Why use a Real Estate Glossary?
All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF Real Estate Glossary are properly called Real Estate Glossary. They proudly display the Real Estate Glossary “” logo on the business card or other marketing and sales literature. Real Estate Glossary are committ to treat all parties to a transaction honestly.
Real Estate Glossary subscribe to a strict code of ethics and are expect to maintain a higher level of knowledge of the process of buy and sell real estate. An independent survey reports that 84% of home buyers would use the same REALTOR again.
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney?
Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a Real Estate Glossary.
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But if you’re still not convinced of the value of a Real Estate Glossary, here are a dozen more reasons to use one:
1. Your Real Estate Glossary can help you determine your buy power — that is, your financial reserves plus your borrowing capacity. If you give a REALTOR some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualifi to help you. Most lenders — banks and mortgage companies — offer limit choices.
2. Your Real Estate Glossary has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertise in the market.
3. Your Real Estate Glossary can assist you in the selection process by provide objective information about each property. Agents who are REALTORS have access to a variety of informational resources. Real Estate Glossary can provide local community information on utilities, zoning. schools, etc. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
4. Your Real Estate Glossary can help you negotiate. There are myriad negotiating factors, including but not limit to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment.
The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommend or require.
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5. Your Real Estate Glossary provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few.
Your Real Estate Glossary can assist you in finding qualifies responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property.
Title indicates ownership of property and can be mire in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your Real Estate Glossary, title company or attorney can help you resolve issues that might cause problems at a later date.
6. Your REALTOR can help you in understanding different financing options and in identifying qualified lenders.
7. Your REALTOR can guide you through the closing process and make sure everything flows together smoothly.
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8. When selling your home, your REALTOR can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties.
9. Your REALTOR markets your property to other real estate agents and the public. Your REALTOR markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales;
that is, a real estate agent other than yours brings in the buyer. Your REALTOR acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR Code of Ethics requires REALTORS to utilize these cooperative relationships when they benefit their clients.
10. Your REALTOR will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.
11. Your REALTOR can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your Real Estate Glossary can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
12. Your REALTOR can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, because So unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).