What is the most important part of a transaction for the principals?
What is the most important part of a transaction if you are the buyer or the seller? What is it that you think is the most important point if you are a buyer or a seller?
To most of the buyers and sellers, if you asked or surveyed them, the answer would be The Price. The most important part of a transaction buyers and sellers think it is the Price that they agree to. The reality although it is important it is not the most important part. As Realtors we know it is the terms: Length of Escrow Period, Length of investigation period, Proof of Funds and the information in the Preliminary Title Report.
Is the Length of the Escrow period Realistic? If it is an all cash transaction the length should be somewhere between 10 -21 days for investigation depending if it is a vacant lot or a move in ready Single Family Residence. Now if there is a loan it should be somewhere between 21 -45 days depending the credit worthiness of the buyer.
Have we received proof of funds that the buyer really has the money to purchase the property? If it is a loan do we have Preapproval based on the credit worthiness of the buyer?
Then the final and equally important part is The Preliminary Title Report. Here at the minimum the buyer needs to check the Vesting. To make sure that the person who is on title is actually the person selling the property. Not having all signatures at the close of escrow could become a nightmare and create costly delays.
The buyer should also review any Liens. Again undisclosed or just discovered liens can cause more delays and that could be not only stressful but costly too.
Anyway the point of my post is that the most important part of a transaction is not always the price, rather it is a combination of all the above points. These are some of the points why the value of a trusted advisor is critical. Hence my advice is making sure that you use the services of a seasoned Realtor in your purchase and sale of your home!
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 or emails me at firstname.lastname@example.org or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.