Real Estate Tips

Advice From Real Estate Agents

When buying a home, it is essential to cooperate as closely as possible with your real estate agent. This can be challenging, especially if your agent asks you to do some things that you don’t particularly want to do to in order to get you moved into your new home as quickly as possible.

When real estate agents advise you regarding ways to make the transaction work, they are acting as part coach and part business consultant cytotec australia. If you find the house you love and want to “sleep on” the decision for a few days, the agent knows that you run the risk of losing the house. If you are inclined to complicate your offer with clauses that might make the contract unattractive to the sellers, the agent may ask you to consider some modifications. Should you call the week before the closing with an attack of “buyer’s remorse”, your agent knows the cure. Following your real estate agent’s suggestions will increase your chances for a successful move!

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Considering Locations

The large, stately house that you drive by every morning on the way to work has had a “For Sale” sign sitting in the front yard for months. When you finally call for an appointment and see the house–you love it! And the price is lower than prices for similar houses on quieter side streets.

Houses located on busy streets may represent excellent buys in terms of space and amenities for the price. Some buyers who are very sensitive to noise or concerned about small children or pets may automatically rule out houses that are located on busy residential streets. If you don’t share these same concerns, you won’t consider a busy location to be a deterrent to buying the property. If the sellers have made pricing concessions on the property based on its location, this could provide an opportunity for you to own a far grander house than you thought you could afford!

Just remember that when you sell the house, the pool of prospective buyers may be smaller, and you may have to pass on a similar price break to the next owner.

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House Bargains

Houses that are spotlessly clean and tastefully decorated tend to sell quickly, and for top dollar. There can be substantial savings for home-buyers who are willing to purchase a property that needs cosmetic improvements.

When you look at a house that needs work, try to imagine it with fresh paint, refinished floors and new carpet. Consider the attractive features of the home. Would it get more sunlight if the draperies were opened and the windows cleaned? Does the back yard have potential?

Try to distinguish between the cosmetic condition of the house and the state of its structure and major systems. Some fixer-uppers need a lot of professional attention from electricians, plumbers and other expensive professionals, while others are true bargains that can be transformed with a little elbow grease, a paint brush, and your imagination.

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Buying Out Of State

People who are moving to another state are usually concerned about how they will be able to monitor the purchase or sale of a home across state lines. Your local real estate agent can assist you in the process of buying or selling property out-of-state.

The National Association of Realtors is a nation-wide network of real estate sales professionals, similar to the local Association of Realtors cytotec online canada. Almost every real estate professional is who is a member of the local association is also a member of the national organization. This professional affiliation among real estate agents all across the country works to your advantage when you buy or sell out-of-state property.

Your local real estate agent can contact an agency in the area where you want to buy or sell. When the relationship with the out-of-state real estate agent is established, your agent can coordinate arrangements by selecting houses for your consideration and helping you to strike a deal when you have made a selection. Having a local sales professional to help you work out any problems that may arise is a real plus.

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A Home With a History

A colorful history can add significantly to the value of a home. Researching the provenance of a property you are interested in buying can be both interesting and ultimately profitable. The market value of a home will be greater if it was designed by a notable architect, built by a company with a reputation for the finest construction, or lived in by a celebrity who hosted famous guests.

Ask your real estate agent if there is any historical data of significance associated with the home, or if previous owners were VIPs. Note the names associated with the deed and title to the home, and look them up with the help of the local historical society. Consult the microfiche in newspaper archives for references to colorful details of the home’s past. The county assessor’s office may have records of the date the home was built, and building permits may reveal the name of the architect. When inspecting the home, search closets and attics carefully for hidden historical “treasures”.

Buying an older home at a bargain price, then re-selling when it is renovated and restored can be an enjoyable and lucrative adventure.

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A Good Real Estate Agent

Real estate sales are complex transactions in which innumerable snags can occur. Professional real estate agents are trained to handle the many facets of buying a home. A good real estate agent is an invaluable asset to your venture if you are in the market for a house.

When you find a real estate agent with whom you feel confident, it is important to enter into a committed working relationship with that person. Concentrating your search with one real estate professional will allow the agent to become totally familiar with your housing needs, desires, and financial capacities.

Maintaining loyalty to the real estate agent of your choice will serve you more than scattering your attention among several agents. When an agent feels your commitment, he or she will devote great energy to finding the right home for you.

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What Sellers Might Disclose

Most states require a home seller to provide the buyer with some type of disclosure form. What might the seller have to disclose?

A Residential Property Disclosure Form requires the home seller to disclose facts about the home’s heating, wiring or plumbing systems, including any defects that may exist, such as leaks in the roof or cracks in the foundation. If something in your home is not working properly or needs repair, you will need to either fix it or disclose the material defect to the prospective buyer. There are other disclosure forms, unique to each local area, that require sellers to disclose negative environmental factors or local building code issues. A lead-based paint disclosure form is required for homes built prior to 1978.

State legislatures and courts all over the country have passed laws regarding concealing defects from an agent or buyer. Ask your real estate agent about your obligations as a seller regarding disclosure.

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What Not To Do When Selling

Putting your home on the market is a major decision that carries a high stress factor. Sellers sometimes become emotionally overwhelmed from the pressure and make expensive mistakes. Here are some pitfalls to avoid when selling your home.

Don’t fail to disclose defects in the property. Disclosure laws require you to reveal information about the home systems, including environmental issues, structural problems, homeowner’s association rules and restrictions on use of the property. Many buyers will require an inspection of your property prior to finalizing the sale, and problems you may hope to hide will tend to come to light.

Don’t make last-minute home improvements that may not add value. Remodeling takes time, will prolong the work of getting your home ready to show, and won’t necessarily please buyers. Don’t price your home too high. Your asking price should be within range of comparable homes in the area that have recently sold. And finally, don’t try to sell your home without the help of an experienced real estate agent!

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Read the Fine Print

Many states require the seller of a home to fill out a real estate disclosure statement when transferring the title. The disclosure is designed to reveal any material defects in the home to the new owner. When buying a home, take the time to read the fine print of the disclosure form.

Look for a section that asks the seller to indicate the material defects that exist in the home’s major systems. Most forms will specify interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, and the electrical and plumbing systems. As the buyer you will want to know of defects in any of these areas.

Sellers are required to note the presence of environmental hazards or zoning violations. They must disclose if there are any encroachments or easements, or walls or fences shared with adjoining landowners. Room additions or repairs made without the necessary permits or not in compliance with building codes must be noted. Sellers must disclose citations or lawsuits against the property. If any such conditions appear on the disclosure form, consult with your real estate agent immediately regarding how to proceed with negotiation.

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Potential Problems

Every house has some “quirks”, and some have material defects that may affect the sales agreement or the asking price. Placing a less-than-perfect house on the market is fine as long as you and your real estate agent give the buyers information on any “hidden defects”.

Most litigation in real estate transactions involves the buyer suing the seller for failure to disclose a problem. Whether it is a leaky roof, dry rot, plumbing or heating problems, or a wet basement, most courts do not apply the “let the buyer beware” rule to real estate transactions. Even if the buyers had a structural inspection and you sold the property “as is,” you may be held responsible for undisclosed defects.

Sellers have an obligation to disclose both obvious and hidden defects. Courts have not been sympathetic to sellers who have lived in a house and are in a position to know what works and what doesn’t, but do not fully reveal the facts. This is one area where honesty is the only policy. Ask your agent for help if you are unclear about any aspects of the disclosure form.

Filed under: Disclosure Laws, Real Estate Tips by AgentImage