Thursday, January 29, 2015

Who Will Be Involved In The Sale Of My Home

Who Will Be Involved In The Sale Of My Home

Listing Agent:  Your listing agent has a fiduciary duty to you to represent you with your best interest in mind.  Listing agents take the listing, market the listing, present all offers to you, help you understand the offers so you can make the best decision in picking the best offer,  handle all paperwork to make sure everything is done timely and legally.

Buyers agent:  Your listing agent can find a buyer and sell the house, but most often your home will be sold by a different agent who is representing the buyer.  This agent has a fiduciary duty to their buyer to represent them in their best interest.  The buyer’s agent protects their buyer by making sure the buyer is making a fair offer but not over paying for the property.  He/She will educate the buyer on the appropriate price to offer based on the homes recently sold in your area.   A buyer or seller can offer or sell their home for as much as they choose but your agent will be able to guide you in making those decisions.  They also handle the paperwork on the buyer’s side to make sure it is done timely and legally.

Duel Agent:  This is the agent who handles both the buyer’s side and the seller’s side.  A transaction like this can go well if both sides agree on everything and the sale is simple.  Where this concept can get tricky is when the agent must negotiate for both the buyer and seller.  Since they have a fiduciary duty to represent both parties to their best interest it becomes a very fine line to walk.  They have to present both sides equally meaning they can not suggest the seller may sell for less or that the buyer may be willing to pay more.  This can get morally and legally tricky in many cases.

Loan Officer:  The buyer’s loan office will really be the one driving how fast it can close.  When a loan is involved it usually takes 30-45 days.  (Cash can go quickly about 10-15 days)  Buyers have options on which inspections they want so depending on how fast those inspections can be done, pest, home, appraisal, and loan contingencies, repairs, etc. will also play a part in how quickly it will close.  There are timelines in the contract and it is up to your agent to keep people moving according to those timelines. 

Inspectors and Appraisers:  They will be hired (usually by the buyer) outside of the sales contract to do different inspections. 

Escrow Company:  Escrow works as the neutral third party between all parties involved, the loan officer and the agents.  Their job is to handle, keep track, and distribute all monies in the transaction. They also impartially make sure that all written instructions from the contract and negotiations are carried out.  They pull the preliminary title report to determine the status of the title of the property. Prepares escrow instructions, requests payoffs of any one being paid through escrow, records the deed and other related documents, and closes escrow.

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