Posted by admin | Real Estate | Posted on March 25th, 2006
Seniors real estate listings, through duly licensed real estate agents are the best way to go if you are selling or buying property! After making this statement, let’s paint a real life picture and see why this is the best path to follow.
It’s amazing the variety of free advice you’ll get when you announce you’re going to sell your house in the open real estate market.
Your next door neighbor will tell you to stick up a for sale sign, and in time a buyer will stumble onto your door step. The flip side of this sage advice is to throw an ad in the local shoppers newspaper and your phone will ring off the hook
The rationale behind all of such counsel is really sincerely given and altruisitic in nature! Accompanying this advice are tales of miraculous profits made by legendary senior sellers who went agentless.
Your neighbor had heard about these Robin Hoods down at the barber shop. Seniors who actually sold their property this way.
Don’t scoff at them! Your would be advisors are simply trying to save you a few percentage points off the sale price that would go to a real estate agent.
And you know what real estate agents are like, they say with a wink and a nod. An agent will drag your real estate listing out until Rip Van Winkle goes back to sleep.
Okay, let’s identify real estate agents!
1. They are men and women in good legal standing in the local community. If they had a criminal record of even a minor nature they would never receive an agent’s license.
2. They had to attend a legally specified number of hours of real estate training at an accredited real estate school.
3. They had to pass a state administered test and investigation to acquire a real estate license. This enables them to practice their profession within the state.
4. They had to then work under the administration of a licensed real estate broker.
A very wise man once said that it only takes an hour to learn how to operate an automobile and get a drivers license. But it takes a life time of experience to learn how to drive a car safely and live through it.
A real estate agent, newly minted license in hand, is authorized to practice the business. But he/she will spend countless more hours and days studying. They will need hands on understanding of the intricacies of marketing the transfer of property within their areas.
First they must grasp the world of real estate marketing. They will then immerse themselves in the details of legally transferring the ownership of property under their direction.
There is much more to buying and selling property, than just being a senior, and putting up a sign or placing an ad in a newspaper.
A licensed real estate agent will give you the entry into the wonderful world of the MLS. The Multiple Listing Service. Your property, once it’s listed on the MLS will be seen by the eyes of thousands of real estate agents and brokers.
A prospective buyer for your listing may already exist and be represented by another agent. Your agent will be contacted and a sale may be in the offing. Don’t concern yourself with tales of taking a long time to make a sale.
Be an informed senior, and understand that your real estate agent won’t be paid until your property sells and clears escrow.
Your agent wants to sell your seniors real estate listing just as much, and as fast as you do. They will do everything possible to make the sale happen quickly.
Posted by admin | Real Estate | Posted on March 8th, 2006
Some people choose to use a real estate agent and some people choose to go it alone. One thing I have noticed over the years is that a number of seasoned investors looking in a new city will seek out a good agent while novice investors will frequently go it alone. I have even had a number of successful real estate agents seek out my help when they are moving to our city. Why do some of these seasoned investors choose to work with an agent? Below is a list of 7 benefits of using an agent.
1. Understand potential restrictions of the property. I recently heard a story from a friend at the city development office in Austin Texas. A couple had saved up for their retirement. They wanted to retire and live out in the hill country. They went to the foreclosure auctions. At the auction they purchased a lot for 500,000. It had great views and they were going to build their dream house on it. They had researched the lot before the auction and found it was zoned SFR which means a single family residence can be built on it. After purchasing the lot they started plans to build their retirement house. At this time they discovered the lot was in the 25 year floodplain. My friend at the city development office explained that the lot could not be built on and was basically worthless.
2. Know about new developments that might affect a properties value. A good realtor will know of proposed new developments that might affect different properties in which a buyer is interested. Whether these developments are positive or negative can be valuable information when weighing different housing options.
3. Find potential problems with a property. It is always a good idea to have a home inspector look at a potential house. However, a Realtor is a good first line of defense to see if a house has inherent problems. A Realtor that can know about common problems, such as foundation or electrical, that affect a particular neighborhood.
4. Understand contracts specifics. Whenever you buy or sell a house you are entering into a large personal transaction. It helps to have someone on your side that deals with these types of transactions on a daily basis. A Realtor can help you understand contracts and can explain what is typical for your area. The most common pitfall into which I see unrepresented buyers fall is to become involved in an atypical contract that is not to their benefit. For instance a seller will sign an offer that has an option period that is 4 times longer than what is typical. A buyer might put in offers on multiple properties with long option periods. The buyer will wait and see if the market appreciates. If the market has appreciated the buyer buys the house at now and undervalued price. If the market has gone down the buyer walks away.
5. Misperception of a benefit of going it alone. Buyers frequently think that by not using a buyers agent they will get a better deal from the seller. In most situation the listing agent asks for 6 percent from the seller. If a buyer comes with an agent the listing agent splits the 6 percent with the buyers agent. If an unrepresented buyer comes the listing agent keeps the whole 6 percent. On the selling side, For Sale By Owners (FSBO) often think they are saving alot of money by avoiding a listing agent. Nationally, FSBO homes sell for 14 percent less than agent listed homes in the same neighborhoods. In addition alot of FSBO’s still end up having a buyers agents involved. There is also money spent on advertising. Since an agent has experience marketing homes the agent often can spend money more effectively on advertising. Agents often know which advertising sources produce the most potential buyers.
6. Save time when looking for listings. Looking for listings without an agent can take up large chunks of time. When looking with an agent you can see several homes in a few hours. When going it alone you have to call the listing agent for each house and wait at the house for the agent to arrive and open up the house. In addition agents often know houses which are not listed or may have already identified potential problems with a particular house of interest.
7. Insure Security. When a home is listed with a broker, agents coming to the house have to usually log in. This allows the listing agent to keep a record of every party coming into the house. Since their business is on the line, agents are more likely to protect the house from damage or theft. For a variety of reasons, it is generally not a good idea to have random people you do not know come into your house. Often sellers simply have a phone number, but that phone could be their house, a friend’s house, a pay phone, or even a stolen phone.
Searching for a home can be stressful and difficult but it can also be fun. Whether you choose to look for a home on your own or with a Realtor its a good idea to be a extremely careful when you seek out your dream home.
Posted by admin | Real Estate | Posted on March 4th, 2006
Real estate law involves a person’s right relating to the ownership and possession of land, buildings or structures on land. Every home purchase involves a number of potentially complicated legal issues and a great deal of paperwork. Below are certain real estate laws in Florida that everybody should follow to avoid any kind of complications in buying and selling.
No Discrimination in housing: It is against Florida law to discriminate in the sale, rental, financing or provision of real estate brokerage service in the appraisal of housing based on race, color, religion, sex, national origin or family status. Persons who believe they may have been discriminated against one of the above factors should contact the Florida commission on Human Rights to determine if they are eligible to file a complaint under the Florida Fair Housing Act.
Records of Deeds: In Florida, real estate records are kept in each county. It is important that new buyers must record their deeds at the public record office, located in each county courthouse. Recording a deed gives notice to the whole country that a particular piece of property has been sold.
Tenancy in Common: In Florida, tenancy in common is a form of co-ownership. They share the right to possess, sell or encumber the property. Unlike joint tenants, tenants in common do not have the right of survivorship. If one of the owner dies, his/her interest will be transferred to their heirs.
Joint tenancy:In Florida, although it is a common way for a husband and wife to own a property, there is no requirement that joint tenants be married to one another. Each individual owner in joint tenancy has a right to sell, encumber and possess the entire property. When one joint tenant dies, his/her interest in the property is automatically transferred to the remaining joint tenants. This transfer of ownership is known as right of survivorship.