The Importance of Choosing the right Agent

The National Association of Realtors (NAR) released their Existing Sales Report and in the report they discussed a troubling trend in the Real Estate market. That is, cancelled contracts are increasing dramatically.  They wrote:

“Contract failures – cancellations caused largely by declined mortgage applications or failures in loan underwriting from appraised values coming in below the negotiated price.”

NAR went on to explain that about 18% of all contracts were cancelled in late summer. This compares to 16% in previous months and 9% from last year same time.

The percentage of cancelled contracts has doubled in the past year!!

Therefore, it is important that both buyers and sellers pick the right real estate professional to assist them.

Sellers

Must understand that your agent must ‘sell’ the home to:

1st – A qualified buyer

2nd – The bank (Appraiser).

The second sale may turn out be most difficult in today’s market than the first one.

Buyers

Ensure your agent can not only help you find the best home but also assist you professionally with all aspects of the transaction (e.g., mortgage, title work, etc.)

In the end

It is imperative in this housing market that both buyers and sellers use a true real estate professional to guarantee that the deal will actually reach the closing table.

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