Wednesday, September 27th, 2006
A realtor is the designation accorded to a member of the National Association of Realtors (NAR). NAR is the largest trade association of America. It has about 1 million members. The membership to the association is voluntary therefore it contains many other group members apart from the realtors. The idea behind the formation of this union is to utilize the land in a wise and best possible way.
The real estate professionals who are members of the NAR have to adhere to a code of ethics. The code of ethics is inclusive of duties to clients, customers, public and other realtors. The main motive is to promote the best interests of the client, be it the buyer, seller, landlord or tenant. The realtors are expected not to mislead their clients in order to book higher profits. The realtor is entitled to represent both the parties, seller and buyer; and landlord and tenant in case of full disclosure to both of them.
It is mandatory for the realtors to submit the offers and counter-offers as soon as possible. The realtors are not supposed to disclose information about the clients, which works to their disadvantage, or in case a third party stands to benefit from that information. However, realtor can disclose confidential information in the following cases: upon consent of the clients or the order of court or to disclose the ulterior motives of the client or to defend themselves against wrong accusations.
The clients should know the fact that the fees for preparing appraisals or valuations do not depend upon the amount of appraisal or valuation. Although realtors are expected to avoid misstating the facts or hiding useful information it is not obligatory for them to find out the defects in the property. Hence it is important to get the property checked by a third party inspector.
In case the realtor seeks information from other realtors it is mandatory for them to disclose their realtor status and clarify the nature of interest, whether it is personal or on the behalf of a client. The realtors are not supposed to misrepresent the availability of access to a particular property. When acquiring properties from their immediate families or friends the realtors have to disclose their true position to the concerned parties.
You are entitled to know the financial fee or benefits that the realtors get on the basis of recommending real estate products or services such as insurance or mortgage financing. The realtors are expected to give equal services to every person regardless of their race, color, religion, sex, handicap, familial status, or national origin.
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Sunday, September 17th, 2006
Why you Need a Realtor to Sell Your Home
As you consider selling your home, you might be thinking “Why do I need a Realtor, what value does a Sellers Agent provide to me?”
Here are five areas where a licensed Realtor can help you sell your home -
SETTING THE PRICE
Pricing your home for sale is a careful balance. Set the price too low and you end up leaving money on the table. Set the price too high and your home will be on the market a long time, which will make the problem worse as potential buyers think “that house has been on the market a long time, there must be a problem with it”.
It is the Realtors job to know what homes like yours have sold for recently, and they can utilize the detailed history of the home sales in your neighborhood to tell whether your home - with it’s unique features, location and condition - will bring more, or less, than similar listings. The Realtor always has the pulse of the local and regional Real Estate market, so they know whether the market is heating up or cooling down, and can stay ahead of the trend, pricing your home to get you the highest possible price in the least amount of time.
PROVIDE MARKETING MUSCLE
Attracting interested people to view and buy your home does not happen automatically. A Realtor will market your home to the widest audience of potential buyers through a well-coordinated multimedia campaign. Of course they will use “For Sale” Signs, Newspaper Ads, Internet websites and open houses, but you’ll also be placed in the Multiple Listing Service where other local Real Estate agents can bring it to the attention of their buyers. Realtors can also advertise your home on Realtor.com and Yahoo Classifieds Real Estate where it can be viewed by anyone in the world that is relocating to your area.
BEING OBJECTIVE
Selling a home can be an emotional experience. After all, it’s been a part of your life, perhaps the center of your life, for years. As a third party, a Realtor can keep you focused and provide independent feedback on things you should do, or changes and repairs that should be made, to help the home sell. They will also act as a buffer during negotiations. A licensed Realtor will adhere to a strict code of ethics, and work to represent your best interests.
PRE-QUALIFY BUYERS
A Realtor can help separate the serious buyers from people that are “just out touring homes” and this will save you a lot of time and frustration. The Realtor will determine if buyers are serious by getting answers to questions about their motivations and purchasing power and by ensuring that they have been pre-qualified for a mortgage in the amount needed to buy your home. When the Realtor brings you an offer on your home, you can be sure that the buyers’ finances have been checked and they can close the deal in a timely fashion.
FOLLOWING THROUGH and CLOSING THE DEAL
Selling your house is a complicated process. There are offers and counter-offers. Then come the Contracts of Sale, inspection reports, disclosure forms, deeds, mortgage documents and more. There are many government-required inspections, disclosures and releases to be signed and exchanged between Buyer and Seller. Your Realtor keeps track of it all and sees to every detail. The value they provide is in avoiding delays and mistakes, and coordinating the timing of the sale of your house with the purchase of another, so that you make a smooth transition to your new home.
SUMMARY
Your home is probably your biggest asset. Selling it is one of the biggest transactions most people undertake. To try to do it without a seasoned professional beside you, is like going into a courtroom without a lawyer.
