This Week's Top Stories About Realtor

Let's say you have retained an agent and your house is put on the market. You receive an offer. It sounds great, doesn't it? Maybe, but not always. It all depends on how the offer is written, accepting the offer effectively removes your property from the market until you decide if the buyer can actually purchase the property. It would be great to have had some financial pre-qualification by the agent prior to accepting the offer. Agents are not loan officers. Buyers who appear be in a position to borrow the mortgage on their home often aren't.

As a loan officer, I saw people dressed in nice clothing and driving cars that had a good down payments. They couldn't secure an mortgage. Why? There are many reasonsto this, including bankruptcy, legal claims and insufficient time for work, excessive credit, divorce, and the overextension of credit. That's right, people who "look like they're able to do a deal" often aren't. Then there you are...with your property possibly off the market for a period of 30 days or more in order to determine if the buyer can't buy.

In short, there are two kinds of credit reports--an in-file report and a mortgage credit report. In-file reports are similar to a short report, whereas the mortgage credit report is more comprehensive and will detect things that an in-file report could miss. Sometimes , things are discovered about buyers after a certain period of time. This is particularly true in "chain deals" in which the seller is also "buying" and needs to sell to buy. Similar to a chain weakest link is the strongest. Agents are aware of this . However, as I've mentioned previously often, agents just throw offers at the wall hoping that they stick

What should you do? It depends on the individual. There are basically two kinds of buyers and sellers around the world: The elite few and everyone else. If you are selling a high-end property geared toward an upper crust society, you'll likely be working with a top producing agent that is not an inexperienced or part time agent. This is probably not an article if this is your situation. The following information might be relevant to you if you're in the same group:

*Make sure you have a written clause of protection when you accept an offer from a buyer who is a possible buyer.

It is your goal to determine whether the prospective homeowner is either a yellow-, green--, or red-light for financing. Any loan professional who is qualified will be able to swiftly find this information throughout the application process for loans.

It is important that the buyer be able to get a loan from a trusted lending institution to be able to finance the purchase quickly. If they meet this preliminary qualification it is possible to take your property from the market. An attorney must review and modify the offer to ensure that the buyer is granted loan approval from the lender within a reasonable time. I am not an attorney and neither am I giving legal advice--I offer a common sense approach to protecting yourself. A quick solution, for an example that you could consider is accepting the offer of purchase with a clause of protection like this:

"Acceptance of the offer is subject to the buyer's approval in writing. the loan within 48 hours."

If you or your agent receive an official notice of pre-qualification in writing and tentative loan approval from a lender and the purchaser appears as if they are given a green light to apply for home financing, then you're free to relax. There are options available if don't get pre-qualification and tentative loan approval from a lender.

What's the benefit of this seller doing it? What if a buyer with cash wanted an offer on your property just a few days after. What could happen if an experienced buyer showed up in the following week? What happens if one of these scenarios occurred and your property was put to the market, for an unqualified borrower and you didn't realize for thirty days that you were dealing with an unqualified person? Consult your attorney about what language to use for the specific situation.

Another thing that home sellers must be aware of is: Bank loan officers tend to be on a salary, loan officers for mortgage brokerage firms are typically not. They eat meals when the real estate transaction is concluded. Since mortgage brokers aren't paid any money unless they complete the transaction, they tend to do more work in obtaining an ad-hoc loan from a borrower. If I were selling my home and the buyer's score was uninterested, I would prefer to apply to a reputable mortgage firm instead of a bank. However, that's my opinion. As an agent, it's worth considering--where will the buyer choose to obtain financing?

Here's what we have to offer you: a no-cost Ebook Report 101 Tips for Homebuyers and sellers. It has 101 suggestions that will help protect you before and during real estate transactions. It is available in our freebies section and download it as often as you wish. An Ezine Articles exclusive! Until next time...

Copyright (c) 2006

James W. Hart, IV

All Rights reserved

A lot of homeowners are unable to understand the selling process and choose to sell their home in a hurry. Many homeowners understand that they don't want to be bothered with the DIY approach; "Always hire a pro!" Their motto is "Always hire a pro!" Another kind of homeowner looks at their property as if the market is in full bloom and wonders if it's time to hire a realty agent to sell their home.

What kind of home seller is you? If you're close to bursting it is time to research the process of selling your home and learn about the advantages and disadvantages that come with having an agent. This article will discuss the drawbacks.

The #1 Reason

The majority of homeowners who sell their homes work with an agent, at a minimum at some point during the selling process. The main drawback for DIY home sellers is the expense of a commission. On average, the commission that an agent gets on the sale of a house is 6 percent of the cost of sale. Most homeowners don't make a payment for any sales commission.

Success vs Time

The majority of home owners who want to collaborate with an agent will interview a number of agents and hope to select the most effective person to represent their home. Agents who are successful have a lot of clients and greater sales. It is certain that your house will sell quickly and for a good price.

Be aware that a successful agent can also be busy. Can a successful agent devote enough time and effort to make sure your home is ready for the market? It is possible that you won't get the attention and time your home deserves from a busy agent.

Certain agents who are successful or busy have the ability to master the management of time and are responsive. They respond to calls promptly, follow up on paperwork and never miss deadlines and always keep your interests first. Others who are successful and https://www.federalpay.org/paycheck-protection-program/4670276-joe-suryan-newark-ca busy don't do these things. You may feel increasingly frustrated with the inability to respond and performance.

The Middleman

Buyers and sellers can encounter real estate agents who can be a hassle in the process of negotiating. You'd think the transaction should be simple and straightforward If you own a house that is for sale and you want to buy it. The agent may influence you or the buyer to rush to an agreement that might not be the best for you.

Personality and Honor (or Not).

Even if you did your homework when choosing a realty agent There will be personality conflicts that may arise after signing with them. This can happen, and the only way to resolve them is to review the contractual agreement to determine if, how the contract can be terminated, and when. be removed.

An agent who is dishonest could pose a risk to your home or cause you problems. The agent may try to make use of the information you've shared with them for fraudulent reasons.

Before you put your house up for sale, consider the type of home seller you are. If you're looking to stay in control, then the FSBO program might be suitable for you. You will find there benefits and drawbacks to any endeavor. For those who are not, the possible disadvantages when working with a professional estate agent could be greater than the benefits. Only you will be able to make the decision.

Best wishes for the sale of your house.