REALTOR’S REAL WORK BEGINS WITH THE SALES CONTRACT
Much of the work your Realtor does to accomplish the purchase or sale of your property is “behind the scenes.” A Realtor may look calm like a duck on a pond, but underneath they are working hard to keep everything going forward.
After an offer has been accepted on a property, the real work begins. Title insurance is ordered to show what items need to be addressed in order to transfer clear title to the buyer, as well as to reveal any restrictions or easements that affect the property. Copies of these documents may be required and they must be delivered in accordance with the contract terms. The same goes for the HOA information, if that applies.
In most contracts, the buyer has an opportunity to perform physical inspections of the property. These must be coordinated by the Realtor, as well as any follow up questions or negotiations. The inspection is the most common reason that a contract terminates, so having an experienced Realtor on your side is critical. In addition, property insurance and any home warranty policies must be taken care of.
The loan process is an ongoing and often very time-consuming process for the Realtor. The appraisal, survey, verifications and other items need to be addressed during the process.
Appraisals can be a cause of great anxiety in today’s market because of increasing values. The Realtor tries to provide the best information possible about current sales, so that the appraiser can do the best job possible.
The survey may done right before closing, and is typically not a problem on most newer properties. However, an encroachment or a variation in the property size can be a major problem for the lender and buyer. Steps must then be taken to resolve the concern prior to closing.
If a property is on well and septic, the Realtor must gather additional information to make sure the proper permits have been issued and take care of the transfer of ownership. There may be testing required to make sure the well and septic systems are up to standards.
Sometimes the property or buyer involved does not fit perfectly with the lender’s ideal criteria, so further explanation and information must be gathered. If problems are not solved in a timely manner, there can be delays or even a termination of the contract.
Finally, the closing must be coordinated. This entails much more than just setting a time at which the buyer, seller, Realtors, title company and lender can all agree to meet. If the loan approval comes in at the last minute and the closing is at the end of the month, it can be a real juggling act. Often last minute documentation must be obtained or change accommodated.
After all of this work, time, worry, effort, frustration and follow-up, there is usually a successful closing. Most Realtors are problem solvers at heart, and they get to put this skill to work on most transactions