Jim Valentine on Real Estate
As you work your way through a real estate transaction you will realize that there is a lot that happens along the way. Each component of the transaction has its own merits and reason for being.
Most are self-evident as to why they are required, i.e., you need an appraisal if you are getting a loan. Others aren’t so apparent, i.e., why is the appraiser asking about seller contributions?
Your agent can help you understand why things are going the way they are but understand that you don’t need to learn how to be an agent to get a home bought or sold. It’s kind of like going to the doctor and having things explained to you.
You get briefed so you understand the need and the how, but you don’t need to know how to do it. Your agent isn’t your real estate tutor, they are your facilitator. They make things happen for you.
In this day and age of easy access information one can learn just about anything online. In real estate it is important that you understand that laws change from state to state, and the circumstances of each transaction can change how the process will go in that case.
Sometimes you will find differences between towns and counties, or, more common yet, practices affected by whether or not there is a homeowners association that will restrict you in what you are doing.
There are numerous variables between properties, communities, neighborhoods, etc., that dictate how things should be done. Too often people considering, or engaged in, a transaction get advice, both solicited and unsolicited, from co-workers, friends, family, etc. that has no application in your circumstances.
Talk to your agent and run their input by him. Maybe a friend’s cousin raffled their home off in another state and they are suggesting that you try it. The problem is that raffles of that nature are illegal in Nevada. Your agent can keep you out of that kind of trouble.
You may have experienced things about your property that you wonder if they should be disclosed to a potential buyer. Our philosophy is, “When in doubt, disclose!” They may not be a big item to you since you know about them and live with them, but the next person may have a different opinion about them.
Of course, the opposite can also occur, you do not like it, and they do. Disclose up front. If you lose a buyer from a disclosure item realize that you never had them anyway and just saved yourself from a potential lawsuit.
If they find out later about an objectionable item, you well could be challenged for not disclosing it. If they are informed and close the escrow anyway, their recourse is limited.
Be clear that your transaction is unique unto itself. Your timing, wants, needs, abilities are yours and you are charged with making them work in conjunction with another party all centered around a specific property sporting its own amenities and benefits for you to either buy, or sell, whichever end of the transaction you are on in this case.
Transactions may seem similar, but each has its own nuances that must be assessed and adapted to by the agents, and other supporting cast, that are there to help you effect a successful close of escrow.
Work with what you have and know. You can listen to the input of others, thank them for sharing, and see if it has any application in your circumstances. Maintain your own perspective.
Understand, you aren’t going to find a roadmap for your closing on the Internet. There are just too many variables in a transaction to have them all be the same. Be aware, be flexible, be alert, and pay attention. You need to participate in driving the proverbial bus rather than just riding along.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, License No. BS-03481, RE/MAX Gold Carson Valley 775-781-3704. dpwtigers@hotmail.com.