Understanding Your Real Estate Agent's Role

When you are considering buying or selling a home, most likely you think of hiring a real estate agent.

Trying to employ a professional real estate agent is one of the toughest decisions. To start with, you need to understand what the agent will do for you. But, depending on whether you are a buyer or a seller, the agent's responsibilities to you will vary. The agent can do the following for the buyer client…

1. Help you determine how much house you can afford. You can, during the pre-qualifying interview, be prepared to give the agent a ballpark estimate of your income, assets and debts; the agent can determine an approximate price range. The agent can also refer you to 3 or more loan officers to qualify you and provide you with a price range.

2. Your Buyer's Agent and also the loan officer can provide you with estimated closing cost, total cash needed. This varies depending on your financial goals, available cash, & the interest rate you select.

3. Once a price range is determined, and a time frame for the purchase, the agent will provide you with properties that may fit your needs and wants and you can select the ones you prefer to view. Agent will make the appointments at times and dates that would fit your schedule and accompany you during all the showings to get a feel of your preferences.

4. The agent as well as the Buyer should check the sources of information about the community, schools, places of worship, transportation and the community in general and have the data available.

5. Once you select a home, the agent has to check out the details about this home in the public records and through the listing agent, verify the Seller's time frame, the comparables and assist you in making a strategy and coming up with a price range.

6. Armed with this information, you are now prepared to instruct your agent to prepare an offer that you believe is appropriate. This offer will be presented to Seller's agent to discuss with the Seller.

7. When you present an offer, Seller may, accept the offer, counter or reject the offer it its entirety. You hope that your offer is reasonable and will not be rejected. When offer is rejected, the buyer's options are somewhat unfavorable.

8. Once you receive a counter offer, your agent will meet with you to discuss the points of the counter offer, and its impact on you. You have two options, either accept the counter offer, or counter the counter offer if there are special conditions you cannot live with.

9. When all terms and conditions of the offer and/or counter offer are finalized and accepted; the contract, counter, earnest money deposit, are placed in escrow together with escrow instructions from your agent.

10. You may need other allied professional services thereafter. Your agent may be able to refer you to home inspectors, contractors, mortgage lenders, and title companies.

11. Your agent will follow up on all paperwork with lenders, escrow, appraisers, home inspectors and be sure you meet the time line stated in your agreement to avoid being in default.

12. Your agent will present to you Seller's Real Property Disclosure, the property survey if applicable, subdivision documents if available, and association rules and regulations if it applies, answer your questions and request verifications if needed.

13. Upon receipt of home inspection report, your agent can meet with you to go over the details, and if there are any aspects of the inspection that is of concern to you, and negotiating with the Seller to remedy the defects if any.

14. Your agent will provide you with information about home warranties and cost, and give you the option within a timely manner to make your decision.

15. When you receive the preliminary title report from the Title Company, your agent can go over it with you, and advise you of the liens and encumbrances that should be removed prior to closing.

16. Escrow will prepare a HUD statement prior to signing the final documents. This statement (also known as settlement statement) will detail the lenders fees, expenses, escrow and title charges, prorations, recording fees and the net cash needed from(usually must be in the form of cashier check) you prior to closing.

17. Your agent can check that statement for errors or omissions and communicate with escrow to make the necessary adjustments before submitting it to you for your final review and approval.

18. The Buyer's agent will also, in addition to reviewing the survey, and ensuring that, if there are encroachments, that encroachment agreements are in place, ordered and paid for by Seller; check the termite report and ascertain that there is no live termite in the structure, or structural termite damage.

19. The Buyer's agent accompanies the client to the final walk thru, to confirm that the property in the same condition and repair as when the buyer inspected the property and also inspect the repairs and or replacements done by Seller, as agreed upon between buyer and seller.

20 Buyer's agent advises the client to be sure to get from escrow the FRIPTA affidavit, which ensures that the Seller is a US citizen and not a foreigner. If a foreigner, to check with escrow that the 10% withholding of Seller's gross selling price is deducted from Seller's proceeds, are forwarded to the IRS. If this is not done, the IRS will hold the buyer responsible for the amount due.

