We’ve all heard the saying, “No news is good news,” right? Well, not necessarily in the real estate process. While not hearing anything could be deemed as everything is moving along smoothly, it could also mean there are critical dates and deadlines being missed.
There should be one person at the helm of the entire escrow/transaction process and typically, that person should be your licensed real estate professional. A lot of companies will enlist the help of a licensed transaction coordinator and that is perfectly fine. And you thought finding the perfect house was the hard part!
The person working on your real estate file will be with you from the beginning of the process to the housewarming party. They will assist you with any paperwork that needs to be signed, inspections that need to be ordered (your home inspection, a pest inspection and a radon inspection are all examples of what you might be doing) and any general questions you may have along the way.
There are dates that need to be met regarding your loan process. The interest rate that you’ve locked in typically expires within a 30-45 day window. This makes it crucial that you as the buyer are being counseled as to what is expected from you during this time. Usual examples are: Don’t quit your job and don’t buy a new Mercedes! Regardless, this should be explained to you.
When you sign a real estate purchase contract, there is immediately money being spent. There is the earnest money deposit the buyer puts down to show his good faith in purchasing the home. There is money being spent right away on home inspections and appraisals, etc. Therefore, it’s imperative that someone is steering the ship to make certain all parties are protected. Whether you are the seller or the buyer, representation is key. You need someone to protect your best interests, someone to work for you.
As a seller, you should expect the same from whomever is representing you. It is a big commitment to have your house on the market and it is typically a stressful time. There will be showings, people in and out of your house and, hopefully, in a very timely manner, offers coming in. Full communication with your realtor should be expected. Even if there is nothing new to report, you should expect a phone call stating that there is nothing new to report. A good realtor will ask you what your preferred method of communication is – email, phone or in person – and will communicate with you as agreed. When there is a showing on your home, feedback is important. We rely on our fellow realtors to let us know what their potential buyers thought of the home, they will usually give opinions on the price, staging of home and if there is any further interest on behalf of those buyers.
Being guided through the process by a licensed professional should help to ease your fears. The process should be taken seriously. A good realtor will have the necessary communication skills to not only understand your needs, but to make you comfortable with the entire process. FBN
By Dylan Kennedy
Dylan Kennedy is the managing broker of Russ Lyon Sotheby’s International Realty in Flagstaff, located at 1750 S Woodlands Village Blvd. #200. Reach Kennedy at 928-779-5966 or Dylan.firstname.lastname@example.org.