While meeting with a buyer last week - he said; don't worry this isn't my first home purchase. I bought a home 10 years ago and understand the process.
Well I have been in selling real estate for 10 years too and I can tell you - it is not the same as it was then. Sure some of the basics are the same; and actually multiple offers and escalations are common once again; but it's the way we do business that has changed.
Lending - has most certainly changed. Ten years ago my dog could have been approved for a mortgage if she could have signed her name. Now borrowers have to have decent credit and some money for down-payment - and usually a job. It is not as hard to get a loan as some people think; but requires loads of documentation. Every lender is going to ask for "just 1 more document" - right up until closing.
Contracts - we keep lawyers in DC in business by ever tweaking and changing our contracts. Homes are sold "as-is" unless otherwise noted; some contingencies have different expiration conditions - you need a professional current with the forms to guide you properly.
Technology - is perhaps the biggest change we have seen in 10 years. I recall when we changed the font size of the contracts because when you faxed a contract back and forth several times you couldn't read a darn thing. Now we don't even use paper. Our contracts are on-line. You can sign from your iPad or smart-phone or even your computer. The contracts are sent to lenders and title attorneys electronically and we even store contracts and forms not on paper - but in the cloud.
So remember; just because you bought a house before - should not stop you from meeting with your Real Estate professional to discuss the process and the current ins and outs of the market.
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