Buying or selling a home involves a team effort, and understanding each player's role is crucial for success. Here's a deeper dive into their responsibilities!
THE BIG THREE
Buyer
- Secure financing pre-approval to understand your budget.
- Research neighborhoods, property types, and market trends.
- Work with your agent to create a search strategy and identify potential properties.
- Attend open houses and property tours.
- Submit offers, negotiate prices and terms, and understand contingencies.
- Schedule and attend inspections, understanding their implications.
- Secure homeowner's insurance.
- Work with the lender to finalize mortgage approval.
- Review and sign closing documents.
- Attend closing and officially become a homeowner!
Seller
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Choose a listing agent and understand their marketing strategy.
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Price your home competitively based on market conditions and appraisals.
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Prepare your home for listing with decluttering, staging (optional), and necessary repairs.
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Complete seller disclosures about the property's condition and history.
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Review and sign listing agreements.
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Host open houses and property tours.
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Respond to offers, negotiate terms, and counteroffer if needed.
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Provide requested documents and meet deadlines.
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Review and sign closing documents.
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Attend closing and transfer ownership.
REAL ESTATE AGENT
Buyer's Agent
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Guide you through the buying process, educate you on market trends, and answer your questions.
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Search for properties based on your criteria and preferences.
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Schedule property tours and provide insights into each option.
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Help you draft and negotiate offers, ensuring they are competitive and protect your interests.
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Assist with paperwork and communication with other parties.
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Advocate for you throughout the process and ensure a smooth closing.
Seller's Agent
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Develop a comprehensive marketing plan to showcase your property to potential buyers.
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List your property on local MLS and relevant online platforms.
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Host open houses and conduct property tours effectively.
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Qualify potential buyers and present offers.
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Negotiate on your behalf to get the best possible price and terms.
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Manage paperwork and keep you informed throughout the process.
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Guide you through seller disclosures and legal requirements.
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Facilitate a smooth closing experience.
THE SUPPORTING CAST
Lender
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Evaluate your financial situation and creditworthiness.
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Offer different mortgage options and explain their terms (interest rates, loan types, etc.).
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Guide you through the mortgage application process and collect the necessary documents.
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Underwrite your loan application and issue loan approval.
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Prepare closing documents and ensure all conditions are met for funding.
Appraiser
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Conduct a physical inspection of the property.
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Analyze market data and comparable properties to determine the property's fair market value.
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Provide a written appraisal report to the lender and other parties involved.
Home Inspector
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Visually inspect the property's major systems and components (roof, plumbing, electrical, etc.).
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Identify any potential problems or areas needing repair or further evaluation.
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Provide a written inspection report detailing their findings and recommendations.
Title Company
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Perform a title search to ensure the seller has clear ownership and no liens on the property.
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Issue title insurance to protect the buyer and lender from ownership claims.
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Collect and manage escrow funds for taxes, closing costs, etc.
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Facilitate the transfer of ownership from seller to buyer.
Lawyer/Escrow Agent: (Roles may vary depending on location)
- Review contracts and advise on legal implications.
- Represent your interests in negotiations and ensure legal compliance.
- Handle closing paperwork and ensure its accuracy.
- Oversee the disbursement of funds and title transfer.
