You are a house-hunter and have been working with “XYZ” real estate office in Ocean City. You are happy with them and have an excellent relationship. While driving home from work you notice a FOR SALE sign on a house that interests you, but with another agent’s name on it. Can you ask your friends at “XYZ” about it? Absolutely!

Understanding how the MLS (Multiple Listing Service) operates is an important part of the home buyer’s education. First time buyers especially, are not aware that one REALTOR® can provide them with information about homes listed by another REALTOR® using the MLS. Or, for that matter, nearly any other home listed on the market.

If you are working with a firm you like, and you see a house with another company’s sign in front, don’t feel that you might be bothering your broker if you ask for information regarding the other house. Any REALTOR® in the MLS can sell the house and it’s easier working with one than two or more brokers.

Call us today if you have any questions, we’re here to help!

True, a real estate agent can suggest a selling price for your home if you intend to list it with their office. This is common practice and a part of the value of selling through a REALTOR. However, this should not be construed as an official appraisal. 

An appraisal is the valuation of your property by a qualified appraiser for a fee. This is based solely on the amount of work involved-not the market value of the property. His/Her detailed written instrument will carry its full weight as documentation if used in any official capacity such as for tax or legal problems.

An appraiser will provide you with a dated document which will cover in detail all of the elements which go into the valuation such as: prices of comparable properties that have sold, value of location, construction, age and depreciation of the property, zoning, restrictions and reproduction costs. If it is income property, he will capitalize the present and future income potential. Qualified Real Estate Appraisers will probably be members of the American Institute of Appraisers.

If you have any questions about the appraisal process on your Ocean City home or condo, please contact us!

Selling your home on your own, puts you at a decided disadvantage. On the other hand, selling your home through a REALTOR® will bring you as much or more profit – with none of  the attendant problems and headaches you can expect when you try to sell it on your own. I realize that many homeowners think that by not paying a commission to a Realtor will save them money, that is usually not the case.

Besides having knowledge of the market and the skill to suggest realistic prices, the REALTOR® has built up a list of prospects that no homeowner can possibly match.  Prospects who are honestly interested in finding a home and financially able to buy versus the casual looker or snoopy neighbor. The Realtor knows how long to hold out, whether to take a second mortgage, how to handle earnest money, whether to lease with option to buy or sell on contract.

Your REALTOR® will recommend how to stage your home, provide a to do list to improve the curb appeal for example, and correctly price your home for a quicker sale. Once you have a negotiated agreement in hand your REALTOR® will be knowledgeable about all necessary inspections, paperwork needed to close on time, and negotiate any repairs if necessary. As a “For Sale By Owner” you can not list your property on your local MLS. (Multiple Listing Service) FSBO’s are locked out of many home search engines including the gigantic Realtor.com. Sure, a determined FSBO can put a for-sale sign in is or her front yard and run an advertisement in the local newspaper, but the home won’t receive nearly as much exposure as it would on the MLS. Plus, when you list with a Realtor you do not pay for advertisement – your Realtor does.

The REALTOR® is knowledgeable on real estate transactions and will most likely keep their client out of legal trouble. Let your REALTOR® handle your home selling and believe me – listing with a REALTOR® will save you time, stress, and make you money.

FYI:
“REALTOR®” and “real estate agent” are not interchangeable, although some real estate agents might like them to be. The term REALTOR® is a registered certification mark that identifies the quality of services rendered by licensed real estate agents who are members of the National Association of Realtors. All real estate agents are not REALTORS®, but all REALTOR® members are real estate agents. REALTOR® members are committed to a strict code of ethics known as the REALTOR® Code.

This is an article from Realty Times that is just so “right on” with their information, I felt compelled to share it in it’s entirety.

It has long been a motto of real estate, and the saying goes, “location, location, location.” It’s what sells a property, they say. But recent times have brought to light that the real deciding factor on how fast, or even if, your home sells all comes down to price.

It’s not that buyers are attracted by shiny, new things, but in a sense they are. When a home or condominium is newly listed it gathers a lot of interest. The listing agent may send out emails, webcasts, and virtual tours. They launch their entire marketing program. Even the MLS indicates the home as “newly listed.” After a few weeks, however, if no momentum has been built, the property will then face a must steeper challenge on the road to selling.

First, homes that have been on the market a considerable time lose their competitive advantage. A buyer may see a home hasn’t moved, and may come in with a low offer price. Depending on how desperate the seller is, they may feel obligated to take this offer.

