Initiating a real estate home or condo purchase contract in Virginia Beach, Chesapeake, or Hampton Roads is only the first step towards a successful, stress free closing.
Having a REALTOR(R) who knows the market, knows the Virginia Beach and surrounding neighborhoods, and knows the little things to watch out for cannot be underestimated.
When is it a good time to buy or sell real estate? When you have the advice and research done by a REALTOR(R). The solds, the absorption rates, staging, improvements, repairs, lending information, bank owned and short sale properties, how market conditions affect your property – the most important property.
Knowing how to get things done should be hallmarks of the REALTOR(R)’s core values.
It can mean ten of thousands of dollars to the client.
Your Virginia Beach home or condo real estate purchase is one of the most important investments you will undertake and can be a puzzle to get through settlement.
Please see the items listed below and how your Virginia Beach REALTOR® can provide value to you during the real estate process and get you in your home stress-free.
Examples of how your REALTOR® provides value during the Virginia Beach and Hampton Roads home or condo purchase:
1. Adhere to a strict Code of Ethics and expected to maintain a higher level of knowledge of the process of buying and selling real estate in Virginia Beach and Hampton Roads.
Know the difference between a “licensed agent” and a REALTOR(R). See why more education is good. Ask yourself, why wouldn’t every agent be a REALTOR(R)?
2. Can help determine real estate buying power
3. Can assist in the selection process by providing objectiveinformation about each property.
4. Can help clients negotiate a home purchase or sale.
5. Provides due diligence and qualified professionals to conduct inspection(s).
6. Helps clients understand the various financing options and find qualified lenders.
7. Guides their clients through the closing process and makes sure everything flows together smoothly.
8. Knows the Virginia Beach, Chesapeake, Norfolk, Suffolk, and Hampton Roads marketplace and can
provide up-to-date information on price, financing,terms and condition of competing properties.
9. Markets a property to both agents and the public. Your REALTOR(R) should be “tech saavy” and have an internet presence.
10. Knows when, where, and how to advertise the property.
11. Helps objectively evaluate every buyer’s proposal without compromising market position; and
12. Helps close the sale of the home by objectively resolving issues that occur.
Other important items your Virginia Beach REALTOR® is involved with during the real estate transaction.
| 1. Lender does not properly pre-approve borrower. 2 weeks or |
| 2. Lender decides last minute they don’t like borrower 2 weeks or |
| 3. Lender decides last minute they don’t like the property` 2 weeks or |
| 4. Lender wants property repaired or cleaned prior to close 1 to 3 weeks |
| 5. Lender raises rates, points, or costs 2 weeks or |
| 6. Borrower does not qualify because of a late addition of information 2 weeks or |
| 7. Lender requires, last minute, re-appraisal 2 weeks or |
| 8. The borrower does not like the fine print in the loan documents |
| that we receive 3 days before closing. 3 days or |
| 9. Lender loses file. 1 to 3 weeks |
| 10. The lender does not simultaneously ask for information from the buyer |
| They ask for information in bits and pieces, thus infuriating the buyer 1 to 4 weeks - |
| 11. The lender has 800 numbers and call screeners making it hard for buyers to get things done – REALTOR(R) intervenes. |
| THE COOPERATIVE AGENT |
| 1. Will not return phone calls 1 to 3 weeks |
| 2. Transfers to another office 1 week |
| 3. Did not pre-qualify the client for motivation 2 weeks or |
| 4. Goes on vacation and leaves no one to handle file 1 to 4 weeks |
| 5. Does not understand or lacks experience in real estate 1 week |
| 6. Poor people skills 1 to 3 weeks |
| 7. Gets client upset over minor points 1 to 3 weeks |
| 8. Does not communicate with their client 1 to 4 weeks |
| THE BUYER |
| 1. Did not tell the truth on loan application 1 week or |
| 2. Did not tell the truth to their agent 1 week or |
| 3. Submits incorrect tax returns to lender 4 weeks or |
| 4. Lacks motivation 1 week or |
| 5. Source of down payment changes 1 week or |
| 6. Family members do not like purchase 1 week or |
| 7. Is too picky regarding condition 1 week or |
| 8. Finds another property that is a better deal 1 week or |
| 9. They are “nibblers” (always negotiating) 1 week or |
| 10. The buyers bring an attorney into the picture 2 weeks or |
| 11. They do not execute paperwork in a timely manner 3 weeks or |
| 12. They do not deliver their money in a “check cleared” fashion to |
| The closing agent. 1 to 2 weeks |
