I am a lender, and I'd like to add a couple of thoughts as to how a good Realtor can smooth the process of completing financing for a home purchase.

Mortgage underwriters require a host of documents to complete your loan approval. Your Realtor can be invaluable to your lender by providing important information, coordinating inspections, and assisting you in gathering the documents needed to close.

First and foremost, underwriting will require a legible executed purchase contract spelling out all terms of the transaction. You'd be surprised just how difficult a contract can be to read after it has been faxed around a few times to the various parties. Your Realtor will handle the legwork to get a legible executed copy to your lender.
A critical element of the contract is that all terms of the agreement between the parties must be in writing, either in the original contract or in any addenda. Furthermore, the contract must not only be prepared properly but also not create a situation in which promises between the parties fall outside the lender's guidelines. For example, if a seller is willing to pay some or all of your closing costs, the amount on the contract must be specified and must be within acceptable limits to the lender.

Second, underwriting will require a several inspections such as appraisal, pest inspection, and perhaps additional inspections based upon the property and local ordinances. Coordinating these appointments with the various contractors, controlling access to your home, and collecting payments can be a major headache and a major delay without a knowledgeable professional to handle them.

Third, it is possible that underwriting may require a change in terms of the contract. Examples include securing an extension of the contract in the event of delays, handling repairs or correcting deficiencies in the property as required, or even re-negotiating price in the event of an unexpectedly low appraisal value (although this is rare when a Realtor helps the homeowner determine the correct fair market value; Realtors have access to the same sales data as apprasers).

There are also unusual circumstances that may arise. Recently I closed a loan for a buyer who purchased a foreclosure from a defunct subprime lender. The contract called for the buyer to pay a penalty of $100 per diem if the closing was delayed past the contract deadline. In this case, the seller selected a settlement agent who did not perform the work required. This was discovered shortly before the scheduled closing (the buyer was clear-to-close 4 days before the deadline). The seller selected a new settlement agent who took 14 days to provide the title work. The day before the closing, the settlement agent insisted that the buyer pay nearly $2,000 in late fees to the seller. I knew the settlement agent was wrong, but since I am not a Realtor, I could not make the case to the seller on behalf of the buyer. After arming the Realtor with proof that the seller's settlement agent caused the delay, the Realtor was able to get the seller to waive the late fee... in about an hour. So from one standpoint that Realtor was worth $2,000 an hour for her expertise and negotiation skills.

There are many on the mortgage side of the business who think Realtors are overpaid. It's easy to say that a Realtor does little more than post listings and show homes, but that is becuase the most important and exacting elements of a Realtor's job aren't visible to the eye. And in many cases, like the example above, a Realtor doesn't get the credit she deserves for saving a buyer's bacon.

Just some thoughts to consider, and the reason why I urge my clients to hire a Realtor to help them shop for a home. A Realtor helps the buyer make the right decision, and Realtors make my life a lot easier.

Jr,
I didn't like it so much then I'm too much of an introvert. Sitting at home in my Armani Pj's and sending the major domo to the bank to deposit checks is much better than hanging around the office. Thank's to all the cool kids and Al Gore for the invention of the interweb, now I don't have to shave or talk to people (yuch) I can just sit all by myself and post "stuff" to the computer.

I spend all of my time posting properties to the internet.
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That's right Jed. And the job used to be much easier wasn't it? It used to be, there WAS no internet so all we did was sit in the office! Except when we went to the bank to cash commission checks.

BEST ANSWER
I spend all of my time posting properties to the internet. Me and Tman are clerks for Craigslist. I am the pro so I post and he reads then buys and sells.
Easy money man why don't you get a license and post things to the internet also Rooooooooooooooooooooooooooooooooooooooooooooooo . . .
Although I'm not sure your name would look good on a business card. But wait there's more . . . you won't need one because you'll never have to leave the keyboard and network with anyone or do any market research in the marketplace because it's all available on the interweb.
Good luck to all and to Tman good night!

