Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here’s why it pays to work with a REALTOR®.
- Navigate a complicated process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.
- Information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: 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?
- Help finding the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.
- Negotiating skills. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, 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 recommended or required.
- Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
- Someone who speaks the language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.
- Experience. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. Even if you have done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.
- Objective voice. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll every make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.
Source: National Association of REALTORS®
•Don’t apply for new credit
•Don’t co-sign on a loan
•Don’t dispute anything on your credit report
•Don’t change bank accounts
•Don’t close any credit card accounts
•Don’t finance any elective medical procedure
•Don’t make a major purchase (car, boat, jewelry, etc.)
•Don’t max out or over charge your credit card accounts
•Don’t open a new credit card account
•Don’t take out a new loan
•Don’t transfer balances from one account to another
If you encounter a special situation, it is best to discuss it with your lender.
Source: Mortgage Options Lending
Title insurance protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as misspellings of a person’s name or an inaccurate description of the property. In some states it is customary for the seller to purchase the policy on your behalf.
Your mortgage lender will require it.
Title insurance protects the lender (and the secondary markets to which they sell loans) from defects in the title to your home—which could include mistakes made in the local property office, forged documents, and claims from unknown parties. It ensures the validity and enforceability of the mortgage document. The amount of the policy is equal to the amount of your mortgage at its inception. The fee is typically a one-time payment rolled into closing costs.
There are two different policies to consider purchasing.
The first policy, the one your lender will require, protects the lenders investment. You may also purchase an owner’s policy that provides coverage up to the purchase price of the home you are buying.
You have the right to choose your provider.
You can shop around for a lower insurance premium rate at a wide variety of sites online. You should first request quotes from a few companies and then reach out and speak to them. Ask about hidden fees and charges that could make one quote seem more attractive than another. Also, find out if you’re eligible for any discounts. Discounts are sometimes available if the home has been bought within only a few years since the last purchase as not as much work is required to check the title. You can also ask your lender or real estate professional for advice or help with getting quotes. Make sure the title insurance company you choose has a favorable Financial Stability Rating with Demotech Inc.
Even new construction needs coverage.
Even if your home is brand-new, the land isn’t. There may be claims to the land or liens that were placed during construction that could negatively impact your title.
Source: National Association of REALTORS®
- Not doing your homework
- Not understanding the seller
- Showing your cards
- Getting your heart set
- Trying to win
For assistance with your next home purchase, contact the real estate professionals at Ferguson Realtors, who can lead you through the many details that are involved in a real estate transaction. Call us toll-free at (800) 747-0713.
•Remove the clutter – put small things away
•Brighten areas up with light – open drapes and blinds, add lighting
•Re-purpose rooms – add some new furniture and paint
•Vary wall hangings – try different groupings
•Bring nature inside – add plants and fresh cut flowers
•Group in threes – odd numbers are preferred when grouping accessories
•Give areas a face lift – add new counter tops or cabinet doors if dated
•Add some color – paint with warm tans, honeys and soft blue-greens
•Beware of layout – pay close attention to the traffic flow of each room
•Clean – this is the cheapest and easiest way to improve the look of your home
• Having a good place to raise children and provide them a good education.
• Having a physical structure where you and your family can feel safe.
• It allows you to have more space for your family.
• It give you more control over what you do with your living space.
• Owning a home is a good way to build wealth that can be passed along to your family.
Source: Keeping Current Matters