When it comes to a real estate transaction, whether you are the seller or buyer, there are a lot of steps to take to complete a sale, and many of them involve understanding current state, county and even city ordinances, as well as the actual transaction process itself. Other than that, all the parties involved in a transaction in order to make it work, all the moving parts in order to complete a task. Most of these are not seen by the general public eye of a Realtor’s job.
One of the major role as a Realtor is to solve problems during your transaction. Realtors must understand current real estate transaction requirements and how they pertain to sellers and buyers. There is a huge amount of regulatory processes, which are continually changing from year to year when it comes to real estate. These are in force to protect all parties within a real estate transaction. Having to deal with educating yourself to handle your own real estate transaction can easily become overwhelming, especially when dealing with work and family obligations that continue no matter where you are in the process of a home selling transaction. Often people choose to sell or buy on their own in an effort to save money. This is great in itself, but there is a higher risk of having something done incorrectly or go wrong when you don’t have a realtor behind you, which in the end can cost you more.
Your realtor is your negotiator. When it comes to buying or selling a home, an offer can take a turn for the worst at any time. Emotions can rise and communication can break down. If just the buyer and seller are handling a transaction, this can lead to heated debates, which can end a deal for good. Realtors as the negotiating messengers take the emotional aspects of negating a sale out of the equation. Be it an offer or work that needs to be done on a home prior to closing, having a realtor in your corner can help keep egos from being bruised, and help keep the process moving smoothly.
When it comes to negotiating a final sale on a home, there could be multiple offers to deal with, which are always time sensitive. A realtor knows what to look for in an offer, and what to do to keep on track in the bidding process. Once an offer is made and accepted, then begins the fine detail work, from escrow payments to financing being confirmed, appraisals and inspections, contract work to be completed as well as ensuring contract agreements are met, or amended when needed, an experienced realtor will take on all this work for you so you don’t have to worry about missing something vital that could end a deal, or worse yet cost you more money in the long run.
A realtor offers you peace of mind throughout a real estate transaction. While you could and should seek real estate counseling with a lawyer if you are going it alone, a lawyer on retainer could easily cost you more money out of pocket than a commissioned realtor. Having realtors on both sides of real estate transactions is the most efficient and productive way to ensure all parties are satisfied, and all conditions are met. On average, an offer takes close to 30 days to complete. In this time a lot can happen, and your realtor is there to back you up and be your advisor, negotiator and look out for your best interests.
Below are a few example of what could happen in a transaction, and why an experienced Realtor is important to help you solve these problems:
- During seller’s market, you offer much more than asking price. You need an experienced Realtor to navigate the right price and then help guide the Appraiser to see the value in the home. This can save you tens of thousands of dollars.
- If you find the property has a lot more defects than you had expected, you should have a Realtor who is willing to step up and negotiate for credits or repairs from the seller.
- Sometimes, even with a pre-approval…unforeseen items can happen during a loan process. A Realtor works closely with your lender to figure out how to package the contracts and addendum well before sending to Underwriter to review. Just because your Realtor got you $10,000 credit from the seller, does not mean the lender will approve the credits! Your Realtor also can help you speak with the lending team to get an exception for your case.
- IRS issue is one of the most common problems with loan approval. Your Realtor and loan officer would be able to guide you on how to handle these situations.
- You may think a contract is a contract but what if the buyer/seller just won’t honor it during the transaction? Sometimes, some sellers/buyers are not as excited as you are on the other side of the transaction and may make it a difficult transaction. Your Realtor will be the one handling this difficult process for you.
- There are more than 1 or 2 or 3 vendors to fit in a transaction that everyday matters which can cause quite a stressful time since if one fails, all others will be affected. Your Realtor will be the one who guides you through each step and makes sure all vendors complete their respective tasks in a timely manner.
- If you are buying a condo, HOA can be extremely difficult to deal with. Without cooperation from the HOA, your lender won’t approve your financing and your seller/buyers may not be willing to wait, which can cause a transaction to fall through.
- Names or Title discrepancy or signing authority- this can cause a major delay on a transaction if it hasn’t been discovered ahead of time.
- Timing – an experienced Realtor can help negotiate an extension on contingency or closing at the right time, so you will not lose the transaction.
When you are ready to buy or sell a home, we at Haylen Group are here to help you with all of your real estate needs! If you are unsure what your options are, call Helen Chong at (408) 800-LIST or email at Helen@HaylenGroup.com. You can also visit us at our website for available listings and additional information.