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There are many issues affecting the typical real estate transaction. Each issue commands the professional expertise of a REALTOR®. Without this professional working for you, you greatly increase the possibility that your sale or purchase will fail or place you in serious legal or financial jeopardy. Using an experienced REALTOR® can garner you substantial protection and help you control the purchasing or selling process to your advantage. When selecting a real estate agent, look for one who is also a REALTOR®. A REALTOR® is a member of the National Association of REALTORS®. Every member must abide by a seventeen article Code of Ethics. A REALTOR® has many resources to assist you in your search, including local and national databases. Sometimes the property you are seeking is available but not actively advertised. It will take some investigation by your agent to find all available properties. Starting the Buying ProcessYour real estate professional should help you determine your buying power. This is based on your financial reserves plus your borrowing capacity. When you provide your agent with basic information about your available savings, income and current debt, he can direct you to an appropriate bank or mortgage company to "pre-qualify" for a home mortgage. Armed with this information, you'll know just what price range of homes you should consider in your search. You're in the best possible position to look for homes. Now that you know the price range you can afford, you'll be prepared to have your agent make "an offer" when you find that perfect new place to live. Selecting PropertyThis is an exciting time when emotions run high. Using all resources available, your real estate professional should assemble information on properties suitable to your needs and arrange a showing on all that are of interest. Objective information about each property should be assembled for your review. Your agent can also provide local community information on utilities, zoning and schools, for example. When you're ready to make the final selection of the right property for you, consider these important points. Is the home's environment appropriate? Is the property a suitable investment? Will the home have resale value when you are ready to sell? Negotiating and InspectingYour agent's experience in this area can be vital to the success of your purchase. Price is just one of many factors. Others include financing, terms, date of possession, and inclusion or exclusion of repairs, 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. The Licensed REALTOR® can advise you which investigations are recommended or required. With a negotiated agreement in hand, it's now time to complete the evaluation of the property. This could include inspections for termites, dry rot, asbestos, lead paint, roof condition, structural condition, plumbing, septic tank and well tests, heat and air conditioning, just to name a few. Your agent can assist you in finding qualified 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 legally jeopardized by the 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 agent, title company or attorney can help you resolve issues that might cause problems at a later time. Taking PossessionWhen you've selected the property and negotiated an acceptable offer, all financing arrangements will need to be confirmed. The final step is the "closing" or "settlement". Officially, this is when you take possession of your new property. Every area of the country handles this a bit differently. Sometimes a title or escrow company handles the process. In other areas, an attorney presides. Final legal documents are signed and payment is made through your lender. The keys are YOURS! Your agent can guide you through this process, making sure everything goes as smoothly as possible.
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Send
mail to randy@randydurham.com
with questions, comments or requests for info. Copyright © 1999-2008 Randy Durham ,LLC
Licensed in TN & GA (423) 664-1900
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