In this fast paced world, things may have changed since your last real estate experience. To help you get up to speed, here is “The Law of Real Estate Agency.” It describes your legal rights when dealing with a real estate broker or salesperson, and how the legal duties of a real estate agent change based on who they represent; the Buyer, the Seller, neither or both!
I am a licensed Real Estate Agent with RE/MAX and have been in real estate since 2004. Before selling real estate, I worked for a property manager, as an assistant to a home inspector and as a marketing analyst to a top listing agent. This knowledge, coupled with a BA in geography from the University of Washington, is your guarantee of excellence. When you hire me, Tracy Lewis, you can be confident that you have hired a well-rounded agent with the experience to guide you through the home selling or purchasing process.
Real Estate Buying Process:
Once an offer on a property has been made by a buyer and accepted by the seller, they enter into a legal contract known as a Purchase and Sale Agreement. This document outlines the specific terms and conditions of the transaction and is acknowledged by both parties by the signing of the document.
Inspection
Once a buyer and seller reach mutual acceptance on a property, a home inspector is hired to investigate every nook and cranny to determine if the home is in need of any repairs. An inspector will check items, such as the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, and electrical. Afterwards, buyers will have a chance to negotiate with the sellers to cover the costs of certain repairs or to ask for concessions.
Negotiation
Whether you’re a buyer or a seller, negotiation is the key to getting the best deal. Negotiations can involve everything from settling on a sales price to concessions and financing. Tracy Lewis is an expert negotiator whose job it is to represent your interests during the give and take of a real estate transaction.
Financing
You may already be pre-approved, but now that you’re closer to the actual purchase price, you’ll be working more in-depth with your lender on your final loan approval. To learn more about this process, pay a visit to the Financing tab on home page.
Title Insurance
You will receive a full report detailing the property history for you and your lender to ensure there are no legal encumbrances between a new owner and the property being purchased.
Escrow
Once the offer is accepted and a closing date agreed upon, escrow allows the buyer and the seller to have an outside party ensure all parts of the contact are complete. Tracy will coordination the completion of all necessary forms to the escrow company and monitor the escrow process until the transaction is complete.
Closing
At closing, all the paperwork is signed by the buyer and seller, both parties pay any settlement fees and the documents are officially recorded. Prior to closing, you'll receive a settlement statement outlining any fees which may apply to you. After closing is finalized and recorded, the home is yours!
Real Estate Selling Process:
If you’re in the market to sell your single family house or property, it’s probably time to clean house. Selling real estate requires preparation, patience, and in most cases, good-old-fashioned elbow grease. From list to closing I will walk you through the most important steps and terminology.
The job of a full-service real estate agent is to represent your best interests through every step of the sales process. Your agent should listen to your needs and understand the market in which you are selling a home. They should be experts in marketing, negotiation, transaction forms, and finance options, as well as have an understanding of technology and how it can enhance the marketing of your home.
Price
Determining the right price is hands-down the most important part of achieving the highest return in the least amount time. There are a lot of factors that go into determining a home’s market value, such as the sales price of nearby homes that have recently sold, the listing price of similar homes that are currently on the market, as well as the condition and location of a home. In order to determine pricing, I will provide a comparable market analysis which walks you through what your home is worth – and why.
Prep Work
First impressions are key when selling a home, so before the ‘for sale’ sign goes up, put in the time to make sure it’s in ship shape. Fresh paint, clean closets, and cheery flowers – there’s a lot you can do to make even the most humble of abodes look like a million bucks. I am a professional home stager and will help you with this part of the process.
Marketing Your Home
Creating a plan to market your home will help attract the interest of the right buyer. Today, the vast majority of homebuyers use the internet in their home search, so your marketing plan should include focused online activities, in addition to print advertising..
Home Showings
Showings are an inconvenient, yet necessary part of the home selling process. When your home is on the market it has the potential to be shown at any time, so it's important to maintain a certain level of cleanliness; clear dishes from the sink, make beds, put away dirty laundry, and vacuum and dust regularly. It's also a good idea to clear out; it makes buyers uncomfortable to tour a home when the owners are in the next room, so for the sake of your sale, vacate your home for showings.
Purchase And Sale Agreement
Once an offer on a property has been made by a buyer and accepted by the seller, they enter into a legal contract known as a Purchase and Sale Agreement. This document outlines the specific terms and conditions of the transaction and is acknowledged by both parties by the signing of the document.
Inspection
Once a buyer and seller reach mutual acceptance on a property, a home inspector is hired to investigate every nook and cranny to determine if the home is in need of any repairs. An inspector will check items, such as the roof, basement, heating system, water heater, air-conditioning system, structure, plumbing, and electrical. Afterwards, buyers will have a chance to negotiate with the sellers to cover the costs of certain repairs or to ask for concessions.
Negotiation
Whether you’re a buyer or a seller, negotiation is the key to getting the best deal. Negotiations can involve everything from settling on a sales price to concessions and financing. I am an expert negotiator whose job it is to represent your interests during the give and take of a real estate transaction.
Escrow
Once the offer is accepted and a closing date agreed upon, escrow allows the buyer and the seller to have an outside party ensure all parts of the contact are complete. I will coordinate the completion of all necessary forms to the escrow company and monitor the escrow process until the transaction is complete.
Closing
At closing, all the paperwork is signed by the buyer and seller, both parties pay any settlement fees and the documents are officially recorded. Prior to closing, you'll receive a settlement statement outlining any fees which may apply to you.