The Real Estate Industry is a complex industry indeed and there are so many different factors to make a transaction work. If one party does not do their job or another does not work together with another in a timely manner then that dream of homeownership for a buyer is doomed to fail and the home seller will fail in selling their home.
The Realtor® representing the Buyer, Realtor® representing the Seller, Loan Officer. The Lender, Home Inspector, Escrow Officer, Termite Inspector, Appraiser should all be working together as a team to make the transaction run smoothly. When one party slacks the whole transaction goes haywire and it is needless stress, worry and effort to have others ‘clean it up' lest the transaction fail.
- No matter what, your Realtor® will stay on top on everyone to make sure that the contingencies in the contract are followed and that everything is submitted in a timely manner to follow all timelines in the contract. If you are uncomfortable with something, DO NOT HESITATE to bring it to the attention of your Realtor®.
- Make sure your loan officer knows each program and explains it well. Just make sure and ask questions about your loan program, your loan process and you are comfortable with the answers.
- The Home Inspector should be certified and a member of NAHI, bonded and insured and a member of your local board is a plus as well. When the home inspector starts adding things in the report that is not of his expertise (i.e. home is worth x amount less due to ....) then something is wrong.
The Escrow Company is the third neutral party taking care of all documents to be submitted and ordered (title report etc) under the timeline of the contract during the transaction as well as taking care of all monies deposited and distributed for payoffs when the transaction closes (records). - The Termite Inspector inspects the property for drywood and ground termites which run rampant in our tropical paradise. An Inspector does his job, writes the report and submits to Buyer and Seller Agents and the escrow company.
- The Appraiser inspects, measures and takes everything into account when appraising the property and it is more than just a market price. If there is an ocean view they adjust. Condition, year, sq/ft of land/interior is compared.
- Hawaii Home Buyer Yes, you too are a party in the transaction. If you even want to get into contract for that home you love....don't be a killer negotiator and insult the seller if it's priced right. You may lose that home you really love! Whatever the Realtor®, Loan Officer and Escrow ask you to do...do it quickly and in a timely manner. You have your part to play in the transaction too!
- Hawaii Home Seller. Oh, yeah, you also have your part to do too. Pricing aggressively for a slow market is surely only the first step in marketing your property. Getting all documentation in quickly that your Realtor® needs is another. Listen to the advice of your Realtor® to make your home more appealing, decluttered and presentable for showing appointments. Be flexible in your schedule. The more you show the more chance you have of getting every possible buyer in to view.
Note: VA Loans have very strict VA guidelines to follow. VA does not do the loan...they guaranty the lender that they will cover a percentage of the loan should the buyer default and therefore they have their guidelines for the lender and vet to follow. For one...no the loan officer cannot initial mistakes of a street name. They have their own VA Appraisers as well. There is no accepting non permitted rooms, retainer walls without permits. It is permitted or torn down. PERIOD.
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It is up to all of us to go above and beyond in thinking AND DOING in the best interests of our clients as well as all the professionals involved in the transaction.
This is not a game.
We are ALL holding other people's lives in our hands.
Teamwork is the formula.
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Celeste "Sally" Cheeseman is a Realtor-Associate with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocating to Hawaii, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents. Website: www.hawaiihomesmarket.com
Celeste "Sally" Cheeseman is a Realtor-Associate® and Certified Residential Specialist (CRS) with Century 21 Liberty Homes in Mililani, Hawaii. With a sharp understanding that a listening ear is the key to a client's needs she serves the island of Oahu (Honolulu County) and all Hawaii Military Relocations, Hawaii Retirees, Hawaii Job Transfers and Hawaii Residents, Home Buyers and Sellers.
© 2007-2012 Celeste "Sally" Cheeseman's Hawaii Real Estate and Relocation Blog.
All rights reserved.
Sally,
Just like a baseball roster, it takes everyone pulling together to accomplish a win...!!! Thanks, Fran
Thanks Sally. You can't always pick your team players so you just have to hope that the other agent has picked some good ones on their end. Nice post.
