Hawaii Randy's Real Estate Opinions: January 2008

You Need a Professional to Buy or Sell Real Estate

REALTOR(R)Yesterday (Saturday afternoon) I got stopped in the parking lot of my office by a gentleman was wondering when my office would be open.  When I asked what he needed he said wanted to get a blank purchase agreement form.  I will stop here on what happened, because that is not relevant for this discussion.

His request really made me think.  He was obviously planning to buy or sell a piece of property on his own.  The fact that he only needed a purchase agreement tells me he is over his head.  Our purchase agreement forms are 12 pages long.  Most purchase contracts I draw up average 20+ pages.  There are addendums in almost every sale.  Depending on the age of the home you have to deal with lead based paint.  If there is a 1031, a VA loan or one of a ½ dozen things that may come into place you have addendums.

If he didn't know that, how qualified is he to deal with the timelines, disclosures and contingencies?  Buying or selling real estate is not amateur night.  You need a licensed professional.  If you have the buyer and seller and have agreed on the price you still need a licensed professional.  If not a REALTOR®, get a good real estate attorney.  Someone needs to be responsible for drawing up the documents correctly and seeing that your rights are protected throughout the process.   Someone needs to be sure that the transaction requirements are met on time.  In the end, without a license and insurance, you may be in the cold if something is done wrong.

Here are a few of the groups of folks I run into who try to do it on their own:

  • For sale by owner
  • The We Buy Home / Subject to Mortgage buyers.  Not having a licensed professional in the transaction makes it easier for them to take advantage of the sellers.
  • Friendly sale between family members or friends.

I can give many examples of horror stories where they tried to be amateur experts and things went south.

My advice to everyone who tells me they are going it on their own, get a professional.  If not a REALTOR® than get a good real estate attorney to be sure it is done correctly and your rights are protected.

 

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Randy L. Prothero, REALTOR®

Principal Broker, ABR, AHWD, CRS, e-PRO, GRI, MRP, SFR

Island Style Realty Inc.

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comment balloon 42 commentsRandy Prothero • January 27 2008 05:04PM
You Need a Professional to Buy or Sell Real Estate
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