| 13. Job change, illness, divorce, or other financial setback 3 weeks |
| 14. Comes up short on money 1 week or |
| 15. Does not obtain insurance in a timely manner 1 to 4 weeks |
| ESCROW |
| 1. Fails to notify agents of unsigned or unreturned documents so that the |
| Agents can cure the problems relating to same. 1 week or |
| 2. Fails to obtain information from beneficiaries, lien holders, title lien |
| holders, title companies, or lenders in a timely manner. 1 to 2 weeks |
| 3. Allows principals to leave town without getting all necessary |
| Signatures. 1 to 2 weeks |
| 4. Incorrect at interpreting or assuming aspects of the transaction and |
| Then passing these items on to related parties such as lenders, attorneys, |
| Buyers, and sellers. 1 week or |
| 5. Too busy. 1 to 3 weeks |
| 6. Loses paperwork 1 to 3 weeks |
| 7. Incorrectly prepares paperwork 1 to 3 weeks |
| 8. Does not pass on valuable information fast enough. 1 to 4 weeks |
| 9. Does not coordinate preventing items that can be done simultaneously 1 to 4 weeks |
| SELLER: |
| 1. Loses motivation (i.e., job transfer did not go through, etc) 1 week or |
| 2. Illness, divorce, etc 1 week or |
| 3. Has hidden defects that are subsequently discovered. 1 week or |
| 4. Unknown defects are discovered. 1 week or |
| 5. Home inspection reveals average amount of small defects that seller |
| is unwilling-willing to repair. 1 week or |
| 6. Gets an attorney involved. 1 week or |
| 7. Removes property from premises that buyer believed was included |
| in closing process. 1 to 3 weeks |
| 8. Is unable to clear up problems or liens. 1 week or |
| 9. Last minute solvable liens are discovered. 1 to 3 weeks |
| 10. Seller did not own 100% of property as previously disclosed. 1 week or |
| 11. Seller though partners signatures were “no problem” but they were! 1 week or |
| 12. Seller leaves town without giving anyone power of attorney. 1 to 4 weeks |
| 13. The notary did not make a clear stamp when notarizing the sellers |
| signatures. 3 days – 1 week |
| 14. Seller delay the projected move-out date. 1 day or |
| ACTS OF GOD – Earthquake, tornados, fire, hurricane, snow 1 day or |
| THE APPRAISAL |
| 1. The appraiser is not local and misunderstands the market. 1 to 3 weeks |
| 2. No comparable sales available 1 week or |
| 3. Appraiser delays (too busy) 1 to 3 weeks |
| 4. Incorrect appraisal 1 to 3 weeks |
| 5. Appraisal too low 1 week or |
| INSPECTION COMPANY |
| 1. Too picky. 1 day or |
| 2. Scares buyer 1 week or |
| 3. Infuriates seller 1 week or |
| 4. Makes mistakes 1 to 3 weeks |
| 5. Delays report 1 week or |
| TITLE COMPANY |
| 1. Does not find liens or problems until last minute 1 week or |
| 2. Does not bend rules on small problems 1 to 3 weeks |
| 3. Poor service 1 to 3 weeks |
| 4. Loses paperwork. 1 to 2 weeks |
Notes:
1. A transaction cannot close until I have cleared up any and all of the previously mentioned problems.
2. To let you know that I have great experience in heading off these potential pitfalls and thus can hopefully make you feel more secure in
that you chose the correct Realtor.
3. To make these pitfalls clear to all paties we are working with so that problems can be discovered early.
4. To make you aware of these pitfalls so that you can warn me of any potential problems and aggressively comply with any requested information.
Related Posts:
Use a REALTOR(R) with sastisfied clients
How Your Credit Score Affects Virginia Beach Home Buying
Do You Have an Ugly Credit Score?Tips on How to Improve
Courtesy of Walter Sanford®
{ 5 comments… read them below or add one }
Can I just say you have a really professional site.
The list here gives everyone the lowdown on why
you need someone with their finger on the pulse to deal with
problems and “keep all the plates in the air” until close.
Hi Dennis, thanks for commenting in my blog. All the best to you and your blog!
I think i makes sense to have a REALTOR(R). I mean they take so much of the hassle out of the process. i don’t mind paying someone who will do almost all of the legwork, and they may find something really special.
Every time i come here I am not dissapointed, nice post
Really good post. Another note about realtors and neighborhoods taken from my blog:
“3. Knowledge of Your Neighborhood
A Realtor can give you valuable insight into neighborhoods. If you are purchasing a home you know you’re not just purchasing a home but a neighborhood as well. A real estate agent can associate comparable sales and relay the details to you, besides pointing you in the right direction so you can find more facts on schools, crime, occupations, education level, and income. Realtor estate agents will also know of future developments and home sale info that isn’t available to the public.”
Brainerd Man’s last blog post..Gold Coast – Gull Lake Estate