Closing

A Pile of Paperwork to Sign
Our closing appointment was scheduled for 2pm and we were there by 1:45. The lawyer and then our agent showed up, but there was no representive for the Seller. The lawyer explained that all the paperwork would be faxed to them and then he would take it to the Courthouse to file it with the county. There was a stack of paperwork approximately 8-10 inches high sitting in front of the lawyer when we started. Now of course there were multiple copies of most things which we had to sign so that everyone got an original copy. It was after 4pm when I looked at the clock in the car on the way home.

We stopped by the town house to grab a few things and then headed to the house. I think there were two trips made that we made grabbing things and bringing them to the house, including our 2 cats in the last trip. Of course we are staying at the house, sleeping on an areobed. The frig and stove will be delivered tomorrow so one of us has to be here.

Market Selection Available

Four Houses To See
Our outting yesterday was very productive with the open house and drive-by of one other house for sale. I ended up giving our agent a list of 4 houses for consideration, and we decided we will visit them Tuesday afternoon. The FSBO open house that we went to yesterday was an extremely nice home, but turned out to be out to be out of our chosen price range. (The price was not listed in the ad so we were not aware of this until we arrived.)

Ironically the first house we went to yesterday, was one that was on the market when I first started looking for a house back in mid June but never got around to seeing. I could really kick myself in the pants for that now because it is a nice house and has a motivated seller. (Divorce) The price for the house back in June was $126,000 and now it is priced at $123,000. One of the things I did when I first started watching the local market was to 'print' all the MLS listing that I was interested in on my computer in PDF format on my computer and file. That gives me at least a reference of what I am watching, have seen, what prices and stats are, and what they may do in the future. After seeing several houses, they can get confusing at times.

When our agent and I actually go to see the properties, I take the listing that he gives me and together we walk through the house. I list everything that both of us find that is 'wrong' and highlight everything of interest. As I mentioned before, I do the preliminary work with the agent and houses, and basically rule out the ones that don't meet our needs.

Real Estate Agents

Good or Bad?
Most people, including myself, are not very trusting of Real Estate agents. Why? Probably because they are sales persons that work on commission. But that is the system, and it really is the best system. If they don't accomplish the goal....no money. The problem with this is that we all know it leaves a big area of distrust because you know their motive, you just don't know how far they will go to achieve it. This is why I said I only deal with a licensed Realtor. That is a very specific category that you must check to be sure "your agent" fits in. It's like making sure you have a surgeon instead of a grocery butcher operate on you. A licensed Realtor has an Ethical standard that they must maintain to keep that license and without that license, their income is in jeopardy. Being educated is just part of preparation for the smart home buyer.

There are also 2 main kinds of Agents.
1) Seller's Agent - represents the Seller. Paid by Seller
2) Buyer's Agent - represents the Buyer. Paid by Seller. Yes paid by Seller normally, but check with Agent before signing to be sure. Also make sure you understand Agent's charge in FSBO situations. (For Sale By Owner)

There is a 3rd "function", that is when an Agent functions as a Dual Agent, meaning representing both parties... Seller/Buyer. You must be legally informed if the agent is functioning in this Dual Agent role, and definitely have your ears tuned to those words, because it is important.

Listing Agent is the Seller's Agent. This may seem like a common sense statement, but many may not know. So if you call the Listing Agent, ask to see the house, then deal only with this agent, you are dealing with the Seller's agent and are not likely getting your best representation. We may be a dying breed in that we don't believe in cheating a home owner, but by the same account I don't want to get taken either. A fair deal is what you are after.