Buying or selling a house can be stressful. Sometimes the real estate gods smile down on you and a sale goes smoothly and quickly- I’ve had it happen. But today’s real estate market is competitive in many areas (while slow in others), and mortgage lending continues to be tight. Lenders have become scrutinizing beyond the point of reason, and new regulations coming into effect this summer will add yet more trip wires to the borrowing process.
This challenging environment effects both buyers and sellers. Buyers need an agent who is on the ball with writing offers and making deadlines, and who understands in detail how the lending process works. Sellers need an agent who will guide them in preparing their home for sale, push for the best possible pricing, and be thorough when reviewing all offers.
However, it’s the time between contract and settlement when a good agent most proves his or her value. There are three big hurdles once a seller and a buyer have signed an agreement of sale on a property: the inspection period, the mortgage commitment deadline, and the final approval for the loan. If you’re lucky enough to be involved in a cash sale, you’ll be spared the commitment and final approval hurdles. My first listing was a cash sale with no inspections, and it is still my easiest sale to date! But most buyers still need a mortgage to buy their home, and not everyone is a mortgage expert. The buyer’s agent should be in regular contact with their client’s lender. The seller’s agent should also keep updated on the buyer’s loan.
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When there are glitches in any part of the process, your agent should be there to advocate for you without stoking any potential conflicts between parties. A hot-headed agent can kill a deal, as can an overly passive agent. Alternatively, when both agents in a deal are committed to getting to settlement, chances are high that they will succeed.
When you are meeting with a real estate agent, ask them about their experience and client load. Experience is self-explanatory, but I mention client load because a) an agent who only does a deal or two per year may not be on the cutting edge, while b) an agent with tons of clients won’t be able to give you the attention you may need. And don’t forget that your agent will hold the confidence of your major financial information- another reason to be sure you are comfortable with who you choose.
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Have you ever wondered about a realtor versus an agent? Realtors are agents who are members of the national, state and local boards of Realtor’s Associations. In addition to state law, realtors are held accountable for their actions by the board of Realtors, who have high ethical and professional standards. I’ve generally found a big bump in agent quality among realtors, which is why I’ve personally chosen to be a Realtor.
Finally, when things get down to the wire, you could be speaking with your agent at least once a day. Be sure you’re working with someone who you won’t mind talking too that often!
There are many ways to meet a good agent: on-line, at open houses, and through word of mouth referrals. And of course, if you’re in the Philadelphia area, don’t hesitate to contact me. Good luck!
Michelle Cross Smith, Realtor®
Long and Foster Real Estate
860 Penllyn-Blue Bell Pike. Blue Bell, PA 19422
610-506-1505