Thank you for your question. Some agents who are not full service may say that posting on the internet is the only responsiblty they have, but a full service, full time, professional realtor does much more. From the time you list your home it is your agents responsiblity to make sure that you are listing your home for an amount that will make you the most money yet not so high that you are unable to sell it. This is done by creating a comparable market analysis which compares your home to similiar homes/areas that have sold over the last 6 months to a year. He/She should also prepare a net sheet showing you what your potential net is on the house based on list price. This prepares you better when an offer comes in to be able to make a decision quickly. It is also the job of your listing agent to give you advice and tips gained through their years in the business pretaining to what you need to do to your house to make it more marketable. These items may include de-cluttering, rearranging, painting, cleaning interior/yard and doing other repairs. Once listed it is the agents duty to get the maximum amount of exposure for your home. Listen to your agent, he/she if experienced knows what works and what doesn't. The internet is definitely an important tool in our current market, but some internet sites are more visiable than others, and if cost are involved making the right selections are very important. Your agent is also responsible for getting your house in your local Multiple Listing Service(s) and creating interest through other advertising sources such as local newspapers and housing publications. Depending on how your local Multiple Listing Service is set up, your agent should keep you informed of when there will be showings and provide feedback from those showings as soon as possible. Of course if a showing produces an offer that is the ultimate feedback. Once you have an offer your agent will discuss the details of that offer and give you advice on accepting, declining or making a counter offer. If everybody agrees on on price and terms you agent then handles details with the selling agent necessary to get you to closing. Often times there are problems from the home inspection and termite inspection that needs to be negoiated. Your agent will assist you every step of the way to closing. A Realtor is not a magician, buyers cannot be pulled out of the air, however if you choose an experienced, professional, honest agent you can rest assured you are in good hands!

Good luck with your home selling experience!

Janet Tucker
Door to Door Realty
919-708-3197

RO
Legally you employ a Realtor to act as your agent. They represent your interest (selling your home for the best price) to other parties, primarily other Realtors and their clients. Realtors have FIDUCIARY responsibility, meaning we are dedicated to place your interest above all others in the negotiating process. We also adhere to a Code of Ethics of the National Association of Realtors. Violation of the Code of Ethics is cause for fine, suspension of membership, or other punishment.

In my experience Realtors have three primary tasks:
1. Analyze your situation and recommend a strategy that will expose the value in your home to the market
2. Negotiate the best price, terms, and timing of the sale so you and your family
a) only have to move once
b) are protected from legal entanglements
c). Minimize the costs of the move
3 .Minimize the stress in moving, make it a smooth process, from your old home to your new home

As you can see, there is a lot more to the job than that. Are you surprised? Did you think there was not anything more? What feedback can you give us now that we have answered your question?

I am a Realtor based in Sanford. The Realtor has many responsibilities and different roles depending on the situation. Let's focus on seller representation since that appears to be the heart of your question. When representing a seller the Realtor will:
1) provide a Compartive Market Analysis (CMA). The study shows what comparable homes in your locale have recently sold for, and what the current compitition is for homes in your price range. It is very imporatnt to price your home to sell. If you over-reach you will get fewer showings and get frustrated quickly. Once listed, the Realtor will keep you apprised of changes in teh market such as price changes, new listings and sales.
2) provide a walk-through of your home and yard offering advice as to how to prepare the home for showings. This goes beyond watching a few episodes on HGTV, which I recommend, to actually providing the names of vendors who can get those small repair jobs done. Take suggestions into account and do not take personal offense at the prospective listing agent remarks. The agent needs to offer candid advice to get you to your bottom line, which is a sale. Every home listed must be show ready or thousands of dollars get left on the table.
3) the Realtor will, as you noted, post your home to one or more multiple listing systems and web sites. A good Realtor will have multiple photos exhibits and quality narrative that captures the primary attributes of your home. Check out the prospective listing agent's web site or multiple listing postings to project how that prospective agent will market your home. You will want a Realtor who knows marketing and is internet savy.
4) the Realtor will review a marketing plan with you which will include such all or some of the following:
a) Realtor open house
b) public open houses
c) ads in home sale magazines, newspapers, preparation of flyers, in-home marketing exhibits, virutual tours, floor plans, web site listings, etc.
Your listing agent will be spending out-of-pocket money for the various ads over and above the hours invested in preparation.
5) the Realtor will show your home to prospective buyers or arrange for other Realtors to show your home. Many homesowners attempting to sell on their own overlook this important function. If you are at work who will show the home if not a Realtor? Not intending to be politically incorrect, but many women who are home alone or at home with young children are just not comfortable opening the door for strangers to wonder about there home. The Realtor offers this safety peace of mind.
6) Realtors who are aligned with major national franchises and with corporate relocation companies offer the advantage of capturing leads from national advertising and corporate reloacation departments. Selling without a Realtor lessons the opportunity to capture these buyer leads.
7) As basic as it may seem, a professional, clean yard sign can attract prospects.
8) Realtors are adept at providing prompt responses to internet inquiries and with email correspondence.
9) the Realtor, if you are working with an experienced agent who is full time in real estate, can faclitate negotiating price and other terms, plus co-ordinate the myriad of details necessary to bring the transaction to a succesful cloing. These would include, holding the deposit funds, home inspections and any follow-up repairs, septic and pest inspections, working with the closing attorney, getting a survey, reviewing the settlement statement prior to closing, etc..
I could go on and there are books written about selling homes. But, if you are considering selling it is understandable to want to save commission and sell on your own, Some are successful at this approach. Most are not. If you decide to use a Realtor, consider engaing someone who is experienced and is full-time in real estate. Experience means that they have been there before when issues come up and have the resourcefulness and maturity to navigate you through to a successful closing. I wish you well and re-post if need have any further questions.

