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The Home Buying Process
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The Role of the REALTOR®
By Alan L. Donald, REALTORKeller Williams Realty
Presentation to Charleston Area CDCNovember 13, 2008
The Home Buying Process
People Involved – To Contract
Lender Loan officer Grants officer
Realtor (s) Listing agent (represents Sellers) Selling agent (represents Buyers)
Seller (s) (Builder) Buyer (s)
People Involved Contract-to-Closing Lender
Underwriter (s) Processor (s)
Inspectors Home Inspector Termite (pest) Inspector Surveyor Mold, Radon, etc.
HOA Administration
People Involved Contract-to-Closing Repair Services
Electrical Plumbing Painting Other
Insurance Broker Attorney
Paralegal
Real Estate Law in SC
Agent must be LICENCED Agent MUST represent one of the parties Any contract/agreement MUST BE IN
WRITING to be enforceable
Level of Service
Fiduciary (Consultant)
• Advises and Consults• Educates and Guides• Involved in Decision Process• Uses Judgment and Experience• Irreplaceable• Highly Compensated
Functionary (Agent)
• Delivers Information• Tells and Sells• Stays out of Process• Follows the Rules and Procedures• Replaceable• Minimally Paid
REALTOR vs. AGENT
Who Represents Whom?
Hiring a BUYER’S AGENT
Represents YOUR interests as buyer Normally NO COST to you Protects Guides Provides Advice Need a CONTRACT SIGNED
The Process
1. Get pre-approved with a lender (plus CDC) – provide all documents
2. Define needs/wants/limitations3. Search, short-list, select4. Make an offer5. Negotiate – RATIFY CONTRACT
The Process
6. BUYER’S DUE DILIGENCE Inspections – REPAIR LIST Survey – Elevation - Flood Zone Title Search HOA Insurance Binder
7. Negotiate Repair List
The Process
8. Schedule CLOSING with attorney9. Confirm Lender’s loan package, grant $
and insurance binder arrived10. Get Cashier’s Check for Closing Costs
& Downpayment11. Bring picture ID’s & $$ to closing
The Process
CLOSE TRANSACTION & Get Keys Change LOCKS Utilities in your name Primary Residence EXEMPTION Change of Address
QUESTIONS?
Alan Donald, REALTORCell. 843-864-3777
Voice: [email protected]
www.BuyHomesInCharleston.com
