You can fill in the blank with any one of a number of statements and even gripes. In today’s fast paced, information doused climate, the reality is that for many would be home buyers, the REALTOR may NOT be the one who locates your home for sale online or even in real life. And, if that was all that was required to purchase a home successfully, it would be a huge missing link.
But anyone who has bought a home within the past decade at least knows that finding the home is only the first step. And with new regulations coming fast and furious through the pipeline for financing and other related industries, finding the home may be the first SMALL step.
The fact is this, locating a suitable home does not mean that you will be able or qualified to purchase it. Nor does it guarantee that even if you qualify for the financing of the home, unexpected issues in the condition of the home or unreasonable demands/needs from the current home owners will not short circuit a successful closing.
There are also all sorts of ancillary side notes such as: the home failing to appraise for the value proposed in the purchase agreement, survey issues, title issues, insurance challenges, government regulation which may cause delays or a host of other things which fall under the general category of ‘Murphy’s Law.’
Buying a home has been said to be the largest financial transaction that most Americans will ever undertake. It is also one of the most complex.
Here are some other things your REALTOR is doing beyond simply finding you a home that you like on the Internet.
- Your REALTOR is educating you about the real estate process. What you don’t know can hurt you big time in the purchase of a home. It’s not easy to recover from a financial ‘mistake’ of this magnitude.
- Your REALTOR is constantly helping everyone in the transaction to navigate some pretty complicated situations which are exacerbated by frayed nerves, confusion in the process and issues that can cost somebody big money.
- Your REALTOR is often the Translator who helps you make sense of the unfamiliar lingo used by Lenders and others so you are informed and aware of what you need to do to create a successful outcome.
- Your REALTOR examines all the paperwork to ensure that the transaction is legally binding and enforceable. Failure to properly negotiate something as simple as a possession date can land you in the street if your landlord has already rented out your apartment.
- Your REALTOR helps you to find all sorts of people/companies who can be of assistance to you through this process. They can help you find information about the neighborhood, provide you with lists of contractors for various services, assist with arranging necessary repairs, refer you to competent specialists…
This is a very, very short list of what REALTORS do beyond finding a home on the Internet. Every deal has its own particular nuance of challenge and your transaction is probably not going to be an exception. It’s wise to choose your next REALTOR based on a number of factors and determine if simply finding a home on the Internet is really or even the most important thing you want a REALTOR to do for you.
This blog post was inspired by an interesting conversation I had with a local lender, Jonathan Izenbart about his perspective on the value of a REALTOR to the real estate transaction and how this was important in light of the myriad of regulatory changes impacting the real estate transaction. It is also included in our poopular FAQ Series