BUYING AND SELLING REAL ESTATE

"Let me sell your home"

Buying is a complex process even though it seems as though it could be more straightforward. It not only involves finding a house and buying it. It starts with the agent qualifying the buyer before entering a representation agreement. During qualification the agent typically refers the prospective client to a lender of some sort for pre-approval. Pre-approval consists of the buyer giving information to a lender such as w2s, paystubs, as well as a credit report that the lender will retrieve themselves. This information is then used by the lender to find what kind of loans and how much of a loan a buyer could qualify for. The lender issues a pre-approval letter if the buyer can recieve any credit. The pre-approval letter detals exactly how much the buyer could qualify for and at what interest rate. After pre-approval, the agent and prospective client fill out a buyer representation agreement. Then the agent and client have a consultation counseling session where the agent finds what exact type of property fits the needs of the buyer client if they didn't do so before entering the representation agreement. The agent then fills out search criteria in the MLS to find a list of homes to show to the buyer client. It is up to the buyer client to chose whichever one they want. Normally, the buyer client will likely want to view multiple properties before making a decision. After finding the right home, the agent and buyer client will fill out an offer and present it to the seller's agent, if there is one. Negotiations and back and forth occurs here until both parties can agree to a contract. After acceptance of a contract is communicated, the contract is forwarded to the lender, title company, and attorneys. Due diligence and inspections begin as soon as the contract is signed. The lender will order an appraisal. After inspections occur, renegotiation normally occurs. The lender will hopefully give final approval. Finally, we can move to closing.

Selling is not straightforward either. The seller process involves having a consultation where the agent presents the seller with a Comparative Market Analysis. A comparative market analysis gives a reasonable idea on the value of the house of the seller based on market data. This is necessary to then decide with the seller what price they should market the property at. Information about the property is gathered and disclosure notices are prepared by the seller and agent to provide all the disclosure necessary to prospective buyers. Pictures are taken of the property and then a listing agreement is signed between the agent and the seller. Then the pictures and information about the property is uploaded to the MLS. Then the agent schedules open houses and buyer agents show the property in accordance with the agreement. This occurs until someone makes an offer on the property then the same stages of negotiation occurs. Then we wait for the inspection and make required repairs or concessions. Then we close on the property.