Thank you for returning. This is a continuation of last week’s article regarding the value in hiring a REALTOR®. I strongly recommend going back and reading part 1 before continuing.
Once you’re under contract with the purchase of your new home, your REALTOR® will outline the timeline of the sales process and alert you of crucial next steps. Failure to perform with agreed deadlines in the purchase agreement may result in contract termination, breach of contract and/or legal action. She/he will facilitate the scheduling of any inspections you are interested in having performed as well as negotiating the results of those inspections. Inspections will be a separate article (or two) as it can be a very complex part of the sales transaction. Remember, I mentioned earlier there are several different individuals involved in the sales process. Not everyone involved in this process necessarily has YOUR BEST interest in mind. You need someone whose fiduciary responsibility is to you.
Should the appraisal contingency need to be exercised, your REALTOR® can help you assess the situation and offer some additional guidance and options on how to proceed. Finally, she/he will assist in the final preparations for your closing. Another REALTOR® responsibility I would add from the listing side is helping you find a competitive listing price for your home. Your REALTOR® will find your home’s comparables and help strategize with some or all of the following listing components: location, condition, competitive market pricing, and I would add the time of year.
Additionally, stay in contact with your REALTOR® as she/he is a valuable resource for other products/services/etc in the communities we serve. We can make recommendations for general contractors, plumbers, roofers, electricians, insurance agents, real estate attorneys, etc.
Again, the above (part 1 and part 2) scenarios are a ‘Cliff Notes’ version of the real estate transaction. If you haven’t taken anything from my last two articles, take this: The home buying/selling process is a very complex and emotional experience. There are a lot of ‘moving parts’ and involve several different people and/or departments; some may or may not not have local representation. In addition, it is one of the most expensive transactions of your life. You work very hard for your money. It is not a REALTOR®’s job to spend it, rather provide you with the tools and resources so you can make the best decision for you and your family.
Several years ago, I read a book called Season of Life by Jeffrey Marx. There was a part of the book that especially spoke to me regarding ‘debunking’ myths on measurements of success in a young man’s life. I’ll save you the gory details but ultimately the book illustrated the true measurement of success in a man’s (or woman’s) life is in the value of the relationships he/she has.
In my opinion, the most important theme that is encapsulated in all areas of the buying/selling process is the value of the REALTOR®’s relationships; the relationships the REALTOR® has with the client, the lender, the cooperating broker, the inspector(s), the appraiser, the attorneys, the contractors, etc… So, why hire a REALTOR®? Why wouldn’t you? Love where you Live… and if you don’t (take my advice) and contact your local REALTOR®.
Brian Haufe, 2022 MBOR President
