Understand The Rules of Your Marketplace

Your Realtor needs to be on the same page as YOU! Ask him/her to reiterate what you’re looking for so that you can clarify any points of confusion.  What kind of home you are searching for should be top of the mind when scheduling appointments to see homes. 

How will your Realtor notify you of new properties on the market? Communication should be completely worked out before you exit your first meeting with the Realtor you hire.  What, when and how you can expect to be kept informed. 

What are the rules of your local real estate market? Your Realtor needs to educate you to how fast homes are selling in your price range. Education should include multiple-offer situations, what is the average number of days on the market, what should you expect to include in an offer to help it be accepted at the first presentation. What I explain to buyers (and sellers)…..the highest sale price contract may not be the best offer for either party. What kinds of terms and conditions are written in the body of the contract may be much more important that the sales price. 

Let me explain. What is the title transfer date? Is it too soon or too far out.  What inspections are going to be completed? A General home inspection, radon, mold or pest?  What chattels are to be included at title transfer? Will the washer/dryer remain or the outdoor swing set? What other considerations are included for each party to the contract to cover? Who is paying closing costs & how much are they?  What title and/or escrow company will complete the transaction? Is it an independent third party or the real estate company’s affiliated business partner?  Just a few of the other terms that need to be clarified immediately before both parties place their signatures on the purchase agreement.

Careful consultation with your Realtor is the perfect way to accurately pinpoint what you (buyer or seller) are looking for. The contract can meet the needs of both parties and as many of the additional wants of either party to the purchase agreement. Remember, there are only two parties to an accepted purchase agreement….the buyer(s) and seller(s). Realtors have no vested interest in a real estate purchase agreement! 

Leading the Way Home,

Carol Murphy 

M2 Home Group