What to Expect In A Real Estate Transaction
WHAT TO EXPECT IN A REAL ESTATE TRANSACTION …
A Realtor has a fiduciary responsibility to the client; to act in with the highest and best good with regards to the Client's needs. An agent should value the importance of a Buyer's decisions and pledge to handle each transaction sensitively and competently.
A Realtor assists in: determining price, handling negotiations, and seeing to the transaction to assure a smooth close.
After the buyer has figured out (often with the assistance of a mortgage broker) what the price range should be, your agent should work diligently and consistently to find homes at your price point in the area (s) that you are interested in.
Your mortgage broker is a key member of your team. S/he will issue you a pre-approval letter that will be submitted with your offer indicating to the seller that you can fulfill your financial obligations with regards to the purchase price on a particular home. Your mortgage broker can help you determine how much you will be paying on a given loan, the taxes and other fees associated with a particular home and mortgage.
Once you have decided on a home that you wish to put an offer on, your will negotiate on your behalf to get the best price at the most favorable terms, and complete the transaction as expediently as possible.
It is possible that your offer may be, “countered”. If that happens, your agent will work with you to discuss the possibility of accepting the counter offer or countering the counter offer or withdrawing from the process. Once both parties have agreed to an offer, it is called a, ”ratified contract”.
Once we have a ratified contract, your agent opens escrow on your behalf. Next, the title company will research the property to ascertain whether there are any liens, clouds or other issues affecting the transferability of the title on the property. Your title company will cash your initial deposit once we have a ratified contract. You will most likely write another check for increased liquidated damages after inspection and loan contingencies have been removed. Checks are usually made out to the title company. Your agent accompanies you to the close of escrow and advises you as to the date and time that you may take possession of your new home.
You have a right to any and all inspections. Your agent should convey to you a list of possible inspections for the type of property that you are considering. You have a right to any and all inspections prior to removal of the inspection contingency (approximately 7 to 17 days after ratification of the contract). Your agent will schedule and coordinate the inspections. Plan on being present for inspections.
Your agent negotiates the conditions for contingency removals on your behalf based on the findings of the inspection and your wishes. S/he advises you as to the possible ramifications of those conditions. Once contingencies are removed, you will most likely pay an amount that equals the difference between your initial deposit and three percent of the purchase price. In the event that you fall out of escrow through terms as either set down in the contract or negotiated with the seller, you will receive your deposit back.
It takes a team to bring about a smooth, well-negotiated home sale. Ultimately, you are the decision maker. Bring your honesty, questions, concerns and fears to your agent. There is no such thing as a "dumb" question. Real Estate transactions are complex. Even the most polished professional may find themselves stumped by terminology or certain documents. Never hesitate to ask a question.
About Using Anastasia Sheldon as Your Realtor
"I value your business. Buying a home is not only the largest purchase most people are likely to transact, it can be very emotionally charged. "Home" represents many things to each of us: safety, family, shelter, etc. Buying a home can bring up a myriad of issues. You need someone who can manage the details, keep you on track, and keep a cool head. I am here to help." Anastasia Sheldon