REAL ESTATE 101: THE PROPERTY SELECTION PROCESS

How do I Select an Agent?

• Be sure they are a REALTOR®
• Be sure they belong to the local Multiple Listing Service (MLS)
• Be sure they are a good fit for you
  • Familiar with Affordable Housing Programs
  • Experience with First Time Buyers
  • Personality
  • Understanding your needs
• Flexibility in Showing Appointments
• Ask questions – Don’t be shy
   

Working With Real Estate Agents
*To watch a video on this topic, Click Here.

• Seller’s Agents
• Buyer’s Agents
• Dual Agents
• Seller’s Agents Working with Buyer
• Facts On Agency

Seller’s Agents

• Listing agents of properties for sale
• Have a legal and ethical responsibility to seller
• Promote seller’s interests

Buyer’s Agents

• Work with buyers to find the right property
• Have a legal and ethical responsibility to buyer
• Find suitable real estate
• Arrange financing
• Learn more about the property and provide advice and direction
• Promote buyer’s best interests

Dual Agents

• Represent both parties in a transaction
• Must have written permission from both parties
• Basically serves as a mediator

Seller’s Agent Working with Buyer

• Acts in best interest for the seller
• Can help buyers find and purchase properties
• Must be fair and provide material facts about properties
• Do NOT disclose anything you do not want the seller to know

Facts On Agency

• Model Homes – Seller’s Agent
• Open Houses – Seller’s Agent or Dual Agent
• ALL agency agreements should be in writing
• Buyer’s Agents may be Paid by Seller

Go Shopping

• Expect your REALTOR® to shop for you
• Search Online – Click Here
• Drive around your desired neighborhoods
• Read Publications
• Call your REALTOR® when you find something you like

Items Needed to Make an Offer

• Earnest Money Deposit
• Pre-Qualification Letter from Reputable Lender
• Money for Appraisal and Credit Report
• Funds for Closing (or known source available)
• The Right Home!!

Under Contract – Now What?

• 30-45 Days to Closing
• Good REALTORS® will guide you through the process
• Finalize Loan Application and Provide Info to Lender
• Order Inspections
  • Home Inspection
  • Termite Inspection
  • Well Water Test (if applicable)
  • Septic Evaluation (If applicable)
• Negotiate Repairs
• Re-inspect After Repairs are Made
• Wait for Loan Approval
• Transfer Utilities on Possession Date

Closing Day

• Perform walk-through with your REALTOR®
• Review Settlement Statement with your REALTOR®
• Provide certified/cashier’s check for closing funds
• Bring valid photo ID to closing
• Attorney’s office will coordinate closing
• Keys are given to buyers after deed is recorded at courthouse (unless otherwise negotiated)
• Start packing the truck!

Non-Profit Developers

• AMEZ Development
• Cape Fear Community Development Corp.
• Wilmington Housing Authority
• Habitat for Humanity

In Closing

• Real Estate, if purchased well, continues to be the single best investment one can make
• General Questions
• Personal Consulting
   

*Provided by the Partners for Affordable Homeownership (PAH) Committee of the Wilmington Regional Association of REALTORS®