You will have to lead and direct the team with regards to your needs and wants. With your direction, your team should give you solid advice so you can make a knowledgeable decision.

Create Your Team

You are the most important individual in your team. You have to give your team the right direction, follow on leads and respond to theirs. Remember it is your team and you have to lead them in order to get the right results

Real estate agent: Because buying a house is probably one of your largest investments, you want to protect your interests by having someone on your team investigating the market data with regards to property values. Your agent's primary mission is to help you analyze the market date, in order to help you make the correct offer on your dream home, and then negotiate on your behalf to get the best deal.

Real estate brokerage: Real estate brokers must satisfy higher educational standards and have substantial field experience. Your real estate agent must be supervised by a broker who is ultimately responsible for all real estate transactions within his/her agency. Your transaction's success may depend on back-up support from your agent's broker.

Lender: A good lender offers competitively priced loans and may even be able to help you select the best type of loan from the financial array of loan programs available today.

Property Inspectors: The physical condition of the house greatly affects its value. It is recommended to thoroughly inspect your home from roof to foundation before you purchase it to ensure that you actually get what you think you're buying.

Closing Officer: A closing officer is a third party who'll handle funds and paperwork related to the transaction without playing favorites. In most cases your agent will recommend a title /closing company that he/she has experience working with.

Keep in mind that each and every individual in your team act as advisors -- not decision makers. Decision making is your job. After all, it's your money and your dream.

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Houses sell for fair market value, which is whatever buyers offer and sellers accept. Fair market value is not a specific number; it's a price range. A good agent can help you find a home that meets your needs, negotiate for that home on your behalf, supervise property inspections, and coordinate the closing. Agents often have useful leads for mortgage loans. A good agent's negotiating skills, knowledge of area and property values can save you thousands of dollars and still provide you that dream home.

A good agent will help your decision making process by:

Educating you: Your agent should carefully explain each step of the buying process so that you understand exactly what's happening at all times. Agents should be patient, Knowledgeable, and tuned into your needs.

Helping you to make good decisions: Your agent should always explain what other options are suitable for your needs, so that you can make educated decisions regarding your best course of action. Their expertise should help advise you if they think that you should add other experts (property inspectors, lawyers, and so on) to your team -- experts don't threaten a good agent.

Being focused and professional: Your agent knows and understands the market place, trying to be all things to all people invariably results in mediocre service. Remember different areas within the state generally have radically different market conditions, local zoning ordinances, and building code restrictions.

Having a Good Rapport: Other agents and brokers will prefer to do business with people they know, respect, and trust. Your agent's working relationships with local lenders, property inspectors, lawyers, title officers and insurance agents can help you in getting the deal you want.

Remembering That You Are The Client: Most agents are already working with several other buyers and sellers, occasional scheduling conflicts are unavoidable. If however you often find your needs are being neglected, get a new agent

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Agents are bound by certain obligations which you are due as a client:

Loyalty (act in the best interest of the client)

Obedience of all lawful instructions

Confidentiality

Accountability (for all monies)

Reasonable skill and care

Declaration of all material facts

Honesty and fairness to all

State laws clearly define the duties for each type of brokerage relationship. States have mandated agency disclosure forms and rules to provide meaningful and timely written disclosure and describe licensee's duties upon termination of a client relationship.

Seller's Agency
This agent works solely for and represents the seller. A seller's agent has no fiduciary responsibility to the buyer.

Buyer's Agency
This agent works solely for and represents the buyer. A buyer's agent has no fiduciary responsibility to the seller even if the buyer's agent gets a portion of the commission paid by the seller.

Dual Agency
One agent may represent both buyer and seller in a real estate transaction, but only if both parties consent. Buyer and seller must sign a dual agency disclosure statement that describes the duties and obligations of the dual agent. A dual agent may not disclose any confidential information that would place one party at an advantage over the other party, and may not advocate or negotiate on behalf of either of the two parties. Most states permit dual agency relationships as long as the agency status is disclosed to both the sellers and the buyers in advance, and both parties agree to it.

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Agent Interview Checklist

Are you a full-time agent? You should have asked this question before inviting the agent to be interviewed.

