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What’s your Realtor’s® Background . . .You Should Find Out

Mar 07

filed under: 2nd Home Buyers, Buying A Home, Real Estate, Yada Yada

Due Diligence.jpgWe just started working with new out of state prospective home buyers that found us from our website (yea website). So they were not the usual referral clients where one of our past clients expounded about the great service we give, how comfortable they felt when they knew they were totally protected throughout the whole transaction side of their purchase, etc. etc.

We haven’t personally met John and Thomas yet, but we have been communicating via email.  In one of the emails Thomas mentioned that he had gone on the Arizona Dept. of Real Estate’s public database and was able to view my license summary that showed him all the courses I had taken that focused on distressed properties.

The fact that he told me about it indicated to me that they were doing some due diligence about the agent that was going to represent them in what will probably be a distressed property purchase. The other thing it told me was that they were pleased with what they saw because they didn’t cancel our Tuesday appointment to show them properties.

Just having a real estate license is just not enough, nor just the name of a well known branded brokerage.

Although we only do exclusive buyer representation, what I am about to say applies to sellers as well. Whether you are a seller or a buyer you need to know your real estate agent’s  background. The agent you are relying on to protect your interest is the agent that  is writing up your listing, your offer, counter offers, and Addendums. This is the person” who you will be personally dealing with on a day to day basis during your buying or selling process. The fact that they work for xyz well known and branded brokerage company is not going to carry the day when it comes to protecting your interest in today’s market.  Just having a real estate license doesn’t cut it anymore.

Article 26 of the Arizona Constitution authorizes real estate agents to do a lot more than just showing property.

Did you know that real estate brokers and “salespersons” in Arizona are unique when compared to the rest of the nation? The reason for this is Article 26, an amendment to the Arizona Constitution that took place in 1962. Article 26 authorizes “real estate brokers and salespersons to engage in the “limited practice of law” by drafting the purchase contract and other documents incident to the transfer of real property”. Whoa. . . talk about responsibility and might I add liability in the market we now find ourselves in.

Your real estate agent needs to know how to respond to lender’s attorney generated Addendums and documentation.

Close to 70% of the properties on the market in Arizona are “distressed properties”. With distressed properties comes lender’s required contract changes in the form of Addendums. These Addendums have been prepared for the lenders by their attorneys.  As a result real estate agents need the experience and knowledge to be able to determine how these Addendums will effect your transaction and believe me they will effect your transaction.

Now if you haven’t taken a moment to read the “about us” link on our site, then you may not know that Howard, my very handsome spouse and partner, is a licensed real estate attorney (Illinois license) as well as having an Arizona broker’s license. I don’t think I have to tell you how fortunate we are that he has this background for our clients. No, I’m not saying that real estate agents should have a real estate law background, that’s totally unrealistic. However, when Article 26 became a  reality in 1962 I don’t think anyone envisioned the type of market we are now in and how much responsibility that now imparts to Arizona real estate agents.

Work with an agent that has educated themselves beyond having a real estate license.

There are now a wide range of distressed property courses out there that are offered to agents. Some of the courses lead to specific certifications, designations or just continuing education about our distressed property market. A real estate agent that takes the responsibility of Article 26 very seriously takes these courses, sometimes more than once. Follow the footsteps of Thomas and find out what your real estate agents background is. It’s in your best interest to do so.

Written by Howard Harris