If it is not in writing, then it does not exist. Sad state of affairs, however those preceeding words are extremely important if you want to have any “survive-ability” in the world of Real Estate.
As a Buyer or Seller of Real Estate – you can protect yourselves better from the “predatory lender and realtor” by getting everything you are told and promised in writing.
When making the largest purchase of your life – there is a certain “honeymoon” period. The period where the lender and Realtor are wearing their Sunday Best. They could also have a tendency to tell you things that are a bit far from the truth in order to get your business.
The importance of a written agreement works for both sides of a real estate transaction. Every detail of the transaction should be clear, concise, and in writing, from the money to the closing date and everything in between. In fact the contract itself is a very strong reason for having a Local Santa Clarita REALTOR involved, in the buying and selling process, because not only does the REALTOR have a formula to follow, the more experience he has the more complications he has seen, and the more prepared you will be throughout the process.
- An important aspect of your contract is the sales price, but beyond that the earnest money is important as well. The higher the earnest money deposit is the more serious the buyer, which is important for both sides to keep in mind.
- Contingencies are another important part of the real estate contract, but too many contingencies might leave a seller thinking that the buyer wants to have many routes to escape the contract.
- Items that don’t pass inspection should be put in writing, as should the agreement as to what will be repaired by the seller and what the seller does not agree to fix.
- Another very important item to have in writing is a list of what items stay and what will go. Many times sellers take everything but the kitchen sink and buyers move in alarmed to discover that they did not budget for a refrigerator, or a washer and dryer.
There are so many steps to a successful real estate transaction and being prepared and educated along the way is essential. An experienced, Local Santa Clarita REALTOR can go a long way to making the process an easy one, as well as assuring that everything you need to back yourself up is in writing. Whether you are buying or selling it is extremely important to look out for your own best interests.