21. Buyer to sign all final documents at escrow, and the deed and mortgage are recorded

22. The Buyer's agent gets all keys and opening devices from the Seller and delivers to the buyer.

There are so many other details that buyer's agent undertakes, the above are just the main ones.

For any questions in this regard, please contact the experts at Del Osman Realty, Inc.

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Kay F Osman has been assisting buyers realize their home buying
dreams for over 30 years. She can help you get the right home at the
right price.

To PingMe (Call me free), click here: http://4u-web.com/newposts/realping.html
Kay F Osman R, CRB, CRS, GRI, SRES Accredited Buyer’s Representative (ABR)
Del Osman Realty, Inc. Ph: (808) 523-6421 fax: (808) 523-8729
Web site: http://4u-web.com/newposts/blog.html

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Tags: Hawaii real estate

Take a look at the video of this newly listed 3 bedroom, 2 bath Hawaii home built in 1979. Live the Hawaii lifestyle. Choose to live in paradise.

A Buyer's agent represents the Buyer's best interest and owes the Buyer loyalty, fiduciary relationship, due diligence and honesty.

* A professional buyer's agent that is working for you will use the financial information you provide to structure your offer to fit your financial portfolio and comfort level.

* An expert agent may guide you as to the type(s) of loan(s) that may fit you, and get you educated about that process, options & cost.

* Your Agent will also keep track of market activities, and promptly notify you of any properties that become available and/or ones that has price reduction or new terms and conditions. Good value homes do not last long.

* Will arrange for appointments to show you the homes of your choice at the time that fits your schedule.

* When you find the right home, your agent will be ready to answer your questions, suggest offering price based on market & property conditions, seller's motivations, and comparable.

* Research the history of the home, the public records, comparable market analysis.

* Agent will submit the offer on your behalf, negotiate the best value and terms for you. Negotiation is an art and a skill & is very important.

* Provide you with list of home inspectors and professionals to select from, and is there with you throughout the whole process to answer your questions & use knowledge and expertise to point out possible problems or disadvantages of the property, if any.

Be sure to read the follow up article titled:

Congratulations.. What Happens After you Get Accepted Offer

Tags: Hawaii real estate, buying a home in Hawaii, Hawaii real estate agent

Advantages & disadvantges of Down payment

Using Leverage- Sound Strategies For Any Home Buyer

You’ve probably all seen commercials for zero-downloan programs, generally targeting people with no cash for downpayments. While 100% financing is a great way for new, qualified buyers to get into a home, move-up buyers or cash buyers are not always aware of the benefits of financing all or most of a real estate purchase for them.

Leverage is not a new concept, but for many of us, it has been ingrained that we should pay off our mortgage as quickly aspossible, and certainly put as much down as we can when buying a home. While it is true that with at least 5% down, rates will generally be lower, the bigger incentive is usually a smaller monthly payment due to the lower loan amount. Interestingly, many people opt to put money down on their home rather than paying off higher interest credit cards or auto loans, and wind up with a higher overall monthly payment than if they were to do a zero-down loan and pay off all other debt.You should think of debt like fat. Some fats are beneficial, and others are not. Its the same with debt. Unlike credit card or car loan interest, mortgage interest on a primary and secondary residence is tax deductible within certain limits*, so your tax bracket will determine your netmortgage interest rate.

If, for example, you were in a 25% tax bracket, and your mortgage interest rate were 6.00%, your net rate after the benefit of the tax deduction would be 4.5%. Thats lower than current rates on short-term CDs, and thatsnot taking the compounding of interest into consideration. By maintaining a mortgage, Uncle Sam is essentially paying a portion of your interest for you.

In fact, the higher your tax bracket, the greater the percentage of your mortgage interest the government is paying, so those with higher incomes tend to benefit even more from this tax deduction. You can in turn use this savings to build your nest egg by investing it wisely.

Regardless of your income level, speaking with a qualified financial advisor to establish a plan to achieve your financial goals would be a good idea. He or she could provide you with information about stable investments to meet yourcriteria, which in turn could help fund the things that matter most to you, such as your (early) retirement or childrens college education. And dont forget about 401-k matching funds.

