Buyer Information | Prudential Snyder Champaign

Choosing a Real Estate Professional

Whether you are selling or buying a home, selecting a real estate sales professional is one of the most important decisions you will make during the process. There are some very important things you should consider when choosing a real estate professional. One of the first considerations is who the agent represents during the process.

Real Estate Agencies

It is important that you know the differences between a professional who represents a seller (the "traditional" role of a sales associate), a professional who represents a buyer, and one who represents both. In most areas, real estate professionals are now legally obliged to disclose, in writing, information on the various types of real estate agency relationships that exist. You should assume the real estate professional is working for the seller unless otherwise stated.

Seller's Agent - A real estate professional becomes a Seller's Agent by entering into a listing agreement to represent the seller's interests. Seller representation may also be created when a real estate professional shows a property on the Multiple Listing Service and "buyer agency" has not been created. The Seller's Agent can provide information to assist the buyer, but they must place the interests of the seller first. A buyer should not disclose anything to the Seller's Agent they do not want the seller to know.
Buyer's Agent - A real estate professional becomes the Buyer's Agent by entering into an agreement to represent the buyer. A Buyer's Agent can assist the seller, but does not represent the seller. The Buyer's Agent must place the interests of the buyer first. A seller should not tell the Buyer's Agent anything they would not want the buyer to know, because the Buyer's Agent must disclose any pertinent information to the buyer.
Dual Agent - Dual agency occurs when a real estate professional represents both the seller and the buyer. It can also occur when the Listing or Seller's Agent works for the same real estate firm as the Buyer's Agent. In most states, the buyer, the seller, and the Agent must agree in writing for the creation of dual agency. The Dual Agent is required to treat the buyer and seller honestly and impartially. In dual agency, the professional's duties are more limited and there is potential for conflict of interest. You may hear the terms "transaction broker" and "intermediary" in association with dual agency.

Interviewing Real Estate Sales Professionals

You may want to interview several sales professionals before selecting one to represent you. If you are selling your home, the real estate sales professionals you interview should cover the following items during the interview:

Pricing your home
Increasing your home's value
Marketing strengths
Negotiating the sale -The seller's agent should review every offer with you and help you evaluate all aspects of each offer and its financial implications.
An overview of the local standard Contract For Sale along with typical addenda and a copy for your review

If you are buying a home, the real estate professionals you interview should cover the following:

Agency relationships
Many real estate professionals who primarily represent buyers have been specially trained to do so and have received the Accredited Buyer Representative (ABR) designation
How much home you can afford
The difference between being "pre-qualified" for a mortgage and being "pre-approved" for a mortgage
Key features you "must have" in your new home vs. those you would like to have
How to evaluate and compare the homes you see
An overview of the local standard Contract For Sale along with typical addenda and give you a copy for review
The types of inspections you will want to have done on the property you select

To find out more about all of your agency options, contact a Prudential Real Estate Sales Professional now.

Home Inspections

Inspections are designed to help you understand the overall condition of a property, potentially saving you considerable time with the purchase process and hundreds or thousands of dollars in repairs. Some of the inspections which may be required or recommended by your real estate professional are:

Standard Home Inspection - The areas which may be covered include lot and grounds, roofs, exterior surfaces, garage/carport, structure, attic, basement, crawl space, electrical, heating and air conditioning systems, plumbing, fireplace/wood burning devices, and appliance condition. Remember that your inspection rights are clearly stated in the Contract For Sale and vary from jurisdiction to jurisdiction. In some cases homes can be sold "as-is" even though an inspection may take place.

Termite Inspection - A termite inspector will inspect the property for the presence of wood-destroying insects (WDI) or wood destroying organisms (WDO, i.e. fungus) and conducive conditions that exist. Inspection requirements vary by state.

Asbestos Inspection - Lab analysis will determine if asbestos fibers are present and evaluate their condition. If friable or non-friable conditions exist, buyers should seek professional assistance.

Composition Board Siding - The condition of the siding and any areas of high moisture are evaluated during this inspection. Typically, composition board siding is a paper-based product that is manufactured to replicate traditional wood siding at a fraction of the cost.

Lead Paint Inspection - Painted surfaces of a home can be evaluated to determine the presence of lead paint. Homes that were constructed before 1978 may contain lead-based paint. Lead exposure can be harmful to young children and babies. Children with lead in their bodies can suffer from damage to the brain and nervous system, behavior and learning problems, slowed growth, hearing problems, and headaches.

Pool/Hot Tub Inspection - Determines the overall condition and operability of a pool and/or hot tub's equipment. Additionally, the condition of the pool deck will be inspected for deterioration and/or other noticeable defects.

Private Well Flow and Potability Inspection - Designed to determine whether or not a private well adequately supplies water to the house. Samples are sent to a lab for potability (drinkability) analysis.

Stucco Siding Inspection - There are two types of stucco siding to be aware of: cement-based "traditional" stucco and synthetic stucco. An inspection of the siding's application according to manufacturer's installation specifications is recommended. Synthetic stucco siding is commonly referred to as Exterior Insulated Finish System (EIFS).

In considering a home with stucco exterior, we recommend an inspection be conducted to determine the condition of the siding.
Synthetic stucco is predominately found in the Southeast but it is present in homes in other areas of the country as well.
Moisture readings are taken to determine if the system has already experienced water intrusion.

Underground Storage Tank (UST) Inspection - The most common methods for testing a UST, typically used to store oil for heating homes, are either the soil test or vacuum test. The soil test consists of random core samples taken around the location of the tank and submitting them for lab analysis. This will determine if any product has contaminated the soil at that particular area and to what extent. The vacuum test consists of having a technician seal off and place the tank under a vacuum. Readings are periodically taken to determine whether or not the tank is losing its vacuum. With this test immediate results are available for the buyers.

Since USTs are predominately made of metal they rust and corrode over time, causing hazardous materials to contaminate soil and potentially aquifers that supply drinking water to surrounding communities.

Obtaining the proper inspections for a home prior to purchase is one of the best ways to make a smart purchase decision and protect your investment. The above is not meant to be an exhaustive list of all of the types of inspections that may be necessary on a particular home, but it is meant to provide general information on some of the most common types of inspections.