What are the niche categories?
Niche Categories for Agents
Agents are divided into eight niche categories. The advantage to you is, these agents have the experience, training and expertise in the area that is appropriate for your real estate needs.
#1: Buyer’s Agents
Choosing a buyer’s agent to represent you during your home buying search is one of the best decisions you can make. The buyer’s agent you choose has a fiduciary (legal) responsibility to represent you and help guide you through the home buying process. You are their client. They are not a salesperson and have no connection with the homeowners. They look at all transactions from the Buyer’s View. They should be offering you professional advice and always keep your best interest in mind above all others including their own. They are skilled in negotiating and can help find properties not listed in the MLS. You should insist that your buyer’s agent post your housing needs on the Buyer’s View website so that you can reap all the advantages and opportunities to see homes that are not listed in the MLS. Your personal identity will always remain anonymous.
Our advice, do not start the home buying process without a good buyer’s agent in your corner. Another first step for your home buying team should be contacting a mortgage broker/lender that will help guide you through the mortgage process and give you an idea of how much home your annual income can purchase.
#2: Seller’s Agents
These agents specialize in listing properties for sale and have experience in presenting the homeowner with a competitive market analysis. (CMA) This analysis will help determine what a fair market selling price will be for the property. They are skilled in negotiating and helping to protect the interests of the homeowner. They will guide the homeowner all the way through the closing process.
#3: Seniors Real Estate Specialist (SRES) Agents
A senior’s housing needs are not the same as a first-time home buyer or seller. You might be looking to retire, downsize, or join an active adult community. Whatever reason you may have for considering a move, you can depend on an SRES agent to guide you through every part of the process.
Some savvy real estate agents do not have the SRES designation. But they do have the experience and time in the business to help seniors with their real estate housing needs. Most agents would be able to represent you as a buyer’s agent and also be a good choice to represent you in selling your present home.
#4: Luxury & Distinctive Property Agents
Homebuyer clients with discerning tastes can feel comfortable working with an experienced and knowledgeable Luxury agent. Only your housing needs are marketed, and your identity remains completely anonymous. Many of these transactions take place off-line and your agent should be well connected to other Luxury agents in the industry.
Sellers of Luxury and Distinctive Properties require marketing strategies that go way beyond putting the property in the MLS. Your agent should be able to provide you with a comprehensive plan to obtain maximum exposure for your property. They should also have a network of other Luxury Agents, especially buyer agents. From lavish estates to historic downtown homes these agents are a good choice to assist you.
#5: New Construction Agents
When purchasing a home to be built, you should have an experienced new construction buyer’s agent on your side. The other professional you should seek out immediately is a mortgage broker/lender that specializes in new construction loans. There are multiple ways to take advantage of the equity in your present home in order to start new construction prior to your home selling. Your existing buyer’s agent could also be a good choice to represent you in selling your present home.
New construction can be stressful. There are so many decisions to be made that do not exist when purchasing an existing home. That is the advantage of having an experienced new construction buyer’s agent on your side. They will hold your hand and guide you through any stressful times. The reward of moving into your new home that no one else has ever lived in, is a feeling you will cherish for a lifetime.
#6: Equine Farms & Country Properties Agents
These agents specialize in listing and selling Equine Farms & Country Properties. Many of them owns horses and farm animals and live the life they are marketing.
#7: Commercial, Business, & Industrial Agents
Buyer clients of Commercial, Business, and Industrial property can now have their agent advertise their requirements while keeping their identity anonymous. Many of these transactions take place off-line because the property is not presently listed for sale or lease. Any contact would be made through their buyer agent.
These commercial, business, and industrial seller agents represent owners, sellers, and landlords in the sale or lease of office space, retail space, warehouse space, multifamily properties, storage, and other commercial and industrial properties.
#8: Rental Agents & Property Management Companies
A word of caution here. Most of the rental agents are going to be representing the landlord and not you. That should not be a problem if you understand that up front. Be sure you clarify whether there are any fees/charges that you will be responsible for.
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Loan Programs for Lenders
#1: Down Payment Assistance
New Hampshire housing offers several different loan programs for first-time homebuyers to help make homeownership more affordable. They even provide loan programs for former homeowners in targeted areas. Veterans are exempt from the first-time home buyer rule and 100% mortgage programs are available. While the specific programs may have different income limits, in general they serve borrowers with incomes up to $167,800. Loan programs available at 3% or less down payment.
One of the most popular programs allow the buyers to choose between $5000, $10,000 or $15,000 of assistance if needed and can be used towards the down payment and closing costs. The assistance is structured as a zero interest 30-year second lien ballon loan. The homeowners could start making payments on the assistance loan if they would like, wait the 30 years, and pay it off at the end of that term, or it is paid off as part of a refinance or selling of the property in the future. Ask your loan officer for details.
If you are buying a fixer-upper, New Hampshire housing offers a Purchase Rehab mortgage program that allows you to add up to $75,000 to your purchase mortgage to assist with repairs and upgrades. The Purchase Rehab program is a government insured mortgage option that can even be combined with the down payment assistance programs to help you with your down payment and closing costs. Ask your loan officer for details.
#2: Residential Loans
These mortgage brokers/lenders offer your typical 15-30 year residential mortgages for existing homes. Some lenders also offer 3, 5, & 10 year ARMS (adjustable rate mortgages) These brokers/lenders may also offer refinancing options and many lenders will offer home equity loans. A newly constructed home can be financed with a residential mortgage if the homebuilder is the one that applied for the new construction loan.
#3: VA & FHA Loans
These 30- and 15-year programs are more commonly referred to as government loans because they have much lower down payment needs and much lower credit score requirements. Veteran loans (VA) offer 100% financing. Both programs are guaranteed by government agencies against most losses the lender may incur.
#4: New Construction Loans
When a homebuyer is applying for a new construction loan it is normally a two-step process. The first loan is a construction loan and money is dispersed as the home is being built. When the home is ready for occupancy the existing loan balance is then converted to a typical 30-year residential mortgage. There are several loan programs that would allow the homebuyer to build a newly constructed home prior to their existing home selling. Contact one of the mortgage originators to explain how this is done.
#5: Reverse Mortgages
A reverse mortgage is a loan. Unlike a home equity loan however, it does not need to be paid back until you are no longer using the home as a primary residence. The bank makes payments to you based on your home equity value.
To be eligible, one of the homeowners must be 62 years of age or older. They can be a small balance owed, but that would be paid off with your new reverse mortgage. Loan proceeds can be used for any reason. You can receive your money in a lump-sum, monthly payments, a line of credit or any combination stated.
This is a specialized field and the mortgage originators have the experience and training to assist you.
#6: Equine Farms & Country Properties Mortgages
Equine farms and country properties with a large amount of acreage are usually not available to be mortgaged with a standard residential mortgage. There are lenders that specialize in this type of property and you can find those loan originators here.
#7: Commercial, Business, & Industrial Loans
A commercial or industrial loan is most often a loan to a company rather than an individual consumer. Commercial loan programs are available for the purchase of retail/office space, strip shopping malls, multifamily buildings, mixed use commercial buildings and industrial buildings.
Many commercial lenders also offer SBA business loans. These loans are usually to finance capital expenditures or provide working capital to the borrower. Commercial lenders also offer all types of business, commercial, and industrial construction loans.