The value that a Realtor provides to someone selling a house is peace of mind. The marketing, the details, the paperwork, the coordination. A Realtor does it for a living every day, and has been through the process dozens, if not, hundreds of times. So relax and leave the details to them. You’ll find that having a knowledgeable Realtor beside you throughout the sale of your home is……… priceless.
People in Davis, Woodland, and Yolo County, California look to Vicki Walker when they need a Realtor. You can get more information by visiting her websites Davis California Homes for Sale and Woodland CA Real Estate
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Saturday, September 16th, 2006
Pre-Qualified - Where Do I Go Next?
By now you may have chosen a Real Estate professional. If not, how do you find a good Realtor? Real Estate agents are easy to find, so the “how” is not that difficult. It’s the “whom” that counts. Do a search on Google or any of the other Search Engines for your “Home Town” Real Estate (Tucson Real Estate) and you will probably find twenty Real Estate agents in the first three pages. The reason I say three pages is that search engines do not really follow their content match and you may find the best Realtor on page three of the Search. This is based on my own experience.
Avoid sites that force you to give them more data than they need to know in order to get a call or an answer to the questions you have.
Once you have some names, how do you select? I would suggest that you look for a Realtor affiliated with the National Association of Realtors. This gives Realtors access to excellent sources of educational and informational materials. There are many designations, but the more familiar are CRS (Certified Residential Specialist), GRI (Graduate of Realtor Institute), ABR (Accredited Buyer Representative) and e-Pro (designates a Realtor who has completed training to work with the public utilizing today’s Internet tools). There are other designations, but, in my opinion, these are some of the best. The Realtors holding some or all of these designations are a very small percentage of the Real Estate community and have committed many hours in attending classes taught by industry professionals.
Now that you have narrowed the field, you may have five qualified Realtors. Call them and hold a telephone interview. How easy was it to contact them? Did they get back to you in a reasonable amount of time? Make sure the Realtor is working for YOU and not the seller. Will you work with that Realtor or, will a team member be assigned to you? Nothing’s wrong with a team, but how much experience does that member have? Who will write your contract? Did they offer to help you with pricing based upon a competitive market analysis (CMA) of that subdivision or area? Who will negotiate counteroffers for you? Who will be with you at the inspections? Who will go over closing papers and go to closing with you? A team member needs to be experienced so they can help you make good decisions. Keep in mind that time in the business does not mean the Realtor is experienced and knowledgeable.
I have given you ways that will help you insure that you end up with a truly Professional Realtor. Once you have found the candidates, the rest is up to you. GOOD LUCK!!
Barry has been in the Real Estate Business for over 26 years. He holds the CRS, GRI, and e-Pro designation with the National Association of Realtors. He is the Broker for his family owned business.
Tucson Real Estate - CENTURY 21 Ability Realty - Barry Fotheringham - Search 1000’s of listings and find valuable information on Tucson!
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Thursday, September 14th, 2006
When going to buy or sell a home, your first step should be finding an honest and hard-working realtor. You can find a real estate agent by keeping an eye out for advertisements, calling your local real estate broker, or through the internet. Some popular real estate brokers are Century 21, Remax, Keller Williams, and Coldwell Banker, just to name a few.
The role of a real estate agent is to represent your best interests in a real estate transaction. They work off of a commission, normally 6%25 of the sales price of the home. In most cases, that commission is split equally between the realtor representing the buyer and the realtor representing the seller. For a person buying a home, the service of the real estate agent is free, because commission is paid by the seller. The buyer, however, is responsible for most of the closing costs. The closing costs will be explained to you by your realtor and will be on the documents you sign when you go to the title company. Closing costs can also be negotiated on during the contract process.
The real estate agent, through their broker, has access to all of the MLS (Multiple Listing Service) listed homes in your area of interest. If you are a home buyer, the realtor can provide you with information about homes for sale that meet your criteria. They will then bring you to these homes and let you inside to see them. If you are selling a home, the realtor will list your home in the MLS, post a “For Sale” sign in your yard, and hold open houses to attract buyers. Be wary of discount realtors that offer to list your home for a lower commission. Studies show that, in most cases, your home will stay on the market longer and you end up selling it for a lower price than what you intended.
A real estate transaction is a complicated process that involves many steps and is best done with the help of a trained, licensed professional. A realtor can save you the headache of dealing with the other party in the sale, getting together the contract, and submitting all the documents to the title company. So when you are ready to buy or sell a house, contact the local real estate agent.
You can get more information and tips about real estate services at http://www.buyandsellnorthtexas.com
Michael A. Stazko is a real estate assistant and founder of http://www.buyandsellnorthtexas.com a website that provides realtor, mortgage, new home, and real estate investing information for North Texas.
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