Thinking about taking profits by selling the family home?
Always insist that the Realtor your choose to work with writes into your agency agreement or Exclusive Right to Buy Contract, "That the Buyer hereby reserves the right to cancel this agreement FREE of charge at any time if Buyer is disatisfied with Broker's performance" This add both creditability and accountability to your business relationship.
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Good strategy: Ask the Realtor How many Homes they sold last year and year to date. The average Realtor sells between 12 & 15 homes a year. Any less then that and your truly dealing with a rookie or inexperienced broker - RUN!
Addresses of his or her listings within the last year.
Data showing how long each property remained on the market prior to sale.
The properties' listing prices compared with actual sales prices.
The average time all homes sold in your area over the last year stayed on the market before they were sold.
A real estate agent's list-to-sale ratio compared with the area's average list-to-sale ratio -- available from the agent's local MLS (multiple listing service).
Get similar data from all agents you are considering and compare.
Your objective: An agent with fast sale times in relation to the others; an agent who sold homes at prices close to the listing prices; and an agent with a high list-to-sales ratio. Be sure to inquire exactly how the agent plans to market your home.
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Keep in mind that all agents, no matter whom they represent, probably have one objective: Making a sale. That's the only way they generally make money.
Whether you are buying or selling a home, an agent may make you sign a "agency agreement" indicating how he or she represents himself.
A "buyer's agent" does not mean your goning to get a better deal. Remember just because the broker has a document that says he or she is your agent does not give them magical power over the seller to get the seller to sell his or her home for less then they would normally or except terms they would, no more then your broker could get you to agree to buy a home you did not want to buy and pay and over pay for it. The ability for them to "better negotiate for you is a myth.
So whether you use a "buyer's agent," "seller's agent" or a "transaction broker," who works strictly for the transaction, it is important to do your own research. You know what your buying and if you have ANY concerns about anything don;t take a broker's word for it...hire the appropriate professional to give you an unbiased opinion. Many brokers try to be all things to all people, even if they have your interest at heart. many of them speak about things beyond the scope of thier actual area of expertise.
If you're on the buying end of the real estate transaction, our advice is:
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Carefully examine the location of the property, including schools. The quality of schools in an area often affects how much the homes appreciate.
Inspect a potential home carefully in daylight. You'll see imperfections better this way. Bring a notepad and jot down improvements you'll have to make.
Ask for a comparative market analysis (CMA Report), which gives the actual sales price of similar homes in the neighborhood. Ask for the area's median sales price for similar properties. This provides a starting point in the process..
Is there a homeowners' or condo association? Check whether any assessments are in the works. Plus, you'll want to know about any litigation against the association that could affect the value of the home or condo. You'll need to make certain the association is well-run by reviewing its financial statement, and you'll want a chance to review bylaws to make sure you can live with them.
Base your offer in the median sales price of similar properties, how desperate your seller is, how badly you want the property, how much work it needs and your other research.
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