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Peter Thompson 2626 Warrenville Road Downers Grove, IL 60515 Direct Line: (630) 598-2375 Cell Phone: (630) 479-6424 |
PeterT@promortgagepartners.com
Free refinance Guide – Avoid the mistakes that can cost you thousands
Questions? Whether purchasing a new home or refinancing, let me know how I can help.
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Your privacy is important to me. Your information will not be shared, sold or exchanged with anyone else and I will contact you personally by phone or email.
Illinois Residential Mortgage Licensee #5814
Who does your Realtor work for? Understanding agency
Most people turn to Realtors when they begin their search for a home. A key benefit of working with a Realtor, is that they have full access to the computerized Multiple Listings Service (MLS). This means that your agent can view every property listed in the market, and show you new home listings as they become available. But good Realtors can do much more than just show you properties; they can act as your advocate and guide, steering you away from costly mistakes and helping you make the right decision. A good Realtor provides valuable guidance from your search, through negotiations, inspections and closing. They know the areas they specialize in, and can help you determine trends in a neighborhood’s property values, demographics and the quality of schools. An experienced agent will also have a good feel for a home’s true market value.
A good Realtor will help you avoid mistakes as well as find the home that works best for you. If the home is for sale by owner, they can often negotiate directly with the owner. Their knowledge of property values, and their ability to negotiate, can usually save you money.
One thing you need to be aware of right from the beginning is who your Realtor is working for. The commission is almost always paid by the seller. If you call off of a sign or ad, you will be dealing with the Listing Agent. The listing agent works for the seller, and her job is to sell the property at the best price and terms for the seller. Listing agents do work with buyers, and they can be quite helpful and informative, but their duty is always to the seller. Unless arrangements are made beforehand, any other agent showing you houses is also considered a subagent for the seller. That means that they too are legally representing the seller’s interest.
This isn’t necessarily a bad thing. If you’re working closely with your agent, you often develop a personal relationship with each other. She knows your needs and what you’re looking for. As you work together she starts to think of you as her client. Also, if she does a good job working with you, you’re likely to refer friends and relatives to her, bringing more income down the road. She has no such relationship with the seller. So on an emotional level, your Realtor is likely to be working in your interest. But legally she is working for the seller.
There is another option. Buyer’s Agency means that the Realtor represents you, not the seller. That means that she will be able to negotiate the transaction for your best interest. If you are going to work with a buyer’s agent, you will sign a contract that says you are working exclusively with that agent, and the agent is working specifically on your behalf. In most cases, the commission is paid from the seller’s proceeds so there is no cost to you. The important thing is to discuss your options with your Realtor upfront. This way you know exactly what to expect as you go along.
Testimonials
- “I felt he went above and beyond his job. Very satisfied."
Terry S.
Chicago, IL - "This was my first mortgage and he held my hand all the way. It was a great experience."
Rosaria A.
New Lenox, IL - “Pete Thompson was extremely helpful. He was honest and service oriented. After reading his homebuyer’s guide, I knew what to expect. We will definitely use Pete again, and refer him to all our friends.”
Wayne and Beth B.
Lemont, IL - “Pete Thompson understands our needs. He answered all our questions and made the loan process simple and easy. He was great.”
Bob and Sherry R.
Chicago, IL - "Pete Thompson was great! Helpful, friendly, he went out of his way to make us feel good. I've already passed his name on to my brother, and recommended him strongly."
Jason W.
Chicago, IL - "Pete made everything so easy. We'd heard horror stories from friends who had bought earlier, but it all went great. He made it effortless on our part."
Dan and Sherrie P.
Wheaton, IL - "Pete Thompson was very helpful and informative. I was very happy with the services I received. As a first time buyer with no money down I didn't know what to expect."
Mike B.
Oswego, IL - “Pete was extremely helpful. We felt very confident with his expertise and information. Everything went very smoothly.”
Mike and Monica A.
Glen Ellyn, IL - “An outstanding professional! Pete is the best!”
Daniel and Peg O.
West Chicago, IL - “Pete Thompson was great! Helpful, friendly, he went out of his way to make us feel good.”
Kathy N.
Winfield, IL - “Very nice to work with. Very efficient service.”
Harry and Mary S.
Naperville, IL - “Pete handled the entire process with the professionalism and courtesy I try to show clients in my business.”
Cynthia B.
Chicago, IL - “I knew what to expect upfront, and everything happened just as Pete said it would. A great experience.”
Nick P.
Bloomingdale, IL - “Pete was efficient, thorough, enthusiastic, informative, responsive and proactive in all our dealings with him. It was an honor to work with him.”
Mark and Daphnee M.
Naperville, IL - “Everything was totally professional and seamless – greatly appreciated.”
Richard and Jeanie S.
Huntley, IL - “Pete Thompson made my financing end of buying a home far less stressful than in the past using other mortgage companies. Thank you, Pete.”
Jerry P.
Bloomingdale, IL - “I relocate regularly, and have bought several homes in the past. The level of service I received from Pete and his team was second to none!”
Roman S.
Oak Lawn, IL - “The service was very good and it was a pleasure working with you. I am sure we will be in touch in the future.”
Ron and Lisa S.
Naperville, IL - “I was not sure what to expect, but everything went so smooth it was surprisingly easy. Having the information upfront really made a difference.”
John T.
LaGrange, IL - “We counted on Pete to take care of everything because we lived in Wisconsin. It couldn’t have been handled better.”
Robert and Karen H.
Lombard, IL - “Excellent service. Pete was a pleasure to work with.”
Kent S. and Edward.
Chicago, IL
