Your real estate agent is only as good as its team, team being the operative word. This team includes the real estate agents (both the selling and the buying agents), a local lender (and their appraiser), and title and escrow. Additionally when listing, the team is greatly expanded to include stagers, photographers and videographers, and possibly even specific contractors. Selecting your team is critical! Why? Because with today’s regulations, it is taking longer than ever to close on transactions. Prior to 2016, most typical transactions were easily closed within 30 days. Now it is taking close to 45 days due to regulations regarding tracking of all monies used in the transaction from start to finish and procuring an appraiser to provide the current value of housing. Currently, appraisers are in great shortage. This is causing a rift in the timeliness of closing, because it is difficult to schedule the appraiser.
Both sides of buying and selling are stressful, tedious, lengthy and more complicated than you can imagine. That is why it is critical that your agent control the process while you concentrate on making all the decisions. The lender and the buying agent need to be in constant communication with the buyer to make sure all their qualifying paperwork is submitted timely (see our earlier blog at http://burkrealtyllc.com/2016/11/11/comprehensive-list-of-preapproval-needs/ titled Comprehensive List of Preapproval Needs).
The buying and selling agents need to have a good method of communicating with all parties in the team during the entire process to assure all pertinent paperwork and forms are signed and submitted to the lender, title & escrow, and both realty firms timely. So our advice to both buyers and sellers is to be patient. Rely on your realtor and its team to handle the stress, paperwork and details of your transaction, so you can enjoy the final product: a closed transaction.