If your company offers this and you arent taking advantage of it because you want to pay off your mortgage early, think again. You could essentially double your money, so that you dont have to worry about not being able to pay off your mortgage when the time comes. Invested wisely, over timethis money should earn more for you than the net amount of interest you pay on your mortgage.

If youd like to discuss your financing options, give me a call at (206) 660-0842 (available from 9am-5pm PST) or send an email to melissas@mbahomeloans.com .

Melissa Severance is a Mortgage Specialist with Mortgage Broker Associates, Inc. She is a member of the National Association of Mortgage Brokers. Mortgage Broker Associates, Inc. currently brokers for over 100 local & national wholesale lenders.
*Consult your tax professional for specific guidelines & limitations.

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Contact Kay Osman at http://osman1.com to help you research and evaluate more Hawaii properties.

 
Search Properties For Sale Worldwide

See interior photos, a photo of the view from the apartment and get the specific details on this property here. Click the link that follows to see the photos and to get more information on the 1350 Ala Moana apartment.

Important Update - This Unit Is SOLD… Contact Us For Other Similar Homes For Sale

What is Fair market value?
Fair market value is not what is fair, it is the lowest price the Seller is willing to accept and the highest price the Buyer is willing to pay, when both are well informed of the market conditions. The Seller normally sets the price, but, ultimately the Market determines the Value.

Title Search:
This is an examination of all public records to determine if there are liens, cloud or defects in the chain of title. There must be a current title search clear of any defects or liens in order for the title company to be able to provide title insurance.

Clearing unwanted liens and Encumbrances:
When you have an accepted offer to purchase a property, escrow is open, and within a week or so, you receive a preliminary title report ,you review this carefully, should the title to the property be clouded (tax lien etc) you and your agent should work with the seller and the Seller’s agent to clear the unwanted liens and encumbrances prior to taking title and closing the transaction. The title search covers only recorded liens and encumbrances.

Who can I turn to for more information regarding the title report?
Your real estate agent or your attorney will help explain the Preliminary Report to you. Your escrow officer or the title company representative can also answer your questions.

Title Insurance:
It is a one time title insurance the purchaser pays for at recordation of Buyer’s purchase. It insures against loss or damage resulting from defects or failure of title to a particular parcel of real property. The title company may have specific exclusions, and reimburse the insured for any loss he/she sustains if title is not as represented in the title insurance policy.

Life Estate:
Any estate, whether it is real or personal property, which is limited in duration to the life of its owner. It is not an estate of inheritance.

Probate:
The judicial proceedings to confirm the validity of a will. The court determines the rightful heirs, allows payment of legal claims of creditors, and appoints administrator to distribute the real and personal property according to the court decree.

OR

Kay F Osman, R, CRB, CRS, GRI, SRES Accredited Buyer's Representative (ABR) has been helping buyers realize their home buying dreams for over 15 years. She can help you get the right home at the right price every time.

Click the following link to Ping Kay (To call her free)

Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyer's Representative (ABR)
Del Osman Realty, Inc.
Ph: (808) 523-6421 fax: (808) 523-8729
Web site: http://osman1.com

Tags:Hawaii real estate information

Before you start your house hunting in earnest, the real estate professional with whom you are working likely will prequalify you to determine a price range you can afford.

According to Kay F. Osman, ®, prequalification is a necessary part of the home buying process that helps save you time and money.

Don't be shy or withhold information about your income or credit status. Your real estate professional isn't trying to pry. Rather, he or she must know all details related to your ability to obtain a mortgage, Kay F. Osman, Principal Broker of Del Osman Realty, Inc. says.

By candidly discussing your financial situation, you'll give the agent the information necessary to show you homes you can afford, Experts notes.If you don't open up, you are placing the real estate professional in the role of a tour guide, not someone who can help you find a home within your budget. You'll wind up wasting your time and that of the seller."

Once you have signed a contract to purchase a home, you must choose a lending institution or mortgage company from which to obtain your home loan. Your loan application will request financial date including your place of employment, assets, and liabilities (including recurring debts such as credit card bills and car payments).

Here are two important tips on loan qualification from Del Osman Realty, Inc…

l) Do not borrow the down payment without disclosing the loan, submit fake letters-of-credit or gift letters or make secret financial arrangements. 2) Accurately list your income and assets, all debts and the approximate amounts you owe.

