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WHAT'S THE DIFFERENCE BETWEEN A LISTING AGENT AND A BUYER'S
AGENT?
The Listing Agent represents the Seller's best interest and is responsible for creating the activity necessary
to obtain the best price, in the shortest period of time, with the least inconvenience to the Seller. The Buyer's Agent (also
referred to as a Selling Agent) represents the Buyer's best interests and is responsible for making the Buyer aware of all
listed properties that meet their criteria, they get their Buyer pre-approved for financing, and educate them on value. All
agents other than the Listing Agent represent the Buyer.
SHOULD I WORK WITH MORE THAN ONE BUYER'S AGENT?
No,
in our area all real estate professionals are members of the multiple listing association, and all have access to the same
properties for sale. Commit to one agent and expect superior dedicated service.
WHAT IS THE NWMLS?
The
Northwest Multiple Listing Service is an association to which property listings are submitted. Almost all real estate companies
belong and share their listings. This is the main database to obtain the information, and all members have equal opportunity
to sell the properties listed.
WHAT IS A COMPARATIVE MARKET ANALYSIS?
A Comparative Market Analysis
(CMA) is performed by a Realtor and estimates the market value of a home. We look at similar homes, in similar neighborhoods,
with similar features, that are currently for sale and have recently sold, to determine the market value of the property.
This differs from an appraisal as we can also look at homes that are currently for sale and take in to consideration current
market conditions.
WHAT IS EARNEST MONEY?
Earnest money is a good faith deposit a Buyer makes when they
make an offer to purchase a home. The earnest money is usually applied to the down payment and/or closing costs of the Buyer.
If the Buyer does break the terms of the contract the earnest money can be lost to the Seller.
WHAT IS THE
FORM 17?
The Real Property Transfer Disclosure Statement (Form 17) is required in the state of Washington and is used
in transfers of residential real property; including multi-family dwellings up to four units, new construction and condominiums.
Its purpose is to disclose to the Buyer the current condition and any known defects. It is advised that the Buyer also obtain
and pay for the services of a qualified specialist to inspect the property on their behalf.
DO I NEED TO HAVE
THE HOME I BUY TO BE INSPECTED?
Yes. Even if the home appears to be in perfect condition, it is recommended that the
Buyer hire an inspector to evaluate the condition of the property. The inspector will thoroughly examine the property and
issue a detailed report. We provide a list of suggested inspectors to our clients.
WHAT IS AN APPRAISAL?
An
appraisal is performed by the bank or lenders appraiser to verify the value of the property. The appraiser will look at other
recent sales in the area to determine value. It is primarily done to assure the lender that they are not loaning too much
money compared to the value of the property.
WHAT IS TITLE?
Before a home sale can be completed a title
search must be done. The most accurate description of title is a bundle of rights in real property. A title search is a means
to sell it, and that the buyer is getting all the rights to the property (title) that he or she is paying for. The title company
is insuring there are no recorded leins against the property that will affect the
marketability of the title.
WHAT
IS ESCROW?
Escrow is the independent, impartial party who prepares and records closing documents according to the terms
of the Purchase and Sale Agreement. The escrow company obtains all necessary documentation to clear title to the real estate,
and collects all required funds from the appropriate parties.
WHAT IS CLOSING?
Closing is the point
in time when the title is transferred and recorded with the County. It is also when the Seller is paid. It may or may not
be the date the Buyer takes possession. Closing and possession are often different.
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