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- What will a Buyer's Agent cost me?
- Can a Buyer work with different Buyer's Agents?
- How will I know what price range to shop in?
- What is the customary Earnest Money deposit?
- How will I know how much to offer?
- Who will help me review the property details?
- How easy is it to look at property in the Bitterroot Valley?
- What happens between the acceptance of an offer and the closing?
- What do I need to know about Montana real estate closings?
- When is a good time to look at property in Montana?
- What will a Buyer's Agent cost me?
Buying real estate using the services of a Buyer's Agent is usually FREE to the Buyer, if the property is listed through a Multiple Listing Service of which the Buyer's Agent is a member. In this situation, the Seller has agreed to pay a commission to the Listing office who, in turn, has agreed to share that commission with a member agent that brings a buyer to the property with a successful offer.
It is possible, however, for a Buyer to agree to pay a Buyer's Agent directly for location services, consulting, and/or a full range of real estate services. This is sometimes done in ranch brokerage or when the Buyer is looking in multiple states or multiple locations.
↑ Back to Top - Can a Buyer work with different Buyer's Agents?
Yes. It is not required that a Buyer enter into an Exclusive Buyer Agency Agreement. However, it is greatly to the Buyer's benefit to do so. In a small market place such as the Bitterroot Valley, most Realtor Agents are members of the Bitterroot Valley Multiple Listing Service and have equal access to property information. Sharing personal information, including financial capabilities, with as few agents as possible can be a benefit later in negotiations.
Buyers should find and agent that listens and with whom they find easy to communicate with. A Buyers Agent's duty is to work diligently to locate real estate of the type and on the terms and conditions described to them by their Buyer client. At Prudential Montana Real Estate (formerly KING REAL ESTATE), we have years of experience locating property for buyers from across the country and just across town.
↑ Back to Top - How will I know what price range to shop in?
Your Buyer's Agent should have a network of local lenders and mortgage brokers that can easily qualify you for your real estate investment. It is a good strategy to have a meeting with a lender prior to looking at properties. This will avoid missing just the right property or becoming interested in a property that is outside the desired price range.
Recent low interest rates and loan fee structures may make it possible for the Buyer to qualify for more than they realize.
Ask your Agent today for this valuable service.
↑ Back to Top - What is the customary Earnest Money deposit?
In the Bitterroot Valley market place, earnest money negotiated in conjunction with purchase agreements tends to be rather low as compared with other areas and other states. Earnest money can range from as low as $1,000.00 to $10,000.00 or more depending upon the asking price of the property.
Earnest money is placed in a State approved Trust Account with either the Broker or Title Company and is held until all the conditions of the Buy/Sell Agreement have been either waived or satisfied. At closing, the earnest money held in trust becomes a credit to the Buyer.
↑ Back to Top - How will I know how much to offer?
Your Buyer's Agent should be an expert in the market.
Once you have identified the type of property that you are searching for, a comprehensive tour should be developed. When a Buyer views like properties of a similar type that are well chosen by the Agent, the Buyer begins to develop a good idea of value.
At the time of an offer on the chosen property, the Buyer's Agent can also provide SOLD data on like properties. Imagine if a Buyer came to town and looked at 10 properties that were ALL OVER PRICED. This SOLD service will greatly reveal how well positioned the chosen property is in the current market place.
↑ Back to Top - Who will help me review the property details?
Real estate research and review is what we do better than anyone. We help our Buyers discover the details relating to such items as water well adequacy, septic system approval and design, home inspection summary recommendations, and title insurance commitments.
A real estate transaction requires attention to all the details. An experienced Buyer's Agent is invaluable in a rural mountain market. Our scientific approach to due diligence sets our agents apart in the industry. For more on this subject, visit the MOUNTAIN GUIDE section of the website. We Lead The Way.
↑ Back to Top - How easy is it to look at property in the Bitterroot Valley?
Advance planning is a very good idea.
Unlike other areas around the country, real estate agents often are not available on weekends. Many agents require an appointment to view their listings and do not allow access to other agents through the use of lockboxes.
If Buyers are traveling to the area specifically to view real estate, it is advisable to contact an agent and set up showings prior to the end of business on Friday. With all the recreation opportunities in the Valley, it is easy to see why real estate agents might be fishing, hiking, or just enjoying the outdoors.
At KING REAL ESTATE, our agents can be reached 24 hours a day - 7 days a week through our paging system. Please give us a call for your real estate needs.
↑ Back to Top - What happens between the acceptance of an offer and the closing?
After the offer is accepted there is a period of due diligence and review. This is when the details of the property will be organized by the Agent and presented to the Buyer for approval. Easements, restrictive covenants, well logs, home inspections, survey pin locations, site evaluations, etc. are all a part of the contingency process with most rural mountain purchases.
The due diligence process usually takes about 30 days. Upon approval, the transaction will be turned over to the Title Company for closing.
↑ Back to Top - What do I need to know about Montana real estate closings?
Title Companies usually close real estate transactions in Montana.
They are licensed and bonded to provide this service. The usual fee is $300.00 which is split between the Buyer and the Seller. It is very common to close through the mail with wired funds. Out-of-area Buyers need not appear personally at closing unless they desire to do so.
The Buyer's Agent will review all closing documents prior to closing and attend the closing. Closing costs are minimal in Montana other than loan fees, if financing is applicable. If needed, there are a number of qualified Montana real estate attorneys to advise and assist.
↑ Back to Top - When is a good time to look at property in Montana?
The Bitterroot Valley's mild mountain climate makes it possible to view property at most any time of year. The market trends seem to run from March to March. In other words, new properties will begin to come on the market in the Spring around the first of March. December can be a good time to negotiate for properties that did not sell the previous summer or fall.
Plan a trip anytime and let us know how we can help you. See the Links section of this site for accommodations and for airline tickets.
We are happy to mail, email, or FAX you property information in order to focus your search before you arrive. We Lead The Way.
↑ Back to Top
"Rock Prudential" Prudential is a registered service mark of The Prudential Insurance Company of America. Equal Housing Opportunity.