It’s common to hear about real estate transactions going wrong, whether from news stories or personal anecdotes. Issues often arise from dishonest sellers who hide unauthorized renovations or from inefficient real estate agents who either fail to communicate effectively or lack the negotiation skills needed. However, success stories are less frequently shared.
If you’re a first-time buyer intimidated by negative news or an experienced seller with doubts, let’s examine what a successful real estate transaction entails. These are the key elements that contribute to a successful property transfer.
A successful real estate transaction starts with being well-informed. While your agent plays a significant role in this, you also share in the responsibility.
Before diving into the real estate market, spend some time learning about the transaction process. Key topics to research include:
When both the buyer and seller come to the closing table well-prepared, the likelihood of a successful outcome increases.
Even the most informed buyers and sellers need an agent’s guidance. Although online resources (like this one) are helpful, they cannot replace the local insights and negotiating expertise of a skilled realtor.
A reliable way to find a realtor aligned with your values is to use Nobul, an open marketplace. Nobul is a “real estate digital marketplace” where you can evaluate various agents based on transaction history, verified reviews, commission rates, and more. According to its founder, Regan McGee, the platform operates as a “true marketplace… like Uber,” allowing consumers to choose their preferences, interact on their terms, and leave reviews.
Smooth transactions require open communication between all parties: you and your agent, your agent and the listing agent, and the listing agent and the seller. It’s crucial for agents to maintain clear communication channels.
However, you also need to be proactive. Instead of signing a purchase agreement and disappearing, stay available and responsive to necessary processes as they arise. Your agent will rely on your timely responses.
Most purchase agreements include a home inspection contingency to avoid any unwelcome surprises on possession day. While most home inspectors are thorough and professional, some details can occasionally be overlooked. To protect yourself, research and evaluate your home inspector options by reviewing their ratings, pricing, and experience before making a choice.
Don’t let horror stories deter you from your dream home. By following these straightforward steps, you can anticipate a successful real estate transaction.
