Here's how I rank the power in a real estate transaction after closing over 1500+ transactions. I feel there are still many players in the transaction that do not understand their role and their amount of power. Some days I get frustrated and some days I just laugh. It usually all works out, but there is way more drama and work than needed in more instances.
1. Banks - we all know that the bank still has the most power, particularly for distressed properties and properties where the buyer is getting a loan.
2. Buyers - buyers do have alot of power now and many sellers do not understand this, particularly cash buyers.
3. Listing agent - this is alot of the power in negotiation. The listing agent has to be strong and knowledgeable and experienced. Thhis agent is the parent and other parties in the transactions are the children.
4. Escrow officer - This person is the straw that stirs the drink. Having a good escrow officer is crucial to an easy flow transaction.
5. Buyer's agent - This person is the parent to the buyer. The buyer's agent needs to work well together with all parties.
6. Seller - Needs to get information as needed quickly and completely. Needs to keep house nice.
7. Buyer - Be proactive and proceed as directed for a quick and easy close.
Other players such as home inspectors, title reps, etc. can put a glitch in the process.