Home Sellers Guide

Why you need a REALTOR®

1. They have loads of expertise
Real estate has its own language, full of acronyms and semi-arcane jargon, and your Realtor is trained to speak that language fluently. Plus, buying or selling a home usually requires dozens of forms, reports, disclosures, and other technical documents. Realtors have the expertise to help you prepare a killer deal—while avoiding delays or costly mistakes.

2. They have turbocharged searching power
Realtors have access to more listings than you can find on your own. Sometimes properties are available but not actively advertised. A Realtor can help you find those hidden gems.

Plus, a good local Realtor is going to know the search area way better than you ever could. Your Realtor is equipped to know the ins and outs of every neighborhood, so they can direct you toward a home in your price range that you may have overlooked.

3. They have bullish negotiating chops
Any time you buy or sell a home, you’re going to encounter negotiations and as today’s housing market heats up, those negotiations are more likely than ever to get a little heated. You can expect lots of competition, cutthroat tactics, allcash offers, and bidding wars. A Realtor will help draw up a purchase agreement that allows enough time for inspections, contingencies, and whatever is crucial to your particular needs.

4. They’re connected to everyone
Realtors make it their mission to know just about everyone who can possibly help in the process of buying or selling a home. Mortgage brokers, real estate attorneys, home inspectors, home stagers, interior designers-and they’re all in your Realtor’s network. Use them.

5. They adhere to a strict code of ethics
Not every real estate agent is a Realtor, who is a licensed real estate salesperson who belongs to the National Association of Realtors®, the largest trade group in the country. Realtors are held to a higher ethical standard than licensed agents and must adhere to a Code of Ethics.

6. They’re your stage parent/data analyst/therapist – all rolled into one
The thing about Realtors: They wear a lot of different hats. Sure, they’re salespeople, but they actually do a whole heck of a lot to earn their commission. They’re constantly driving around, checking out listings for you. They spend their own money on marketing your home (if you’re selling) and they’re researching companies to make sure you’re getting the best deal.

Source: Realtor.com | By Rachel Stults

What is TITLE INSURANCE?

Title insurance is different from other forms of insurance because it insures against events that occurred before the title policy is issued, as opposed to insuring against events in the future, as health, property and life insurance do. Title insurance is in essence loss prevention insurance.

When purchasing real estate, it is of utmost importance that you receive clear title to the property. In order to do so, you must first be informed of any existing rights or claims that may be asserted against the property, then any of those rights or claims that are unacceptable to you must be resolved or extinguished prior to your purchase of the property.

In Texas, many property records go back to grants from the 1880s, hence it is important that the full history of the property is thoroughly researched and presented to you.

What is a Title COMMITMENT

Schedule A

This is where you will find the who, what, where and how much information. The most important information here will be the name of the person who holds the existing title, the legal description of the land and the name of the proposed insured (buyer), the sales price and the name of the lender. All parties and the title company should make sure all of the information is accurate when it is compared to the sales contract.

Schedule B

This is the section of the title commitment that addresses where other parties have any interest or control of the use of the property. Examples of this are utility easements and building setbacks. A utility easement is a common item to find here. This would be a part of the land that a utility company has the right to use. A setback prevents the owner from building a certain distance from a property line. Schedule B is also the section in which exceptions will be noted. Exceptions in this case are anything that will not be covered by title insurance.

Schedule C

This is the section in which any issues must be resolved before the buyer can close on the property. Common issues here are an existing mortgage that needs to be paid off, a marital status issue or unpaid taxes and liens on the property.

Schedule D

This final section outlines all parties who will collect any part of the insurance premium including underwriters, title agents and attorneys. It will also show the amounts being paid for the owner’s title insurance policy, the mortgagee policy amount and any endorsements.

Steps in a Real Estate Transaction

What happens in a real estate transaction from start to finish.

Seller hires a licensed real estate professional
Seller’s agent conducts a CMA (comparative market analysis) to gauge homes worth
Seller’s agent takes photos of the home, and creates a written description of the property
Agent lists home for sale on the market (MLS) and advertises the listing
Buyer’s agent presents a formal written offer stating the offered price for the purchase of the home
Seller reviews the offer with their agent, and counteroffers if necessary
When an agreement is made, the Buyer and Seller sign the official sales contract
Escrow is opened; Buyer delivers earnest money funds and contract to title company

9. Title company orders survey and HOA if required
10. Title company reviews title commitment for title defects
11. Title company issues title commitment to Buyer and Buyer’s lender
12. Loan approval received from Buyer’s lender
13. Title company receives loan closing instructions from Buyer’s lender and prepares documents and statements
14. Closing appointment is set with escrow officer at title company
15. Closing occurs
16. The transaction is funded; funds are distributed

AFTER CLOSING, THE TITLE COMPANY DOES THE FOLLOWING:

Returns or faxes required documents to lender for their approval. All lenders require this before funds are disbursed.

Receives and disburses all money from lender, including payment of all taxes, any bank charges, attorney’s fees, title company fees and any other accrued expenses in connection with the closing.

Has legal documents recorded in the office of the county clerk.

Prepares and issues title policies and sends to lender and owner.

Planning a Smooth Move

After your purchase offer has been accepted and your loan approved, it is time to plan your move. By pre-planning your move, you will find that the numerous tasks involved will go more smoothly. You will be prepared for the challenge of creating a new home for you and your family.

What’s My Home Worth?

Alden Chiu

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PHONE NUMBER

432-230-9613

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EMAIL

aldenmail@gmail.com

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ADDRESS

10222 Pecan Park Blvd #10
Austin, TX 78729