|Port Orange Real Estate & Community Event Blog. By Lisa C. Hill, "THE SMART CHOICE!"|
Unless this is your first time buying or selling real estate, you probably think you’re pretty knowledgeable on this topic. But are you? Here’s a little questionnaire on the standard steps involved on the road to almost every real estate closing.
- Who is holding the deposit?
- If a buyer can’t obtain financing, who keeps the deposit?
- When a buyer makes an offer and provides a pre-qualification letter to the seller, does it give the seller more confidence in that buyer? Should it?
- If a buyer is rejected for financing, how does a seller know for sure that the buyer can’t obtain financing? Did the buyer really exhaust every avenue, or only try one lender? And is the buyer required to try more than one lender?
- How long does a buyer have to obtain inspections and notify the seller of anything they want remedied?
- If a buyer wants the seller to repair something that was found on the inspection reports, is the seller obligated to do so? What if the seller refuses? If no agreement can be reached, who keeps the deposit?
- What happens if termite damage is found? Can the buyer walk away? What if the seller is willing to repair the damages? If the buyer walks away, who gets the deposit?
- Who is responsible for paying the title insurance?
- Who is responsible for paying the doc stamps on the deed?
- Who is responsible for paying the doc stamps on the mortgage?
- Who pays for the survey? What happens if the survey shows encroachments on the property? Can the buyer cancel the contract? Who keeps the deposit?
- Who pays for the appraisal?
- What happens if the contracted real estate does not appraise for the contractual amount? Does the buyer get their deposit back?
- What happens if there’s a cloud on the title? Do you know what a cloud on the title means?
- What happens if the seller made additions to the contracted real estate and did not pull the proper permits? Do past permits still need to be applied for and paid? If so, who is responsible for payment?
I could probably continue for several pages, but by now, you probably get the idea. For a bigger picture along these same lines, read my other post about Changes in Florida Real Estate Contracts and Laws from the Florida Association of Realtors and the Florida Bar. While there are many highly intelligent people out there who would like to buy or sell a house without the help of a Realtor®, usually in hopes of saving money on a commission, consider these questions and decide if it’s worth the risk.
And on a parting note, here are two thoughts to consider.
- A seller will try to sell real estate on their own, without the help of a Realtor® because they believe they’ll make more money if they don’t have to pay a commission.
- A buyer will try to buy real estate on their own, without the help of a Realtor® because they believe they’ll pay less than if they had purchased real estate that was not listed with a Realtor®.
Do you see the problem here? This is likely to be an emotionally charged interaction, with no objective mediator.
Plus, neither party has gone through real estate school and taken a state-level test to obtain a real estate license; nor have they gone through continuing education courses and testing, in addition to other courses that many Realtors® take so they can better represent their clients.
If you’re considering buying or selling real estate in Volusia County and would like to be represented by an educated, proficient Realtor®, I’d love to help. I cover the following Florida cities...
■ Port Orange
■ South Daytona
■ Daytona Beach
■ Daytona Beach Shores
■ Wilbur by the Sea
■ Ponce Inlet
■ Holly Hill
■ Ormond Beach
■ Ormond by the Sea
■ New Smyrna Beach
Visit my web site for further information. Buy Daytona Beach area real estate.
You may also want to read these related articles...
Florida Legalities on How Realtors Represent Their Clients.
Choosing a good real estate agent when listing your real estate.