Which Real Estate Professionals Do I Need On My Team?

Do you need real estate professionals?

In life the winners are usually the ones with the best team. Now you're the captain and its your choice as to who is going to be on your team.

Since you are a "For Sale By Owner", you can do everything yourself. You can make an educated guess on the value of your property, market it on your own, do background checks on your buyer, close the deal at your kitchen table and file the documents yourself... but the money you could potentially lose could be much more than the money you will spend for these services.

Your real estate professional choices are: appraiser, realtor, attorney, title company, and For Sale By Owner Advisory.

Outlined below you will find a summary of the services they offer and then you can decide if you need them for your situation.

Appraiser

An appraisal is a 3rd party verification of your asking price. Your goal is to get the highest appraisal possible.

Whoever is requesting the appraisal plays a role in what the valuation tends to be. If the report is a preliminary attempt to determine the highest market value and its going to you, the seller, it will most likely be higher than if it were going to the bank after being requested by the buyer.

If the seller is requesting the appraisal because they are considering a sale or refinance then the report will be more optimistic. If a buyer requests the appraisal because of a pending sale the report may be on the low side.

Remember in appraising there is a range of value depending on what it is needed for. Thus we recommend the seller get an appraisal at the onset of putting the property on the market.

12 Ways To Get The Most Out Of Your Appraisal

Realtor

But, if you are comfortable using a realtor they can do both for you. They have the expertise to provide you with CMA's (comparative market analysis) and list your property on the Multiple Listing Service.

Attorney

You should interview them before you need them. You want to make sure they are accessible.

The easiest way is to make a phone call. Some will not have the time to return your call and others will be happy to talk for a couple of minutes.

Make sure they are a real estate attorney.

If you are using seller financing make sure they have experience with these transactions and in creating private mortgages.

Not only do the attorney's look over all documents and make sure your i's are dotted and t's are crossed but they also provide closing services and loan servicing too.

If they handle all this at an affordable fee then they are worth the cost.

At the very least, if you are using seller financing have a real estate attorney look over your documents prior to signing.

Title Company

They do not provide legal advice but they do everything there is to do when it comes to finalizing a deal.

*Escrow

*Holding money for earnest money deposit

*Make sure numbers balance

*Title search

*notarizations

*file documents with county records

*issue HUD settlement statements

*Truth in Lending Disclosures(both of the previous are required by law)

*Title Insurance

*Loan servicing -if you use seller financing, they can send out billing statements. -collect payments -take care of late penalties -record keeping

Learn More About Title Company Services

For Sale By Owner Advisory

Our coaching consists of personal phone calls and e-mails to support your development of a mortgage from start to finish.

We can also provide you with the forms.

Coaching service is a one time fee of $149.

After you develop a mortgage/note, you can either carry that note and benefit from the cash flow or you can decide to sell it at anytime. Just let us know. We will buy that note from you if you decide you want your cash.

Contact us if you want to sign up for coaching or wish to sell an existing note.

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