Saturday, March 29, 2008

Building Your Real Estate Team

Your real estate experience will depend upon the team of professionals you hire to represent your best interests whether you are the buyer or seller. There are many parties involved in a purchase and sale; invest the time to interview and choose your team carefully. ONLY discuss specifics of your new home purchase or property sale with those you hire to represent you and your best interests.

Buyers: Hire An Exclusive Designated Buyer Agent

* Represents rights and best interests of the buyer, not the seller.

* Accountable for all fiduciary responsibilities to which you are entitled.

* Helps you complete due diligence and research specific details about a property.

* Provides strategies for effective negotiation.

* Helps to manage all deadlines for a smooth closing.

Sellers: Hire A Designated Listing Agent

* Request that your Listing Agent only work for you; not as a Dual Agent.

* Explains vicarious liability to you & explains your option to deny Sub-Agency.

* Represents only your best interests, not any buyer interested in purchasing your property.

* Accountable for all fiduciary responsibilities to which you are entitled.

* Agrees not to work with any buyers purchasing your property.

* Helps to manage all deadlines for a smooth closing.

Buyers & Sellers: Hire A Real Estate Attorney

* Represents your legal interests; interprets all legal statements.

* Ensures your legal rights are protected & advises clients during decision-making.

* Works directly with the attorney representing the other party during all negotiations.

Buyers & Sellers: Hire A Reputable Mortgage Consultant

* Check credentials & ask family, friends & colleagues for referrals.

* Verifies buyer financing capability.

* In Massachusetts must provide buyer a "Good Faith Estimate" within 3 Days of Application.

* In Massachusetts must provide buyer a HUD Statement for review one business day prior to Closing.

* Can validate buyer financing capability for sellers by reviewing mortgage letters submitted with offers from unknown lenders.

Buyers & Sellers: Consider Home Inspection Services Carefully

* Provides general home inspection & overall evaluation of condition to buyers.

* Conducts home inspection & overall evaluation of condition for sellers for sale preparation.

* Only use inspectors who are licensed in Massachusetts.

* Some inspectors are also licensed to conduct Pest Inspection, Radon Testing, etc.

Service Provider Recommendations

A buyer agent may recommend reputable home inspectors, real estate attorneys and service providers to buyer clients. Typically I will recommend several professionals for any given area of expertise so that you can decide who will best meet your needs.


Copyright Tamela Roche, Realtor®
Coldwell Banker Residential Brokerage, Cambridge, Massachusetts
http://www.CambridgeAgents.com

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