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.
Beth Forbes, Wholesale Lender
Center Valley, PA
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United General Mortgage Corp.