Second, no one wants their home to sit on the market. It can interrupt plans to move and to buy. One of the best game plans is to price your home to sell.

This means taking a good, hard look at the area comparables. How much have homes been selling for in your area? How does your home compare in terms of amenities? Your real estate agent can be invaluable when it comes to correctly pricing your home. Sellers judgement can be easily prejudiced by emotional attachment to the home and hopes for certain profits.

If your area is experiencing a strong buyers market, that means you need to be even more competitive. You may need to price your home a little lower than you had hoped for. If you are in a sellers market, you can generally ask for a bit more in the asking price.

One tried a true method a REALTOR will use to snowball interest in a home is to actually underprice it. If your home is in a desirable location and you undercut the competition, you may find yourself fielding multiple offers. How does that work?

A group of buyers are all looking for a home in your lovely neighborhood. Comparable homes to your are priced around $250,000. So, you price your home at $220,000. Buyers jump at the chance to get such a bargain deal …. buyers being the operative word. This can create a bidding war between buyers who have fallen in love with your property. In many cases, the final sale price ends up being more than you would have gotten had you listed at a higher initial price.

Have your upgrades priced you out of the competition? Renovating your home with upgraded fixtures and granite counters can be very appealing. But if homes in your neighborhood are basic models with Formica counters and fewer fancy upgrades, you may have a hard time finding a buyer who will shell out more. This is one way location is very important. You must make sure you’re aren’t overpriced for your location. Depending on your area, you may have to eat the costs of some of your previous upgrades in order to get a sale.

And finally, are you being greedy? Sometimes people have a magic number in their head of the profit they’d like to make by selling their house. They already have that money spent on the upgrades and toys they’ll buy for their next home. But selling is a time to be realistic.

Rely on your real estate agent to guide you in pricing your home. And good luck selling!

THANKS TO  Carla Hill of REALTY TIMES “From The Market To The Street”

An Agreement of Sale to purchase real estate is a legal document and should be reviewed very carefully by all parties to the transaction. A buyer or seller that is unclear or does not understand all aspects of the Agreement, should most certainly speak with their REALTOR for clarification and explanations, and consult an attorney if they choose to do so for further review.  Real estate agents are not attorneys, but they can point out to their customer/client the areas on the contract that require the initials and/or signatures of those involved in the transaction, and give them information regarding the many forms and addenda that must accompany a typical real estate purchase.

As a practicing residential real estate agent, I cannot stress enough the importance of having a properly executed Agreement. It may seem tedious to a buyer or seller to initial and/or sign on so any pages.  But it is very important to have an enforceable agreement.

Navigating what feels like a quagmire of a 40 – 50 page document can seem like an overwhelming task (and most of those pages require an initial and/or signature).  Ask for help, get clarification and understand what you are signing.  Attention to detail is a must!

OK let’s begin with, (for those that don’t know) what is a lockbox? A lockbox is large gray or black metal box that hangs from the front door knob at the entry to a condo or townhome or single family home . Inside this lockbox is a key to the property. If you a licensed REALTOR in good standing with your local Board or REALTORS, or an appraiser or other affiliated industry like a home inspector, you can obtain a card that looks like a credit card to access the key that’s inside the lockbox.

It’s pretty cool actually. The listing agent for the property can go on line anytime and check to see who has been to the condominium. They can tell the person’s name, their company, the date and time that they entered. I personally think it’s more secure then handing out keys.

Now that I told you all the good things about a lockbox, I’m going to tell you what you shouldn’t do with a lockbox.

When a listing agent removes (we call it unshackling) the lockbox from the door handle we enter a specific code…and presto magic, the box becomes unfixed from the handle. Here’s the heads up part. These handy dandy boxes weigh a ton. DON’T drop it on your foot. I did, and it felt like someone threw a brick at my foot. I learned a valuable lesson. Put your one hand under the box before releasing the shackle, thereby eliminating all the hopping around and occasional not nice word I may have uttered during that time. Plus my nicer shoes definitely weren’t happening until the swelling went down much much later.

So to sum this story up. If I was a seller, I would want my listing agent to put a lockbox on my property for the ease of use and security purposes. If I was a buyer’s agent, I would want the lockbox there to facilitate me being able to show my perspective buyer that particular property. But the real moral of this story is to “Not Do” what I did…..don’t drop that dead weight on your foot. You’ll be really sorry.