well in advance of signing a contract of sale. It used to be that the bank wanted to see signed leases in order to count the rent as income. It is possible that given the changes in the mortgage industry that lenders may require further documentation.

This is not what you asked, but as a matter of practicality, you should also want to see signed leases with plenty of security to back them up if you are making a buying decision and counting on that income. Tenants can walk away and if you are banking on that income to make the mortgage payment, you should have a reserve ready in case the unit (s) sit empty for a period of time, or for unexpected repairs.

Good luck! - Yesterday, 16:47

I saw this question in another thread and those replies were correct. You must be a licensed real estate agent to legally receive a referral fee of the kind you state.

Contact the Department of State if you want to confirm. The link is below. - Fri May 9 2008, 09:56

Start with friends, family, and perhaps future co-workers in the area where you are moving. Ask them if they used a Realtor and of their experiences. Word of mouth is usually the best way to go.

You can also try finding one here in Trulia. Go to "Trulia Voices", then "Members search", then search for a Real Estate Professional in the area where you are considering a purchase. You can read the advice an agent has offered. Reading the answers and questions offered by an agent may well reflect his or her general demeanor and experience level. If you feel the advice is sound, send that agent an email and get more information.

Best of luck! - Sun May 4 2008, 18:18

There is no guarantee that the listing broker would have reduced the commission by 3% as you suggest. The listing contract dictates to whom and what commission is to be paid. It is likely that the listing office would have received the entire commission and you would have wound up without representation which also likely would have resulted in a far worse deal. Count yourself lucky. It is possible that your agent may have helped you avoid a bad deal.

Yes, finding a home is easier for most people to do given all the different web sites. Agents are happy to market our properties on as many of them as possible because it exposes that property to a larger audience and helps our seller clients get the highest and best offer.

However, finding the property is not all there is to the job of a buyers agent. I could write a book on the subject... come to think of it... there are already tons of books on the subject, not to mention mandatory NYS licensing classes, ABR certifications, agency disclosure mandates, fair housing laws, and well, I could go on and I am sure other agents will. So I'll leave it here.

The bottom line is that you won't know if you got a bad deal until you open that last suitcase ("Deal or No Deal" reference). Wouldn't it be nice to be able to go on that show and have someone tell you which suitcase you were holding well in advance of opening the last one? Wouldn't be nice to have someone negotiate and investigate all the details to make sure you have a good deal before you are stuck in a bad one?

Our job is also to help buyers navigate the waters all the way through to closing. I promise it takes more than one afternoon worth of work to accomplish that.

Sincerely, best of luck in your home search - and hang onto your agent! - Mon Apr 21 2008, 07:43

The short answer is "yes".

The longer answer is that it depends on what type of unit you are interested in and how fast you can move. Builders want to sell their existing inventory before they start to build more homes. The ones that are up and ready will likely be the better deal, assuming it meets all your needs.

TB does cooperate with the broker community and encourages us to bring buyers through. What this means for you is that you can have representation assisting you with negotiations, etc... and TB will pay the commission. We get several emails a week from them advertising the latest incentives.

If you are interested further, feel free to contact me directly.

All the best.... - Sun Apr 20 2008, 17:34