Las Vegas, NV – May 9, 2013 – (RealEstateRama) — There are many Realtors out there. Who will do the best job for you? Representing a Seller in a real estate transaction involves much more than negotiating the highest sale price. Did you know that most real estate contracts are designed to protect the rights of a Buyer, NOT the Seller? Each state uses a different real estate contract, and each contract contains numerous safeguards allowing Buyers’ the ability to exit the contract without penalty. For example, in a Nevada Real Estate Contract, unless otherwise amended, the contract is contingent upon the Buyer’s ability to qualify for financing. This means that on day 29 of a 30 day escrow, after you’ve hired a moving truck and packed up all your belongings, etc., a Buyer can cancel and back out of the agreement without penalty if their financing falls throug h. How is this fair to a Seller and who’s going to protect the Seller’s rights to minimize the chances of something like this happening?
Seller representation requires much more than simply “finding a Buyer.” In order to properly represent a Seller, you need to find the RIGHT BUYER…meaning a Buyer who’s willing to pay the highest price AND who has the strongest financing (so the deal doesn’t fall apart.) Federal laws make this a difficult task. For example, if a Buyer offers to pay CASH for your home, you have the right to request written proof of the Buyer’s cash funds, (to ensure they have enough available cash to complete the purchase) however, if the Buyer is obtaining a loan, you are limited BY LAW, to the types of questions you’re allowed to ask.
For example, it’s a RESPA violation to ask a Buyer or their lender what a Buyer’s FICO score is. Why does this matter? What if the Buyer’s loan program requires a minimum FICO score of 640 to qualify, yet the Buyer (who put a list price offer on your home) has a FICO score of only 642? Credit scores can quickly drop for a variety of reasons. Do you really want to enter into contract with a Buyer whose credit score is so low, it could drop during the course of your 30 day escrow and they no longer qualify? Do you want to have all your belongings packed in a moving truck and get a call at the last minute informing you the Buyer’s financing fell through?
There are many things that can be done to protect a Seller. You need representation by a Realtor who understands the Seller’s rights. Additionally, you need a Realtor who will thoroughly research each prospective Buyer and do everything legally to ensure you’re entering into contract under the best terms. Additionally, there are many things that can go wrong in a real estate transaction. Whomever you choose to represent you, it’s important they have the experience, knowledge and ability to proactively represent you to get the deal closed.
The Myers Team offers FULL SERVICE Real Estate for only 4.95%. (Short sale services are FREE) They have sold over 500 homes in Las Vegas. The Myers Team with The Caliber Realty Group is NOT a discount brokerage. There are NO hidden fees, NO junk fees, NO document fees, and NO tricks.
For additional info, visit www.LasVegasList4Less.com
Additionally, visit www.NevadaShortSaleInfo.com