There are many things to consider as soon as you've decided to sell your home. Other than the obvious, "How much?" there are inspections to book, appraisals to arrange, and cleanup and staging to plan. There are also Byzantine laws and regulations about the sale of your home about which you must know. Deviating from them could result in a nullified sale, fines, or worse. It pays to be prepared. To prepare yourself, it's best to discuss the impending sale with a realtor. How do you know who is the best one for the job? Listen and learn.
What Does a Realtor Do?
A realtor acts on your behalf in negotiating with lawyers, if necessary, inspectors, appraisers, banks, other financiers, and everyone else associated with a real estate transaction. Additionally, the realtor will also represent the interests of the person who is going to buy your home.
What Kind of Qualifications Must a Realtor Have?
First, a realtor must be at least 18 years of age. He or she must have completed 180 hours of classroom instruction on various topics, including:
•Real estate principles
•Law of agency
•Law of contracts
•Promulgated contracts forms
•Real estate finance
In some cases, the realtor with whom you conduct business will also be a licensed broker. If so, he or she will have at least four years' experience within the last five years as a real estate salesperson. He or she will also have completed a further 270 hours of classroom instruction in core real estate practices and a further 630 hours of "related instruction." In short, he or she will be highly qualified and will have proof of these qualifications. To be sure of finding the best possible realtor, you should look for people who have broker licenses.
What's a Mortgage Loan Originator?
When you sell your home, unless the buyer has the cash on hand, the buyer will need financing to cover the cost of buying your home. A mortgage loan originator, or MLO, is someone licensed by the State of Texas to take a mortgage application on behalf of a lender. It is allowed under Texas law for a real estate broker or salesperson to hold a license as an MLO issued by the Nationwide Mortgage Licensing System, or NMLS. You should remember, though, that the two licenses are separate, and that holding one doesn't necessarily mean the person holds the other. If you're able to find a real estate broker who also has an accompanying NMLS-issued number and an applicable MLO license, then that is the person to whom you should go because you remove the "middleman" from the equation.
Firm or Sole Proprietor?
In most cases, it's prudent to hire a real estate brokerage firm, such as the Dee Evans Group, because, most of the time, they have many more resources available than "lone wolves." You should, however, keep an open mind, and speak with multiple firms and single professionals in the same way as you would shop around for anyone or any business to provide you with products or services. Once you've made your assessment, you can make the decision on whom to hire that's best for you.
In conclusion, a realtor will be able to help you work out all the details of selling your home. Do your homework, such as checking the Better Business Bureau website or calling the National Association of Realtors, regarding your prospective realtor. Then, make a truly informed decision.