Part 2

Remember the Discount Broker’s Dirty Little Secret???---They are really using your home as “bait” to make up for the loss of charging you $299, and they have absolutely no incentive to sell your home. They would actually prefer your home to linger on the market as long as possible. Is that your goal??

Real estate transactions have become more, and more complicated over the years.

Here are some more questions to ask yourself:

Are you familiar with…

…TRD ( Truth In Lending Act-RESPA –Integrated-Disclosure) –just went into effect on October 3, 2015 and how it will affect your Buyer’s ability to close? Even more important, does the Realtor representing your Buyer and that Buyer’s Lender understand the ramifications????

…The ins and outs of the Residential Property Disclosure and your legal responsibilities?

…The Columbus Realtor 10 page purchase contract? It’s not so simple (as a matter of fact our board offers a 3 hour class for Realtors on how to understand the contract) and it’s tipped in favor of the Buyer if not altered/addressed.

…how to negotiate multiple offers and the potential legal issues that could arise? Do you know how to position the best offer and any secondary offers to maximize your net? Did you know you cannot accept two offers at the same time? Do you know how to counter and accept back-up offers?

…how to negotiate the earnest deposit, who will hold it and what happens if the Buyer backs out? How much should it be in order to insure a solid contract? How can a sizable earnest deposit can keep a nervous Buyer from bailing out? When should the earnest deposit be collected? The day of acceptance? 48 hours after acceptance? After the home inspection? Is an earnest deposit even required?

…how to negotiate the home inspection request to remedy? What are your options? Did you know that the Buyer can back out at this point if you don’t agree to their demands?

…what the difference is between a lender required repair and a non lender required repair?

…how to insure your Buyer is truly qualified for a mortgage?

…how to order a title search?

…radon? Are you required to mitigate?

…how to figure out your net proceeds so that there are no surprises/disappointments at closing?

…how to order a home warranty and when? Should you offer a home warranty? Who pays for the home warranty? Did you know there are home warranties that will cover you during the listing period? Did you know some have a $50-$100 deductible and some have no deductible?

…what items are allowed in the addendum for the repairs, and whether or not to let the lender see this addendum?

…what items a lender will allow to be in the contract? Some personal property will not be allowed to be written into the contract. How will those items be handled?

…what allowances can be written, or not written into the contract?

… how much closing costs you are allowed to pay on the Buyer’s behalf based on the type of financing?

…how to confirm loan commitment. What conditions are there with the loan commitment? Is it unconditional or conditional loan commitment? At what point will you know that you have a guaranteed firm deal? When should you start packing and making moving arrangements?

And the list goes on and on and on.

It takes skill, experience and objectivity to get a home from contract to closing.

You may be hoping that rank amateurs or cut-rate brokers could effectively compete with full-time experts whose economic lives depend on delivering satisfactory service to buyers and sellers on a daily basis.

There's no law against being your own doctor or lawyer, or hiring a partially qualified person in either profession, but it may be foolish to do so.

A bargain, either in goods or services, is measured not so much by what you pay as what you get in return.

Are you willing to take the chance with your largest asset?

My name is Rick Wright. I am a full time Realtor with RE/MAX Affiliates. I have been a Realtor in Columbus for 29+ years.

If you are looking for a full service, professional Realtor with proven results, please contact me at 614-327-8081.