Real Estate Representation

Real Estate Agents have specialized schooling, pass an exam, complete continuing education;
and are strictly governed by The Nevada Real Estate Division.
In Nevada a Licensed Real Estate Agent may represent the Seller, the Buyer, or Both.
You should get representation that is best suited to your needs.
 There are many factors to consider in your choice.

First, do you need Seller Representation or Buyer Representation or Both?

Then you need a Licensed Real Estate Agent or a Licensed Real Estate Broker.
What is the difference?

Buyer Representation
Contents

Buyer's Agent
Researching Homes
Market Research
Area Research
Setting Appointments
Viewing Homes
Evaluating Homes
Cash and Financing Options
Closing Costs
Disclosures
Offer & Acceptance Contract
Counter Offer
Negotiating Price & Terms
Escrow Process
Seller Info
Buyer Info
Title Insurance
Financing
Appraisal
Home Inspection
Home Insurance
Home Warranty
Settlement Statement
Signing
Closing
Moving

What You Didn't Know

 

Seller Representation
Contents

Seller's Agent
Getting Started
Market Research
Setting the Price
Closing Costs
Preparing the Home
Home Warranty
Finance Officers
Networking
Advertising
Signs
Flyers
Open House
Disclosures
Offer & Acceptance Contract
Counter Offer
Negotiating Price & Terms
Escrow Process
Seller Info
Buyer Info
Title Insurance
Financing
Appraisal
Home Inspection
Settlement Statement
Signing
Closing
Moving

What You Didn't Know

 

Licensed Real Estate Agent or a Licensed Real Estate Broker
What is the difference?

Real Estate Agents must graduate from a specialized school, pass an exam and complete continuing education.
They can then work under the supervision of a Real Estate Broker.
Real Estate Brokers are Real Estate Agents that have years of experience and choose to run their own office.
Real Estate Agents and Real Estate Brokers are all governed by The Nevada Real Estate Division.
Some Agents and Brokers choose to join the local Board of Realtors.
So, beyond the minimum requirements, they choose to take an oath to adhere to The Realtor Code of Ethics.

Seller Representation AND Buyer Representation
How does that work?

There are special circumstances when a Real Estate Agent can represent both the Seller and the Buyer.
This is only possible when all parties agree and there are specific disclosures that are required by law.
If this situation arises, it is possible that there could be a conflict of interest.
You should get an in depth explanation of the details.