You'll most likely be charged a credit report fee by the lender, which will cover the cost of having your credit history examined. Credit reporting agencies compile credit reports on consumers, including bill payment history, as well as whether you have been sued or filed for bankruptcy among other information.

Federal credit reporting laws do not give you the right to inspect the actual credit report at the reporting agency or to receive and exact duplicate of the report. But, you are entitled to a summary containing the sources of the report's information.

If your ability to obtain a mortgage is adversely affected by the credit report, you have the right to challenge its accuracy and seek correction.

The credit report is part of the information the lender uses to determine if you qualify a for a loan. It is not a mechanism to prevent you from buying. Remember, lenders want to make loans, not turn them down, Osman says.

OR

Kay Osman is one of more than 40,000 members of the Real Estate BUYERS AGENT Council (REBAC) of the NATIONAL ASSOCIATION OF REALTORS ®, who have attained the ABR®, Accredited Buyer Representative, designation. As the world's largest association of real estate professionals focusing specifically on representing the real estate buyer, REBAC is The Voice for Buyer Representation, with more than 44,000 active real estate professional members of the organization throughout the world.

Click this link–> To PingMe (Call me free)

Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyer's Representative (ABR)
Del Osman Realty, Inc.
Ph: (808) 523-6421 fax: (808) 523-8729
Web site:http://osman1.com

Tags:buy a home in Hawaii, Hawaii real estate, get financing for a home

 

 

 

 

 

 

* The properties in the right locations appreciate in value the most, in the shortest time

* The properties in the right locations are the most enjoyable to live in, which makes them the most in demand

* If you ever need to sell your Hawaii home, owning a property in the right location makes selling it fast, easy and profitable

* You avoid traffic congestion, property crime and other such problems when you have a home in the right location

We have put together a wonderful visual report that gives you a feel and understanding about the various neighborhoods in Hawaii.

Download "Your Must-Have Visual Guide To Honolulu and Oahu's Neighborhoods" Today

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Kay F Osman has been assisting buyers realize their home
buying dreams for over 30 years. She can help you get
the right home at the right price.

Click this link To PingMe (Call me free)

Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyer's Representative (ABR)
Del Osman Realty, Inc.
Ph: (808) 523-6421 fax: (808) 523-8729
Web site: http://osman1.com

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Tags: property in hawaii, living in hawaii, hawaii neighborhoods

Learn about the neighborhoods in Hawaii, learn about Hawaii's holidays, the homes in Hawaii and more. Learn all this as you watch it on video and listen as Kay Osman narrates what you see. You'll also see a few of Hawaii's gorgeous beaches and other such scenery. Click here to watch this Hawaii real estate video now

Tags:Hawaii real estate video

I'm On Your Side…

The More You Make, The More I Do

Sellers… homes sell quickly and usually for the most money when they are priced properly in the beginning

Unfortunately, the following items normally dont affect value:

* Your original cost
* The cost to re-build it today
* What you paid for some improements
* Personal attachment
* Certain types of additions and improvements

OBSTACLES TO PROPERT PRICING

Incompetent agents:
who will recommend overpricing, just to get the listing

Neighbors:
who lead the seller to believe they got more for their home than they did.

Inflationary times:
That cause prices to go up rapidly because of economic factors

Recessionary Times
That cause prices to go down because of adverse economic conditions

Fear:
Of making a mistake in pricing, which could lead to losing a significant portion of Sellers equity.

Loss of Perspective:
Due to the seller being emotionally involved and not necessarily thinking objectively

Need for a certain amount of cash out of a home:
which has nothing to do with value no matter how important the reasons.

OVERPRICING:

• Reduces sales activity
  Reduces ads response
  Disregarded by serious buyers
  Attracts the wrong prospects
  Eliminates serious offers
  Helps sell the competition
  Causes appraisal problems
  Extends market time.

Kay F Osman has been assisting buyers realize their home
buying dreams for over 30 years. She can help you get
the right home at the right price.

To PingMe (Call me free), click here:

Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyer’s Representative (ABR)
Del Osman Realty, Inc.
Ph: (808) 523-6421 fax: (808) 523-8729
Web site: osman1.com

Tags: selling a hawaii home,