Reference no: EM13315817
A friend of yours, Cindy Malvern, is moving to your town. She graduated from college a few years ago and has since been working in another city. Recently, however, she was offered a job at a higher salary in the regional office of a national insurance company located in the city where you attend college. Cindy has decided to buy a condominium, and because you are taking a real estate course, she asks you how to proceed.
You first look at the classified ads in the local newspaper and notice that a number of existing condominiums are for sale. Most of them are advertised by brokers, but some are advertised by the owners. You also notice ads by some local builders for new condominiums. You ask Cindy whether she prefers to buy a previously owned condominium or a new one. She says she doesn’t know; it depends on the condominium, the location, the price, and so on.
Next, you look in the Yellow Pages of the phone book and find several pages of ads for real estate brokers. You have heard of three or four of the firms, but you have had no direct contact or dealings with any of them.
a. How would you advise Cindy to proceed? Should she call a real estate brokerage firm? Why or why not?
b. If Cindy decides to call a real estate broker, how should she select the broker? What criteria should she use?
c. If Cindy decides to work through a real estate broker, can she look at new condominiums for sale by builders? If she buys a new condominium while working with a broker, would she or the builder have to pay a commission to the broker?
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