President's Column: A REALTOR® Helps to Ensure a Smooth Sale
Jeff Russell, 2009 President, Lorain County Association of REALTORS®
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| Jeff Russell
2009 LoCAR President |
November 1, 2009 --
Selling and purchasing a home today is an involved process. Getting a signed contract is a great accomplishment, but that's only half the journey. The typical real estate transaction today involves more than 20 steps after the purchase agreement is accepted.
Much of what needs to be done before the closing is the responsibility of the buyer, the seller, appraisers, loan processors, attorneys, and home inspectors – an important role a REALTOR® plays is to coordinate those responsibilities, helping to ensure that others do their jobs promptly and correctly and that the closing is on track.
When things go wrong, the closing date can easily fall behind. The following is a list of possible problems that could delay a closing:
- Buyer’s information is incorrect on the mortgage application.
- Down payment requirements change.
- Mortgage lender or title company fails to notify parties about missing documents.
- Buyer or seller leaves town without signing all necessary papers.
- During the home inspection defects are discovered in the property.
- Liens are discovered on the property by the title company.
- Property title has inaccurate information.
- Move-out date changes.
- Lender approve the mortgage.
- Lender changes the mortgage terms.
- Lender requires last minute reappraisal or repairs.
- Property value doesn’t cover mortgage amount.
REALTORS® receive extensive training in legal, financing and the transaction process. REALTORS® can anticipate difficulties and address them in time to ensure a smooth climb up Mount Everest to your new home.
The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries. Lorain County Association of Realtors® (Website | Profile) is one of more than 1,400 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®.
The Lorain County Association of REALTORS® offers a website – www.MyNewCommunity.net - that provides a complete listing of REALTOR® real estate brokerages in Lorain County, contact information for REALTOR® members, and industry associates.
If you are a first time homebuyer or a repeat buyer consider www.MyNewCommunity.net or www.LoCAR.org as a good source for Lorain County REALTOR® information.