Rooooo,
As you can see by Don and Bridgette there is quite a bit to selling a home. Of course making sure all the paperwork is in order and all the legal statutes are obeyed. We also make ourselves legally liable within this transaction. I applaud those consumers which put themselves out there without representation and sell their own home if they have done all the proper research. Of course I also hope one of my buyers wants to buy that house because then that puts me againest that seller without an agent.

This is what I offer my sellers:
My “28-Step Home Marketing Plan”…

Company Objectives
1.To expose your home to the maximum number of interested and capable buyers;
2.To educate all interested prospects on the unique features and lifestyle benefits your home offers;
3.To help you get the highest possible sales price for your home;
4.To make the listing and sales process easy, convenient, and problem-free for you;
5.To educate and assist you in the most effective ways to present your home for the greatest buyer impression;

Marketing Plan Elements:
1.Submit your home listing for exposure to all active agents in the four local Multiple Listing Service systems.
2.Present copies of your home listing to our company's active agents who, each day, work with interested and capable buyers;
3.Present you with professional advice on presenting your home to show exceptionally well, and sell for the greatest possible price;
4.Place your home on company weekly tour schedule to be examined by agents working with motivated buyers;
5.To promote your home in at least 3 company-sponsored local magazine and newspaper advertisements with combined circulation of 1,200,000 readers.
6.Create a custom publicity flyers about your home for personal distribution to each active agent in the community and local banks and mortgage companies;
7.Promote your home on our community REALTOR* tour schedule to be examined by the active agents;
8.Create a custom flyer of features and lifestyle benefits of your home for use by cooperating agents showing your home;
9.Create a custom "listing book" to be placed in your home for buyers to reference home features, lot, utility, and tax information, neighborhood benefits, schools, shopping, medical, and other buyer benefits;
10.Promote your home on my "top 250 selling agent's" personalized mailing list;
11.Maximize showing exposure through professional Century 21 signage;
12.Enhance convenience of buyer viewing by placing home on a combo box;
13.Promote your home to the public through Open Houses;
14.Promote your home by distributing flyers, brochures, and making personal announcements at meetings;
15.Educate potential buyers on the numerous methods of financing the purchase of your home;
16.Suggest constructive changes to your home to make it more appealing, and a sale more likely, to interested buyers;
17.Send a personalized letter to residents in your neighborhood promoting the features and lifestyle benefits of your home;
18.Personally speak with your neighbors about your home, neighborhood benefits, and their knowledge of potential buyers;
19.Keep you educated and up-to-date on listing and selling market conditions in your area;
20.Update you on all activity regarding your home: agent showings, open house attendance, agent tours, sign inquiries, etc.
21.Promote your home through our Nationwide Sellers Network;
22.Place your home listing in our exclusive Relocation Program national database;
23.Track all home showing agents and public using special sign-in sheets;
24.Follow-up on all agents who have shown your home to answer questions, and further motivate buyer interest;
25.Ensure that any offers from buyers are pre-qualified and capable of closing on the purchase;
26.Represent you in contract negotiations with buyers to help generate the highest selling price for the home;
27.Coordinate escrow, financing, and closing activities on your behalf to ensure a smooth, hassle-free closing;
28.Personally deliver your proceeds check at closing of your home.

Thank you for asking the question. I hope my marketing plan answers some of your concerns.

In addition to marketing (perhaps having an equal priority) is providing clear, factual information to the client on the market and how the client's house and situation fits into the market. And, as necessary, saying things like: "The market is soft" or "Your house doesn't show well, and this is why" or "Your house is only worth $x."

Further, a good Realtor's job should involve creativity and inventiveness on behalf of the client. That means suggesting transaction structures that a buyer or seller may not have thought of. I come from an investor background, so I know the value (in the right situations) of owner financing, lease-options, lease-purchases, subject tos, land contracts, and more. It also means being able to find or structure these transactions. And it means explaining to both the client and the other party the advantages of a creative approach.

There's a lot of criticism of Realtors here and elsewhere for collecting big commissions just for "posting stuff on the Internet" or for doing some paperwork that a lawyer could do for less. To the extent that that's all an agent does, that criticism is justified. You could take a couple hour course at a community college and learn 95% of what you need regarding "posting stuff on the Internet." Except for access to the MLS, no, you don't need an agent for that. And now any seller can find services to post their properties on the MLS for a minimal fee.

A Realtor's job, of course, should involve doing those essentials: marketing and facilitating the transaction. But it should involve more: Developing and helping the client implement a strategy to maximize the benefits of the transaction, and to ensure that a transaction does occur.

Hope that helps.

This is great question .. they always say the same thing, this time lets see what kind of answers you secure here.