Who Are Real Estate Vendors?
Ever wonder who real estate vendors are? The list includes:
- mortgage brokers/lenders
- real estate attorney
- home inspectors
- property surveyors
- property appraisers
- structural engineers
- roofing contractors
- crawl space contractors
- painters
- flooring contractors
- general contractors
These people play critical roles to the real estate process.
How Do You Find Trusted Real Estate Vendors
There are many ways to find vendors. Your realtor is still your best resource for finding trusted vendors. They have worked with many different ones over the years and continually update their list based on prior experiences. A realtor should provide you with at around 3 options in each category and then you can do your own research to determine which you like best. Some folks just use Yelp or Google to start their search based on star ratings. Just keep one thing in mind before making your final selection: cheapest doesn’t always mean the best option. You often get what you pay for and these are not areas that you want to take chances on.
Once You Select Your Trusted Vendors
You will need to inform your realtor of all vendors you have chosen. If you are a buyer, your realtor will need to coordinate with the vendor for times to visit the home for the inspections. The only vendors that should be at the house unaccompanied by a realtor are the general inspectors. All other vendors on the list should not be on the property unless accompanied by your realtor. Your realtor will need to keep a record sheet of all vendors that were involved in the real estate process and a copy of all paid-in-full invoices from that vendor. If any invoices need to be paid at closing, then the realtor will need to present those invoices to the lender and closing attorney.
Why Does All This Matter?
Time is of the essence in real estate. Most often there is a set amount of time for the due diligence process (time to complete inspections and negotiate repairs/credits). It is critical that you choose vendors that can perform the inspections and deliver their reports quickly. You don’t want to receive reports at the 11th hour and begin negotiating repairs on the last day of the due diligence timeframe. Once again, your realtor can assist you with gathering the necessary people and reports so you can keep the real estate process moving smoothly without many hiccups.
Learn More…
Click here to learn more about the NC REC’s Q&A for Due Diligence.
Click here to learn more about the NC REC’s “Handling Inspections: Guidelines for Brokers”.
Click here to learn more about the benefits of having a buyer’s agent.
Click here to learn more about the benefits of having a seller’s agent.
