Page 14 - Training Manual Port City Realty Updated

13. Pricing properties
Contrary to critics who accuse Realtors of driving up prices, sellers set the
offering price of their property, and buyers offer the price they’re willing to pay. Supply and demand work in every market. So, if everyone is realistic, those numbers will be close together. If one party or the other is unrealistic, there will not be the all-important “meeting of the minds” that must occur to strike a deal.
14. Prelim
The preliminary title report provides an early warning of any trouble spots in the chain of title. Agents — along with escrow holders — should go through the prelim carefully to ensure no title issues exist.
Finding an unpaid lien or other “cloud” on the title at closing is an ugly surprise. Avoid it!
15. Property taxes and other pro-rated items
Your escrow officer will explain pro-rated items in detail when they draw up closing documents for review. But there’s so much information to process and so many foreign concepts to become aware of that clients can easily be overwhelmed. You can head off some of that overwhelm by discussing these things up front.
16. Title policy and closing costs
As early in the process as possible, ask the lender and escrow holder to give your clients a general idea of how much closing costs will amount to. For buyers who take out a mortgage, loan fees add significantly to their closing costs. So they need to be aware of that early on.
17. Title
Defer to the escrow officer and do not try to “help” your clients decide how to hold title. The only thing you ought to do to “help” is determine early on if