The Running Realtor: Who does what and when? Real Estate Agent

A blend of ramblings about Real Estate & Running around New Haven County and the Connecticut Shoreline

Who does what and when? Real Estate Agent

Today I ran into a series written by an up & coming runner and a downhill racer by the name of Beth Forbes but the Re-Blog feature didn’t allow me to alter the title so I will do it my way and add the occupation of Realtor.

The Real Estate Agent plays many roles in a transaction involving the sale and or purchase of property and the duties vary during different stages.  Here I will use the example of a prospective Homebuyer that contacts the Realtor and would like to see one of the agent’s listings.

It is very rare that the prospective Homebuyer will love that first house and write up an offer but it is often the start of a three to six month relationship between the parties.  Initially the Realtor will ask some probing questions to determine how best to serve the prospect. The Real Estate Agent needs to know the type, location and price range of the property that will meet the buyer’s need.

If the Homebuyer has not discussed financing with a Loan Officer the Realtor will often provide a few recommendations of Loan Officers they know with a proven record of providing high quality service. For more information about the financing aspects of the transaction read Beth's series linked below.

With a Pre-Qualification or preferably a Pre-Approval Letter in hand the Homebuyer is ready to move ahead on the journey to become a Homeowner.  At this stage the Real Estate Agent will be sifting through hundreds of homes for sale in order to find the one that meet the Homebuyer's criteria.  The duration of the process can be a few days or a few months depending on market conditions and the Homebuyer's list of requirements.

Once a house is found the Realtor will write up the Purchase Offer and present it to the seller or their agent.  Assuming negotiations go well it ends with the Homebuyer and Homeseller agreeing on the terms of the sale. The Real Estate Agent will then get in touch with the Homebuyer's Loan Officer for a continuation of the process outlined in Beth's Series while concurrently coordinating other pieces of the deal.

Beyond financing most homebuyers will use a Home Inspector to provide a detailed physical report of the home's condition.  The Real Estate Agent can also provide recommendations if a buyer needs the names of qualified inspectors.

At this stage the Realtor has assisted the Homebuyer in finding a property, negotiated the deal, provided copies of the contract to the Buyer & Loan Officer, attended the inspection and ironed out any problems. The Real Estate Agent will also monitor dates to make sure everything remains on track for the closing which is usually 30-60 days after the Sales Agreement.

  Via Beth Forbes, Wholesale Lender:

Who does what and when? Loan Officer

Who does what and when? Mortgage Processor

Who does what and when? The appraisal

Who does what and when? The title report

Who does what and when? Underwriting

Who does what and when? Closing


 


Loan Officer: Beth Forbes, Wholesale Lender (United General Mortgage Corp.)
Beth Forbes, Wholesale Lender
Center Valley, PA
More about me…
United General Mortgage Corp.

Anyone ready to undertake the adventures of searching for property in New Haven County can contact Dan Cummings - The Running Realtor via email or call my 24 hour access line : 203-672-2455

 

 

Comment balloon 5 commentsNo Longer Active • October 20 2008 07:58PM

Comments

Dan - It appears Beth has been writing her little heart away.  The whole series flew right past me.  Good idea, I have some catching up to do.

Posted by Jason Sardi, Your Agent for Life (Auto & Home & Life Insurance throughout North Carolina) almost 10 years ago

Hey Dan, looks like a great run down of the process.  Nice Post!

Posted by Leslie Stewart, Realtor, ABR, CRS, Oregon Licensed Broker (Oregon Licensed Broker with Berkshire Hathaway HomeServices Real Estate Professionals) almost 10 years ago

Excellent follow up to Beth's Mortgage transaction chain of events DanO! The mortgage process in itself has way too many fingers in the pie (transaction). The one and only constant in the home buying process from start to finish should be an outstanding Real Estate professional. They seem to hold the clients hand each and every step of the way! Nicely done!

Posted by Scott Geary, Your Pennsylvania Mortgage Source (Infinity Home Mortgage Company Inc) almost 10 years ago

Dan, thank you for the addition to my series and for linking the darn things for me! I purposely left the Realtor side to well, you! The Realtor!

Posted by Beth Forbes, Your 24/7 loan officer (The mortgage help you want when you need it.) almost 10 years ago

Jason...  She did have an amazing burst of writing energy!

Leslie... The inspiration came from Beth,  I just added the Realtor feature.

Scott... There are certainly a long line of pencil pushers involved on the financial end.

Beth... I knew you intentionally left the Real Estate area open so I could seize the opportunity to post.

Posted by No Longer Active (Real Estate) almost 10 years ago

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