Buyer Representation
Details

Buyer's Agent
A Real Estate Agent is your most valuable asset in a transaction.
Real Estate today is very complicated and constantly changing.
A good Agent can make your transaction go much smoother with less complications.
You also have someone on your side to help you when there are problems.
Trying to do a real estate transaction on your own is gambling with hundreds of thousands of dollars.
Researching Homes
There are multiple websites that you can use to search for homes.
Many of these are user friendly so almost anyone can look at pictures.
Realtor.com is the most up to date and complete public site available.
Unfortunately, these sites consider a home that is on the market, contingent or pending, as available.
So, you may find a home that looks good online, but is not really available for sale.
Your Agent has access to currently available homes through the Multiple Listing Service.
The Multiple Listing Service also has many more details than the online sites.
Market Research
The current status of the Real Estate Market is very important
The Multiple Listing Service is an excellent source for comparable sales.
Before you submit an offer, you can see the sales prices & terms of other similar homes.
Area Research
Your Agent can also help you with other living aspects of the home, such as:
Areas,Neighborhoods, Schools, Churches, Community Amenities, etc.
Setting Appointments
Your Agent should be able to arrange the appointments conveniently to your schedule.
It is best to have your Agent coordinate this for you.
What you do say and don't say to the Owners is critical to your success.
Viewing Homes
Viewing a home is not just looking at a house.
There are many aspects of a home that may or may not be obvious.
The home may have hidden values or concealed problems.
Does this home fit your life?
Evaluating Homes
When you find a home that you like, you should evaluate it.
You can compare it to the other homes you have seen by quantifying the details.
A rating system can be useful as you are viewing so you remember the importance of every aspect.
Then, you can easily eliminate the ones on the bottom of your list.
That will leave you with the top of your list; so you can pick the best one for you.
Cash and Financing Options
Cash or Financing is a personal decision.
Just because you can pay cash doesn't make that the best option for you.
Taxes, interest rates, liquidity, ROI, security, are only some of the considerations.
A Loan Officer can help you with the information you need.
Closing Costs
There are many types of closing costs associated with a real estate transaction.
These costs can include, Lender, Title, Escrow, Real Estate Agents, Appraisers, Inspectors, etc.
The Escrow Officer will coordinate all of these resources.
You are entitled to disclosures of your closing costs as you go through this process.
Closing Costs can vary by thousands of dollars, depending on a multitude of factors.
Cash or Financing, Seller contributions, timing and services are just a few.
These factors should all be considered prior to submitting an offer.
Negotiating Price & Terms
Most people think this is the most important part of the transaction.
It is, but if you have done your homework so far, it is also the most rewarding part.
The art of negotiation is something that can be practiced for years to be perfected.
Price and Terms are two separate items and should be balanced.
You should decide which of these is more important to you and which is more important to the Seller.
This is the area that your Real Estate Agent can benefit you the most.
Disclosures
Nevada law requires written disclosures in every Real Estate transaction.
These safeguards are built into the system to protect everyone involved.
There are also specific deadlines for all of these disclosures.
Offer & Acceptance Contract
This is a legal binding contract and should be completed very carefully.
Everything that you understand should be written in the contract.
If there is a problem later, this contract will determine what happens.
It is also important that you start here with a strategy to get what you want.
Every real estate transaction has it's own unique set of circumstances.
You should know your strengths and weaknesses and those of the Seller.
Counter Offer
This is the best part of the negotiations.
Once you get a counter offer from the Seller; you know what they want.
Then you can accept it, reject it or counter offer back to the Seller.
The choice is yours.
Escrow Process
Once you have reached an agreement; then you can open escrow.
Escrow will be with a neutral third party that will facilitate the transaction for all parties.
The Escrow Officer will collect all the information from the Sellers, Buyers and Loan Officer.
When everyone is ready, they will sign the final papers and transfer funds.
Then the papers are recorded at the Recorder's Office and "Escrow is Closed".
Seller Info
The Seller will work directly with the Escrow Officer to get them the information they need.
Buyer Info
You will also work directly with the Escrow Officer to get them the information they need.
Title Insurance
Title Insurance is a policy issued by a Title Company that insures certain aspects of the transfer of real property.
The Seller generally pays for an Owner's Policy.
The Buyer usually pays for a Lender's Policy; if there is a loan.
Financing
You will also work directly with the Loan Officer at a Finance Company.
There are many sources of home financing and many financing programs.
Your Loan Officer can show you what loans are available.
You can decide which one is best for you.
Appraisal
Your Finance Company will order an appraisal of the property.
This appraisal will be done by a Licensed Appraiser.
The Lender will use this appraisal to determine your total loan amount.
Home Inspection
Your home inspection should be done by a Licensed Home Inspector.
This Inspector will look at all of the major components of the home.
The best result is when the Inspector finds nothing wrong with the home.
When the Inspector finds some defects, these can be handled in several ways.
These options are set out in the purchase contract.
Your Real Estate Agent can help you with this.
Home Insurance
You definitely need homeowner's insurance to go into affect at Close of Escrow.
This will insure that there is not a lapse in coverage between the Seller and you.
Home Warranty
A home warranty can protect you for problems that arise in the home after you close escrow.
Home warranty policies cover items such as heating/cooling, plumbing, electric, etc.
You can also get policies that will cover appliances and pools & spas.
There is a cost and deductibles to these policies, so you should find a good one.
Settlement Statement
The Escrow Officer will get you a copy of an estimated settlement statement.
This will include all of your credits and closing costs, loan amounts and settlement date.
This will also include the amount of funds you need to complete the transaction.
You can review this prior to signing to make sure it is correct.
Signing
When everything is settled and all the paperwork is complete; then you get to the signing.
This may be done at the Lender, Title or Escrow company or with a Mobile Notary.
When all parties have signed and delivered all funds; then the file is sent to recording.
Closing
The Close of Escrow is the instant that your file is recorded at the County Recorder's Office.
That is when the home becomes yours.
Moving
Now you can look forward to living in your new home.
What You Didn't Know
Hopefully you knew most of these brief tips.
Maybe you learned something.
Whatever you got out of this; you are better off.
Knowledge is your advantage.
Now you know how important it is to get a very good Real Estate Agent.
There are still an unlimited number of possibilities in a real estate transaction.
Your Agent can help you through all of this.