How long have you been an agent? You want an agent who keeps learning and growing. Time in the saddle is one factor to consider when selecting an agent, but by itself it's no guarantee of competence.

Do you hold any professional designations? Have you taken any real estate classes recently? Obtaining professional designations, such as the GRI (Graduate, Realtor Institute) and CRS (Certified Residential Specialist) designations through the National Association of Realtors' study programs is a good characteristic in an agent.

What is your understanding of my home-buying needs? You've probably already told the agent what type of property you want to buy, the neighborhood you'd like to live in and how much you can afford. See whether the agent remembers what you said. You need an agent who listens carefully to what you say.

How many other sellers and buyers do you currently represent? If the agent holds two listings open every weekend and is working with a few other buyers, where will you fit in? Make sure the agent has the support and strategies in place to be able to accommodate your needs and schedule.

Market Knowledge? The agent’s geographic experience and ability to analyze the market should assist you to make the right decision. A good agent should have a good grasp of the market place, he/she should be able to focus on critical points, direct your attention to market trends and allow you to take the time needed to make the right purchase for your family. The buying process can be an enjoyable experience if your agent works directly with you.

You’re Agent and You
After working so hard to find a great agent, it would be a shame to inadvertently ruin the relationship. Your relationship is based on mutual loyalty and trust that develops over time.

A good agent will be able to show you every home on the market that meets your price, neighborhood, size, and condition specifications, A good agent will help you explore other options and will be able to update you on market conditions and trends.

Good agents must ask personal financial questions in order to make sure that you're financially qualified
Trust is key- if your agent has all of your correct information, he will be able to give you the right feed back and bring you to your dream home.

Seller's Agency
This agent works solely for and represents the seller. A seller's agent has no fiduciary responsibility to the buyer.

Buyer's Agency
This agent works solely for and represents the buyer. A buyer's agent has no fiduciary responsibility to the seller even if the buyer's agent gets a portion of the commission paid by the seller.

Dual Agency
One agent may represent both buyer and seller in a real estate transaction, but only if both parties consent. Buyer and seller must sign a dual agency disclosure statement that describes the duties and obligations of the dual agent. A dual agent may not disclose any confidential information that would place one party at an advantage over the other party, and may not advocate or negotiate on behalf of either of the two parties. Most states permit dual agency relationships as long as the agency status is disclosed to both the sellers and the buyers in advance, and both parties agree to it.

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The broker has over all responsibly for all real estate transaction with in his/her agency. The goal of the broker is to provide guidance and direction to all agents. The broker's practical experience, market knowledge and state rules and regulations are key to a smooth transaction and a happy client

All states issue two different types of real estate licenses: one for salespeople (agents) and one for brokers. Agents who have broker's licenses have to satisfy much more stringent educational and experience standards than agents with a salesperson's license.

Brokers will usually have developed relationships with the people with whom their office deals -- other brokers, lenders, title officers, other agents, home inspectors and such. Colleague's good will can make the difference if the going gets rough. Brokers with strong business relationships can work near-miracles for you in a crisis.

Home purchases sometimes get highly emotional. If your life savings are on the line, you may lash out at the other players. Someone must handle the resulting quarrels and misunderstandings. That someone is the broker.

Remember: Everything an agent does or fails to do is ultimately the broker's responsibility. Make sure to get the broker attention should problems arise, the broker's job is to help make your problems go away.

Home Inspectors
Your home price is directly related to its physical condition. Homes in great shape sell for top dollar. Fixer-uppers sell at reduced prices because whoever buys them must spend money on repairs. And average homes will bring in average prices.

You can't know how much work a house may need just by looking at it. You can't see whether the roof leaks, the electrical system is defective, the plumbing is shot, the furnace's heat exchanger is broken, or if the house is infested with termites. Invisible defects like these can be very costly to repair.

You need property inspectors that are qualified to advise you about a house's physical condition or the cost of necessary corrective work.

Settlement Attorney
Attorney’s finalize the acquisition and sale of commercial and residential properties, they assist the real estate clients in a myriad of ways, from the preparation and review of real estate contracts to conducting closings on properties. The following are examples of services provided:

Settlements for residential and commercial purchases and refinances;

Real estate contract preparation;

Real estate contract review;

Consultation and advice on real estate matters.