Do you REALLY need a REALTOR®?

So, you're thinking about selling your property. The real estate market in our area has gotten considerably better in the last few months. Lots of buyers are now out looking and you think you might like to try to sell the property yourself. After all, how hard can it be - really?

The answer is more complicated than you could ever dream. When some of us "old-time" REALTORS® got into this business, the purchase contract was one letter-sized piece of paper that basically said "We will buy your house for $xxxxx price" with some other details. Today, a REALTOR® will prepare and review a 5 to 8 page contract with a buyer, which covers all aspects of the transaction. They will also review pages of disclosures required by law.

Do you really want to try this yourself? Test your knowledge of real estate by answering the following:
How much earnest money ("good faith") deposit is required to buy a house? What happens to this deposit if the buyer changes their mind or cannot get their loan?

How long does the buyer have to get their loan? What happens if they cannot get a loan?

Who is responsible for the termite inspection and who pays for the repairs?

Who pays for the title insurance and escrow fees? What happens if there is a cloud on the title?

Is a well test required? Is a septic inspection required? Who pays for these?

Who pays for the home inspection? The appraisal? The home warranty?

Do you have to disclose to the buyer whether or not the home has lead based paint? What is one way to tell if your home has lead based paint? Is it dangerous?

What are the other environmental hazards you are required to disclose to a buyer?

What is an earthquake disclosure and when is it required?

What is a Zone Disclosure Report and when is it required? Where can you get one?

Who pays to have the home brought up to current energy efficiency standards?

When is a bond disclosure required? Who issues this?

What is a Transfer Disclosure statement and when is it required?

How much is the county transfer tax and who pays it?

Had enough????

Now you have a beginning idea of just how knowledgeable your REALTOR® has to be! These are just a VERY few of the many, many items your REALTOR® will help you with when you are ready to sell (or buy) a home. And we have yet to even touch on the vast expanse of knowledge your REALTOR® has on marketing and advertising, pricing strategies, financing options, Multiple Listing Services, Internet access and marketing, showing instructions and tips, negotiation techniques, inspection coordination services, understanding the escrow process, the importance of the preliminary title report, area schools, bonds and assessments and much more!

A REALTOR® is a member of the National Association of REALTORS®, a trade association of real estate agents agreeing to abide by and uphold a very high standard of ethics and professional practice. Not all real estate agents are REALTORS®. Only members of the National Association who are in good standing can use the term REALTOR®.

The National Association of REALTORS® has a Code of Ethics which covers over 70 points of conduct, from the professional treatment of buyers and sellers, to disclosures, to cooperation with other agents.

A good REALTOR® will not only get your property sold, but will guide you through what has become one of the most complicated processes of our society. The coordination of escrow and closing, loan applications, appraisals, inspections and disclosures take skill, training and in-depth knowledge that the general public does not usually have. You may buy five or six homes in your entire life. A good REALTOR® has 10 or 12 homes sold in their first year of learning the business! They know what it takes to get your escrow closed correctly. They also have a professional Broker they work for (if they are not themselves a Broker) who is even more experienced and more highly trained who can identify any pitfalls before they become a problem. An experienced REALTOR® will steer you though this process with the most benefit to you and the least amount of inconvenience.

A real estate transaction is usually one of the biggest financial investments you will make in your life. You owe it to yourself to get the best professional help you can get to plan for your and your family's financial future. As the old saying goes, good advice and service by a respected REALTOR® doesn't cost - it pays!!