Rubbing Elbows
At some point in your life you're likely to find yourself either buying or selling a home. When that time comes, you might want to ask yourself some questions.
Can I figure like an accountant? Can I measure like a surveyor? Do I understand "legalese" like an attorney? Can I spot defects like an inspector? Can I speak like an auctioneer? Do I understand zoning, building codes and taxes like a city or county employee? Do I understand human motivation like a psychologist?
Chances are you'll be hard pressed to answer all those questions with a "Yes," unless you're a real estate professional. Why, you ask, would an agent be different? It has to do with "rubbing elbows."
The daily routine of an active, highly committed real estate broker or agent is an exhausting one. During any 24 hour period, such a professional will likely have contact with loan officers, lawyers, tax collectors, land surveyors, insurance company representatives, mortgage lending officers, accountants, auctioneers, courthouse personnel, local businessmen and - most importantly - buyers and sellers.
Working at least six days a week, can you imagine how many individual contacts would be made in a year's time? Such an active individual can mean the difference between winning or losing at real estate. After all, it's who you know, and now you know the benefits of representation.
Monday, July 9, 2007
AN OUNCE OF PREVENTION!
What does the phrase "title search" mean to you? Aside from an activity at the local library, its purpose is critical to the successful sale of a home. A title search is performed by an attorney in order to guarantee that there are no unknown liens on or claims to a property.
Because title searches are often ordered only after a purchase contract is on the table, problems can suddenly turn up at the eleventh hour, causing delays in the closing. That's why it may be advisable for the sellers to request a title search before even listing their property for sale.
What sort of problems might a title search unearth? There might be an "unreleased mortgage," which happens when a previous refinance is paid off, but the lender fails to file a release on the old mortgage. Property taxes may appear to be unpaid until filing errors are discovered. A divorce or death in the family may not be properly reflected in the ownership structure. Sometimes property records are fraudulently used to commit identity theft.
This is not to say that these errors are common, but they are increasingly prevalent among properties that have changed hands several times over these last few years of frenzied real estate activity. Speak with an agent before listing your home to determine whether a title search is appropriate.
What does the phrase "title search" mean to you? Aside from an activity at the local library, its purpose is critical to the successful sale of a home. A title search is performed by an attorney in order to guarantee that there are no unknown liens on or claims to a property.
Because title searches are often ordered only after a purchase contract is on the table, problems can suddenly turn up at the eleventh hour, causing delays in the closing. That's why it may be advisable for the sellers to request a title search before even listing their property for sale.
What sort of problems might a title search unearth? There might be an "unreleased mortgage," which happens when a previous refinance is paid off, but the lender fails to file a release on the old mortgage. Property taxes may appear to be unpaid until filing errors are discovered. A divorce or death in the family may not be properly reflected in the ownership structure. Sometimes property records are fraudulently used to commit identity theft.
This is not to say that these errors are common, but they are increasingly prevalent among properties that have changed hands several times over these last few years of frenzied real estate activity. Speak with an agent before listing your home to determine whether a title search is appropriate.
Wednesday, June 6, 2007
Monday, June 4, 2007
MAKING IT STICK!
The Multiple Listing Service is a convenient way to locate most homes for sale, and access to that data has created a buyer who expects a high level of service from real estate professionals.
Nearly 3 out of 4 buyers are searching the Internet for homes. Locating a suitable property has become easier, but the real estate agent shows the property and critiques its value. Their ability to negotiate an accepted Offer To Purchase becomes paramount, especially if the seller is entertaining other offers.
Once the offer is accepted, the agent organizes the steps needed to bring the transaction to a successful close, such as arranging inspections, guiding the mortgage process, tracking contingencies, arranging the closing, ect.
The Internet provides a wide access to real estate data and has improved the buyer’s knowledge, but they still benefit from the experience of a professional. An agent representing the buyer is usually paid from the commission paid by the seller, with no charge to the buyer.
The Multiple Listing Service is a convenient way to locate most homes for sale, and access to that data has created a buyer who expects a high level of service from real estate professionals.
Nearly 3 out of 4 buyers are searching the Internet for homes. Locating a suitable property has become easier, but the real estate agent shows the property and critiques its value. Their ability to negotiate an accepted Offer To Purchase becomes paramount, especially if the seller is entertaining other offers.
Once the offer is accepted, the agent organizes the steps needed to bring the transaction to a successful close, such as arranging inspections, guiding the mortgage process, tracking contingencies, arranging the closing, ect.
The Internet provides a wide access to real estate data and has improved the buyer’s knowledge, but they still benefit from the experience of a professional. An agent representing the buyer is usually paid from the commission paid by the seller, with no charge to the buyer.
IT’S MORE THAN A “SALE”
The label “For Sale By Owner” is a bit misleading. All homes are for sale by owner, since the homeowner holds the title. In most cases, real estate professionals are employed to facilitate the sale, but do much more than just “sell” the home. They represent the seller and market the property.
“ For Sale By Owner” really translates to Unrepresented Seller, and it’s not good to be unrepresented in a competitive industry. Most buyers seek the services of an agent for their expertise. The seller is at a definite disadvantage if not armed with the same representation.
Unrepresented sellers report that the most difficult aspects of going it alone are: pricing correctly: preparing the home effectively: marketing the property: and understanding the paperwork. Unrepresented sellers face more liability issues and lower sales prices than their represented counterparts. If you are considering selling your own home, consult a real estate agent first and let them explain how they can benefit you.
The label “For Sale By Owner” is a bit misleading. All homes are for sale by owner, since the homeowner holds the title. In most cases, real estate professionals are employed to facilitate the sale, but do much more than just “sell” the home. They represent the seller and market the property.
“ For Sale By Owner” really translates to Unrepresented Seller, and it’s not good to be unrepresented in a competitive industry. Most buyers seek the services of an agent for their expertise. The seller is at a definite disadvantage if not armed with the same representation.
Unrepresented sellers report that the most difficult aspects of going it alone are: pricing correctly: preparing the home effectively: marketing the property: and understanding the paperwork. Unrepresented sellers face more liability issues and lower sales prices than their represented counterparts. If you are considering selling your own home, consult a real estate agent first and let them explain how they can benefit you.
JUST DO IT!
Thinking of buying a home, but feel bewildered by conflicting reports about the real estate market? Whether or not real estate is up, down or sideways, most people make their purchase decisions based on lifestyle and need rather than market conditions.
A home is a “durable good,” similar to a washing machine. When you need a new washer, you search for a machine that offers good value and service. You don’t think about whether the price of washers will be going up or down in the coming months or years.
You can have greater peace of mind when your purchase is made out of necessity and not just out of a desire to turn a profit. You get the greatest value out of your home by simply living in it, and as long as you can continue to make mortgage payments, you run little risk of losing on your investment.
Thinking of buying a home, but feel bewildered by conflicting reports about the real estate market? Whether or not real estate is up, down or sideways, most people make their purchase decisions based on lifestyle and need rather than market conditions.
A home is a “durable good,” similar to a washing machine. When you need a new washer, you search for a machine that offers good value and service. You don’t think about whether the price of washers will be going up or down in the coming months or years.
You can have greater peace of mind when your purchase is made out of necessity and not just out of a desire to turn a profit. You get the greatest value out of your home by simply living in it, and as long as you can continue to make mortgage payments, you run little risk of losing on your investment.
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