Real Estate is Not a Hobby

Real Estate is not a Hobby...I just received a call from a buyer who was referred to me from a past client. We chatted for a few minutes about what he needed and he told me that he was working with a real estate agent that had another full time job. He felt that he needed more attention than he was getting. His agent was a family friend that did real estate on the side, like a hobby. The following are the thoughts that came to my mind when he said that:

Questions to ask your Part Time Real Estate Agent

• If you are getting down payment assistance, who is the agent that will pick up the down payment assistance check from the issuing agency? That can only be done during normal business hours and it will only be given to the agent.
• Who will deliver clean copies of contracts and the cashiers check has to be delivered before 5 p.m.? The listing agents representing the banks in my area certainly don't work past 5.
• Does your part time agent know the Mortgage Disclosure Improvement Act that went into effect on July 30^th? Those requirements can affect the closing in a major way. I shudder to think of the penalties and costs to the buyer when their agent puts in a timetable that's impossible for the lender to meet.
• Does the part time agent know about the $1,800 tax credit that went into effect June 1 for the state of GA and expires November 30^th?
• I think everyone knows about the $8,000 federal tax credit but with the increased time frame for lending now required, how many people will miss out because they thought they could close in 30 days?
• Who will attend inspections? Who will open the house for the inspections? Inspections usually happen during normal business hours. For my last client, we had multiple inspections, termite, termite repairs, DeKalb County Housing Inspections and the normal home inspection. I think I was back at that house 7 or more times after we went under contract just to let inspectors in the house.
• Will they attend closing? Who will take care of the last minute things that seem to pop up, like last minute lender and closing attorney requirements? The closing attorney doesn't work at night.
• What are they doing to keep up with the constant changes that are going on in our industry? That's a full time job in itself.
• If you buy a HUD owned foreclosure, those packages must be dropped off during normal business hours. Time-lines are critical. Who will be filling in for your part time agent to do these things?
• Who is keeping up with the due diligence time-lines and making sure that you aren't a day late? As the contract says, "time is of the essence..." Missing a deadline could cost you, a lot.

These are just some of the things that happen after you find your dream home. We haven't even discussed checking availability of the homes you're interested in, setting up showing appointments, looking at homes, running comps on those you love, writing up the offers, adding in the special stipulations that protect you and negotiating in your best interest.

When it's time to make the potentially biggest purchase of your life, hire a full time professional real estate agent, not one that considers it a hobby. It's an agent's job to make sure that their client gets to closing with as little drama as possible. Too often we hear about how the family friend who is a hobbyist real estate agent cost the buyer or seller thousands of dollars. Why take that chance? Hire a pro to begin with.

If you are looking to buy or sell a home in Atlanta, GA contact local real estate expert Jen Bowman, Realtor, Broker Associate with Success Realty at 404-456-5024.

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