Fran: Now that's a fact Fran....teamwork can only produce in win...guaranteed!
Kelsey: And if they don't. I tell you...I've had to pick up some slack all around...but that's okay...it's how I sleep at night :)
Sally, Great post. Teamwork is the key to a successful transcation. It can make everyone look great and then of course there can also be times when one person throws monkey wrenches into the works at every opportunity. Just a power play in my mind. Sorry to say I have seen both and that is the resaon we earn the income we do.
Tim: Exactly...and it's obvious that all of us involved are holding the key for the transaction to move to a smooth closing :)
Sally, you are so right. It takes a team. A couple of years ago, I actually put my license on hold and did not practice real estate for a year. Reason, I couldn't take the I'll get to it attitude of the banks and attorney's offices. I said, too many hands in the pot that help lose a deal. After a year, I missed it and got back into the field, but the un-team chased me right out.
Woo Hoo, Another great comment disappeared, lol. I hit the back button and with IE you lose what you wrote. Oh Well, I simply said that was a great post for any consumer and that I recommend my Sellers to have the inspection done by a licensed contractor or engineer members of NAHI or ASHI prior to listing, giving them the extra time to get estimates and have any repairs done prior to going on the market.
Sally, I wonder if consumers realize all that's involved in a transaction. I didn't. What great information to post, it takes a true team that works together.
Sometimes I feel like a conductor leading an orchestra.
I like Rany's comment..sometimes that is exactly what I feel like!
Great guide for everyone in Hawaii to follow Sally. Sometimes I feel like one or more parties feel that they are the only ones that matter but in truth if everyone is not doing their job the deal will not happen!
Sally,
This is must-read for home buyers so they fully understand what goes into a standard real estate transaction. A timely follow-up on all the different players will assure a smooth closing.
Sally - The team analogy works so well. Including the Buyer and Seller, I count ten people on the team. Thats one more than for baseball, one less than for football. In any case, if everyone works together, it's magic; but it only takes one screwball to mess things up for everyone.
Mike: That's a FACT...it only takes one.....to mess it up...it takes ALL to work!
Esko: No kidding...it's just the standard transaction ...but imperative everyone does their part to make it work.
Paddy: And that is the point....we all have to work together to make it happen. :))
Dori: A conductor for sure...
Randy: Most of the time it seems I am doing someone's job. ...but hey....it's what we do to make it work. There's always someone....slacking.
Carole: Teamwork is key....always. :) So...when you moving here? We can add you to the team too :) :)
William: Good idea....talk a seller here into doing an inspection for 450 dollars and we'd be ahead of the game.
Ron: We are getting a lot of short sales/banks but it seems that a lot are just....slacking.....I'd rather deal with readily available homes for sale and to sell. We have escrow to work with...not attorneys.
Sally - especially in today's market is important to stay on top of things because for very small reasons a transaction can unravel. Keep that eye on the ball ...:)
Sally, as you put it all together, a succesful transaction takes many moving parts, and the Realtor is like the leader of the orchestra, seeing that everyone is playing in harmony.
Sellers sometimes forget just how important they are in the "team approach" to seeing a successful sale come to fruition. If they are active participants who do their best to present a desirable product at a competitive price, everyone wins.
Sally,
It is Team Work!! When we get to the closing table it is because everyone did their respective jobs!
Here is another great example of what is necessary for a smooth transaction: a good Realtor! Sounds like you are one of the good ones whom any buyer would be lucky to have helping them. Great post!
This has great points! You must have a system for every part of your business in order for it to run smooth.
Team: Exactly! But everyone must ALL work together too!
Mario: I believe so.... :) :)
Connie: And could only happen if there is ....
Tom: Great point...they all have to be involved...and all work together :)
Gary: Isn't that the truth? I know I tap to that drum!
Jennifer: I've got my eye on it for sure!