In today’s world where you have a vast resource of information via the internet, many potential buyers and sellers may question the importance of hiring a real estate agent.  While most people today search the internet first to start their search for properties, it is important to understand the role of a qualified REALTOR.

Realtors play an important and neccessary role in the purchase or sale of a property. There are mutiple phases of a transaction. After a home has been selected by a buyer or an offer comes in on a listing, then negotiations begin. For experienced buyers and sellers who have been thru the process multiple times in their lives and are comfortable handling their own transaction, then I wish you well. However, most people still choose to use a real estate agent because they value the experience and knowledge that a realtor brings to the table, and realize their own lack  of the same.

When negotiating an offer, price is not the only factor. Here are some of the issues that come into play. Who pays for the Title Policy? The survey? Which title company do we use? How much earnest money is reasonable and fair? Have the buyers been prequalified or preapproved and just what does that mean? Does the buyer want any seller concessions? Is the seller willing to give any concessions? Is the refrigerator included or does the buyer assume it is and the seller assumes it isn’t? Can we agree on a closing date; Is the seller willing and able to move out before closing to allow the buyer immediate possession? Or does the seller want a temporary leaseback in order to move? These are just a few of the questions that arise in negotiating a contract. And this is just the first phase of negotiation.

In Texas, we have an option clause that allows a buyer to terminate a contract for any reason. There is an option fee paid by the buyer to the seller for this privilege. Typically, this is to allow a buyer to do their due diligence. Usually, the buyers choose to have an inspection done to make sure the house is structurally sound, no safety issues, electrical, mechanical, plumbing in good working order. During this option period, the buyer has the right to ask a seller to fix or repair any items that show up on the inspection. Not all buyers and sellers are created equal. What might seem reasonable to one party may be deemed totally unreasonable by the other side. It is up to the realtors to help the buyers and sellers thru this.

Once all negotiation are completed, then realtors must manage the process thru to close. Any repairs that have been agreed to, must be completed to everyone’s satisfaction. Survey, if required must be done. Appraisal must take place. Buyers must get their financing arranged. It is extremely important that all parties involved, title company, mortgage company, appraiser, surveyor,realtors, buyers, and sellers, communicate with each other to make the transaction close in a timely manner with the least disruption possible.

So, buyers and sellers must ask themselves if they are comfortable handling all the phases of buying or selling a home.  If not, make sure you find a realtor that has the experience, and the knowledge  necessary to satisfy you.  As always, we are available to answer any questions that anyone may have.