Picking the right agent is crucial   October 5th, 2011

The National Association of Realtors (NAR) released their Existing Sales Report two weeks ago and in the report they discussed a troubling trend: cancelled contracts are increasing dramatically. NAR defined the issue:

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

NAR explained that 18% of all contracts were cancelled in August. This compares to 16% last month and 9% in August of 2011.

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

It is extremely important that both buyers and sellers pick the right real estate professional to assist them with their real estate needs.

BUYERS

Make sure your agent can not only help you find the home of your dreams but also find you professional assistance with all aspects of the transaction (mortgaging, title, etc.)

SELLERS

Realize that your agent must sell the home twice:

  1. to a qualified buyer
  2. to the bank (through the appraiser).

The second sale may be more difficult in this market than the first.

Bottom Line

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.

See original article from KCM (Keeping Current Matters) Blog.
Find a Woods Bros Realty professional, who can help you with all aspects of a real estate transaction.


Woods Bros Realty Posted byWoods Bros Realty
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This entry was posted on Wednesday, October 5th, 2011 at 8:17 am and is filed under General Real Estate. You can follow any responses to this entry through the RSS 2.0 feed.You can leave a response, or trackback from your own site.

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