Sep 09, 2004 09:22 PM
2512 Views
(Updated Sep 09, 2004 09:22 PM)
Hi guys, just thought will give you a bit of information on how the real estate in united states work. Believe me its far more advanced and systematic than our own country. People in United States can take up being a Real Estate Agent or a Broker as their career unlike india where generally school dropouts or some people who where never successful in other business and the other category people who can do a lot of illegal land business turn to it.
The entire United States is divided into something called MLS which includes a geographical area with lot of cities under it. Every Agent there should have a license and a access to this MLS database.
There are two categories of sellers one is who wants an Agentto do the business for them and the other category called FSBOS(fissbow) who dont want to shell out commission to agents hence they try to sell the property on their own.
When a person wants to sell a property residential or commercial he enters into an agreement with an agent for 6 months. This particular agent then registers this property and enters all the property details in the MLS database where other agents can see the property listed and a buyers agent could grab the deal. The best part is if the agent is not able to sell the property in 6 months then the contract expires and these properties are called Expireds.
Now is the time when the fun begins.....the agent who has listed the property if he doesnt get a chance to renew his property what he does is to remove the contact informatin about the original owner making it very difficult for other agents to contact the owner so that they could get into a contract with the owner.Belive me 9 out of 10 agents do this which I would call is not a very professional way to do it.
The agents whos contract expires might also put the status of the property as also wrong there are certin codes that need to be specified next to property listing so that it can be identified as whether its still active or whether its expired whether its been pulled out of the market.So the agents might also put false statuses misleading the agents so that they have a tough time contacting the owner. The Real Estate Market is very hot in many states of US and they are several thousand employed as Agents and the competition is intense.
This is just a small picture of Real Estate In US if anyone would like to know more about Mortgage or Real Esate in US please do feel to contact me. Thank you and happy reading.
