Tuesday, March 2, 2010

Buying a home - Much is the same and much is different!

Buying a home - Much is the same and much is different!

Buying a home - Much is the same and much is different! - What do I mean by that?

As REALTORS, we are bound by a national unifying code of ethics, and as REALTORS we are obligated, rather, required to belong to our National Association of REALTORS as well as our state and local associations. We are also required to complete specific education requirements and have very specific state laws that we have to abide by that are real estate specific.

Given all that, it is still how amazing how different the "experience" can be for buyers (and sellers).

Here in Utah, the seller is required to fill out a six page "sellers property disclosure" where they disclose pertinent facts about the property they are selling. If the seller has not occupied the property, they disclose that and use a "non-occupant" addendum to release them from liability.

We typically write an offer to purchase here and in the offer we specify a deadline that the seller is required to provide those disclosures by. Our offer is subject to approval of those disclosures within our due diligence period.

In a conversation I had last night with my national mastermind group I discovered that many of their states required those disclosures to be posted at time of listing if I understood it correctly and that many of their MLS's had a place for the disclosures to be included with the listing. - What a great idea!

I have been aware that in some states we close with title companies, and in others we close with attorneys. Some agents even deal with both depending on whether the areas they serve cross county or state lines. Not both in the same transaction, but both types of close of escrow.

Yes, much is the same, and at times I'm very surprised by what is different. What have you noticed that is different?

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