 Seller Representation
Details

Seller's Agent
A Real Estate Agent is your most valuable asset in a transaction.
Real Estate today is very complicated and constantly changing.
A good Agent can make your transaction go much smoother with less complications.
You also have someone on your side to help you when there are problems.
Trying to do a real estate transaction on your own is gambling with hundreds of thousands of dollars.
Getting Started
Why are you selling and where are you going?
You need to get mentally prepared for the biggest move of your life.
There are many aspects of your life that will change.
The more prepared you are, the easier it will be.
Market Research
The current status of the Real Estate Market is very important.
Is it a Seller's Market or a Buyer's Market?
What is the current inventory and how long is it taking to sell?
How much are homes like yours selling for?
The Multiple Listing Service is an excellent source for comparable sales.
Before you set your asking price, you can see the sales prices & terms of other similar homes.
Setting the Price
Every home will sell at the right price.
The right price is the sales price agreed upon by the Seller and the Buyer.
Setting the asking price is a balance between as high as possible and low enough to get showings.
It is also determined by the market research, comparable sales, condition of the home,
improvements, finances, closing costs, timing, etc.
Closing Costs
There are many types of closing costs associated with a real estate transaction.
These costs can include, Lender, Title, Escrow, Real Estate Agents, Appraisers, Inspectors, etc.
The Escrow Officer will coordinate all of these resources.
You are entitled to disclosures of your closing costs as you go through this process.
Closing Costs can vary by thousands of dollars, depending on a multitude of factors.
Cash or Financing, Seller contributions, timing and services are just a few.
These factors should all be considered prior to setting the price.
Preparing the Home
First, get those maintenance items done that you have been putting off.
Clean up the yard, trim the bushes, clear out the garage, etc.
Correct anything that is not up to code or zoning laws.
Fix everything that may be a safety hazard.
Consider any updates or improvements the home might need to compete.
Make it look good.
Home Warranty
A home warranty can protect you for problems that arise in the home until you close escrow.
A home warranty can protect the Buyer for problems that arise in the home after you close escrow.
Home warranty policies cover items such as heating/cooling, plumbing, electric, etc.
You can also get policies that will cover appliances and pools & spas.
There is a cost and deductibles to these policies, so you should find a good one.
Finance Officers
Finance Officers can be very helpful with current financing options and interest rates.
They can check your prospective Buyers to see if they qualify for a loan.
They may have some marketing programs.
Networking
Who do you know?
Tell everyone that your home is for sale.
Pass out flyers and your Agent's business cards.
Have a neighborhood BBQ or anything you can think of to show off your home.
You never know who might know someone that is interested.
Advertising

Signs

Flyers

Open House

Disclosures
Nevada law requires written disclosures in every Real Estate transaction.
These safeguards are built into the system to protect everyone involved.
There are also specific deadlines for all of these disclosures.
Offer & Acceptance Contract

Counter Offer

Negotiating Price & Terms

Escrow Process
Once you have reached an agreement; then you can open escrow.
Escrow will be with a neutral third party that will facilitate the transaction for all parties.
The Escrow Officer will collect all the information from the Sellers, Buyers and Loan Officer.
When everyone is ready, they will sign the final papers and transfer funds.
Then the papers are recorded at the Recorder's Office and "Escrow is Closed".
Seller Info
You will work directly with the Escrow Officer to get them the information they need.
Buyer Info
The Buyer will work directly with the Escrow Officer to get them the information they need.
Title Insurance
Title Insurance is a policy issued by a Title Company that insures certain aspects of the transfer of real property.
The Seller generally pays for an Owner's Policy.
The Buyer usually pays for a Lender's Policy; if there is a loan.
Financing
There may be specific requirements for you; depending on the Buyer's type of financing.
Conventional, FHA & VA all have different restrictions.
Appraisal
If the Buyer is getting a loan, the Finance Company will order an appraisal of the property.
This appraisal will be done by a Licensed Appraiser.
The Lender will use this appraisal to determine the Buyer's total loan amount.
The appraisal my contain conditions that need to be remedied before close of escrow.
Home Inspection
The Buyer may order a home inspection.
This will be routine, if you have maintained and prepared your home correctly.
If the Inspector finds anything that needs repair, the Buyer may ask you to fix it.
Any request like this can be negotiated until the Seller and the Buyer agree.
Settlement Statement
The Escrow Officer will get you a copy of an estimated settlement statement.
This will include all of your credits and closing costs, loan amounts and settlement date.
This will also include the amount of funds you will receive from the transaction.
You can review this prior to signing to make sure it is correct.
Signing
When everything is settled and all the paperwork is complete; then you get to the signing.
This may be done at the Lender, Title or Escrow company or with a Mobile Notary.
When all parties have signed and delivered all funds; then the file is sent to recording.
Closing
The Close of Escrow is the instant that your file is recorded at the County Recorder's Office.
That is when the home becomes the Buyers.
Moving

What You Didn't Know
Hopefully you knew most of these brief tips.
Maybe you learned something.
Whatever you got out of this; you are better off.
Knowledge is your advantage.
Now you know how important it is to get a very good Real Estate Agent.
There are still an unlimited number of possibilities in a real estate transaction.
Your Agent can help you through all of this.

DISCLAIMER
This information is an overview of representation in Nevada.
Everyone's situation is unique and there are variables to every transaction.
The Most Important Factor for You is that You Get Great Representation.

 

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