The Role of the REALTOR®

By Alan L. Donald, REALTORKeller Williams Realty

Presentation to Charleston Area CDCNovember 13, 2008

The Home Buying Process

People Involved – To Contract

Lender Loan officer Grants officer

Realtor (s) Listing agent (represents Sellers) Selling agent (represents Buyers)

Seller (s) (Builder) Buyer (s)

People Involved Contract-to-Closing Lender

Underwriter (s) Processor (s)

Inspectors Home Inspector Termite (pest) Inspector Surveyor Mold, Radon, etc.

HOA Administration

People Involved Contract-to-Closing Repair Services

Electrical Plumbing Painting Other

Insurance Broker Attorney

Paralegal

Real Estate Law in SC

Agent must be LICENCED Agent MUST represent one of the parties Any contract/agreement MUST BE IN

WRITING to be enforceable

Level of Service

Fiduciary (Consultant)

• Advises and Consults• Educates and Guides• Involved in Decision Process• Uses Judgment and Experience• Irreplaceable• Highly Compensated

Functionary (Agent)

• Delivers Information• Tells and Sells• Stays out of Process• Follows the Rules and Procedures• Replaceable• Minimally Paid

REALTOR vs. AGENT

Who Represents Whom?

Hiring a BUYER’S AGENT

Represents YOUR interests as buyer Normally NO COST to you Protects Guides Provides Advice Need a CONTRACT SIGNED

The Process

1. Get pre-approved with a lender (plus CDC) – provide all documents

2. Define needs/wants/limitations3. Search, short-list, select4. Make an offer5. Negotiate – RATIFY CONTRACT

The Process

6. BUYER’S DUE DILIGENCE Inspections – REPAIR LIST Survey – Elevation - Flood Zone Title Search HOA Insurance Binder

7. Negotiate Repair List

The Process

8. Schedule CLOSING with attorney9. Confirm Lender’s loan package, grant $

and insurance binder arrived10. Get Cashier’s Check for Closing Costs

& Downpayment11. Bring picture ID’s & $$ to closing

The Process

CLOSE TRANSACTION & Get Keys Change LOCKS Utilities in your name Primary Residence EXEMPTION Change of Address

QUESTIONS?

Alan Donald, REALTORCell. 843-864-3777

Voice: 843-416-1434adonald@kwcharleston.com

www.BuyHomesInCharleston.com