Many sellers have the perception that a realtor is not needed when trying to market their home for sale. And when it comes to the neighborhood drive by, street browsers and a few flyers that is true. Unfortunately, the real estate game changed in 2007.
It is no longer realistic that a drive by client can effectively close on your home even though you may catch the eye of a few property nibblers. Lenders have significantly changed the home buying process and property condition, neighborhood comparables and real skill is now involved in closing the deal.
Recently I participated in a transaction on a new construction home. The builder had done wonderful finishes and the home was ready to move in. Little did we know what we were going to be facing with the "new" lender maze. The first issue came up when the newly tightened radon standards caused the "new" construction home to fail a radon test. A complete radon system had to be installed (cost $950). The second issue arose when the lender needed verification of termite treatment to the soil as part of the "subterranean" soil process. The subdivision was treated when developed but the lender now required a "new construction" treatment as part of the loan. A treatment was done (cost $500). Then the third issue arose, the lender required two 6 foot trees and 6 two gallon shrubs to be added to the landscaping plan. The property had minimal landscaping due to the price being just under $130,000. The purchaser installed the trees and shrubs in addition to the current landscaping at a cost of sweat equity and a few hundred dollars.
As you can see, each of these issues required forms to be filled out, work completed by qualified and licensed indviduals, and submission to the lender's underwriter for review and approval. The builder spoke to me by phone and said "the game has really changed" and that is the truth! Lenders are requiring more and more property condition upgrades and certifications, lenders are more picky about the type of borrower and property they will finance, and lenders are not afraid to require repairs, renovations and property upgrades.
What are you going to do when that home buyer (that drove by) gets an inspection in today's lender market and the lender starts flagging the repairs? To wait for a cash buyer could take forever and to say "I wouldn't do it" just means you would NOT sale!
Today's real estate climate challenges the skills of the most savvy realtors. More than ever we are in an environment where the professional, skilled realtor can really be an asset. Seasoned brokers can preview your property, identify potential issues, help you screen buyers and manage issues when they arise.
The goal for everyone is SOLD! My suggestion - consider a realtor today!
Tim Osborn, CEO / Founder
Broker - KY/OH/IN
The Property Pros
PH: (859) 803 - 5034
Website: www.timothygosborn.com
Email: tosborn@newbeginningsre.com
This article is very informative, I agree with you,Many sellers have the perception that a realtor is not needed when trying to market their home for sale. And when it comes to the neighborhood drive by, street browsers and a few flyers that is true.Today's real estate climate challenges the skills of the most savvy realtors. More than ever we are in an environment where the professional, skilled realtor can really be an asset. Seasoned brokers can preview your property.
ReplyDeleteLake Placid Vacation Rentals
I agree with this, Tim. Buying or selling real estate is difficult. There are so many forms and meetings that need to be done; this includes mortgage documents, disclosure forms, insurances, inspection reports, deeds, and closing statements. These are mandated by the government, and it’s not exactly easy to get through the red tape, so it’s best to have an experienced advocate to reduce stress and unnecessary mistakes.
ReplyDelete- Genny Stutesman
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ReplyDeleteActually, everyone can be a home seller even without having the expertise of a professional realtor. However, the mere “professionalism” a realtor offers, significantly helps you sell your home faster. All the hassle that comprises home selling is efficiently handled, thus easing your possible doubts, and protecting you from making the mistakes that a professional realtor will not.
ReplyDelete- Rebecca Stratton
Considering the fact that buying or selling a house involves a complex legal process, people often hire professional realtors to process the buy and sell procedures. But even if you hire a professional to do the task for you, you should at least be aware of all the various elements regarding the process of buying and selling. You can actually ask your hired realtor to explain these things to you.
ReplyDeleteJulio Germaine
Having a realtor by your side is big advantage if you want to sell your home at its optimum value. However, you can still sell your home without the help of a realtor. To do so, you must have a strategic marketing plan. You must know when and how to sell your home in the market. You can place ads in magazines and newspapers, or you can put your property up for sale online across different websites.
ReplyDelete-Ofelia Bertrand
Good and experienced real estate brokers can set a price on a home as soon as they step into the house. They would also know how the neighborhood surrounding a house would affect its value. They would be able to know if a house is overpriced or underpriced. They can help you find and assess the house which would likely fit your lifestyle and financial capabilities.
ReplyDeleteDarius Degross
When selling a home, you don’t necessarily need to have a realtor. But, in most cases, many home sellers choose to have a realtor because it increases the probability of selling the home faster at a good price. Also, a realtor can help a lot in transactions such as preparing the necessary legal documents, which is a big advantage for home sellers because it’s very hassle-free. So, if you don’t want to experience the stress of preparing those legal documents, it would be better to hire a professional realtor to handle this matter.
ReplyDelete-Lorrie Sermons
In buying and selling industries, agents, realtors, and brokers are inevitable. These people not only help the seller, but also the buyer in order to get fair offers that they may have. Real estate properties such as house, buildings, and lands nowadays are as important as the air we breathe. So, it should be set out properly and fairly. This fairness can be done with the help of such agents/brokers, since these people are well-educated about this matter.
ReplyDeleteLance Valenzula
Buying a home isn’t as easy as ABC. There are a lot of processes and paperwork involved, such as home inspections, documentation, marketing, financing, and negotiating. In this maze of forms, it really makes sense to work with a professional who has enough expertise on the matter.
ReplyDelete- Petra Forbes
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ReplyDeleteThis is so cool..thanks so much for the info. Love it!