Ten Questions to Ask Your Realtor When Selling a House
1.Are you a full-time professional real estate agent? How long have you worked full time in real estate? How long have you been representing buyers? What professional designations do you have?
Knowing whether or not your agent practices full time can help you determine potential scheduling conflicts and his or her commitment to your transaction. As with any profession, the number of years a person has been in the business does not necessarily reflect the level of service you can expect, but it is a good starting point for your discussion. The same issue can apply to professional designations.
2.Do you have a personal assistant, team or staff to handle different parts of the purchase? What are their names and how will each of them help me in my transaction? How do I communicate with them?
It is not uncommon for agents who sell a lot of houses to hire people to work with them. As their businesses grow, they must be able to deliver the same or higher quality service to more people.
You may want to know who on the team will take part in your transaction, and what role each person will play. You may even want to meet the other team members before you decide to work with the team. If you have a question about fees on your closing statement, who would handle that? Who will show up to your closing?
3.Do you have a Website that will list my home? Can I have your URL address? Who responds to emails and how quickly? What's your email address?
Many buyers prefer to search online for homes because it's available 24 hours a day and can be done at home. So you want to make sure your home is listed online, either on the agent's Website or on their company's site. By searching your agent's Website you will get a clear picture of how much information is available online.
4.What do you do that other agents don't that ensures I'm getting top dollar for my home? What is your average market time versus other agents' average market time?
Marketing skills are learned, and sometimes a real estate professional's unique method of research and delivery make the difference between whether or not a home sells quickly. For example, an agent might research the demographics of your neighborhood and present you a target market list for direct marketing purposes.
5.Will you give me names of past clients?
Interviewing an agent can be similar to interviewing someone to work in your office. Contacting references can be a reliable way for you to understand how he or she works, and whether or not this style is compatible with your own.
6.Do you have a performance guarantee? If I am not satisfied with your performance, can I terminate our listing agreement?
In the heavily regulated world of real estate, it can be difficult for an agent to offer a performance guarantee. If your agent does not have a guarantee, it does not mean they are not committed to high standards. Typically, he or she will verbally outline what you can expect from their performance. Keller Williams® Realty understands the importance of win-win business relationships: the agent does not benefit if the client does not also benefit.
7.How will you get paid? How are your fees structured? May I have that in writing?
In many areas, the seller pays all agent commissions. Sometimes, agents will have other small fees, such as administrative or special service fees, that are charged to clients, regardless of whether they are buying or selling. Be aware of the big picture before you sign any agreements. Ask for an estimate of costs from any agent you contemplate employing.
8.How would you develop pricing strategies for our home?
Although location and condition affect the selling process, price is the primary factor in determining if a home sells quickly, or at all. Access to current property information is essential, and sometimes a pre-appraisal will help. Ask your agent how they created the market analysis, and whether your agent included For Sale by Owner homes, foreclosed homes and bank-owned sales in that list.
9.What will you do to sell my home? Who determines where and when my home is marketed/ promoted? Who pays for your advertising?
Ask your real estate agent to present to you a clear plan of how marketing and advertising dollars will be spent. If there are other forms of marketing available but not specified in the plan ask who pays for those. Request samples or case studies of the types of marketing strategies that your agent proposes (such as Internet Websites, print magazines, open houses, and local publications).
10.How will you keep in contact with me during the selling process, and how often?
Some agents may email, fax or call you daily to tell you that visitors have toured your home, while others will keep in touch weekly. Asking this question can help you to reconcile your needs with your agent's systems.
Friday, July 16, 2010
Wednesday, July 14, 2010
Wheeling Median Sales Price up 5.5%
Wheeling median sales prices have risen from last year by almost 5.5% to $105,000. The increase reflects the improving market in the Ohio Valley. Below is a chart borrowed from Zillow.com illistrating the increase.
If you have any question about the Wheeling WV real estate market you can reach me by phone/text/email anytime! Buying or selling, I can help you succeed! Visit http://www.travisbroadwater.com for more info/to view all homes for sale in the Ohio Valley!
If you have any question about the Wheeling WV real estate market you can reach me by phone/text/email anytime! Buying or selling, I can help you succeed! Visit http://www.travisbroadwater.com for more info/to view all homes for sale in the Ohio Valley!
Tuesday, July 6, 2010
Friday, June 25, 2010
Guide to choosing replacement windows
If you are planning to install new energy-efficient windows in your home there are three factors to keep in mind: frame, glass and installation.
First, the frame can be constructed out of a variety of materials, including aluminum, vinyl and wood. Aluminum is not a practical choice in most areas because the metal conducts temperature and can fluctuate between hot or cold, however, because of its durability, aluminum may be the best option in coastal areas or rainy climates. Vinyl is inexpensive and practical, but may be limited in choice of color. Wood-framed windows are the most insulative, but they require more upkeep than aluminum or vinyl.
When it comes to glass, the most often-selected option is an argon-filled, double-paned window with Low-E glass. To understand a window's performance, check its energy-efficiency label. The "R" value is the measure of how well it prevents heat from passing through; it ranges from 2.4 to 4.5, and the higher the better. Conversely, the "U" value measures how much heat actually passes through and this number should be low.
Finally, if your windows are not properly installed, they will not perform effectively so be sure to hire a reputable professional. Broadwater Properties in Wheeling WV can provide you with a list of reputable window installation companies in the Tri-state area, just give us a call or visit us online at http://www.travisbroadwater.com.
First, the frame can be constructed out of a variety of materials, including aluminum, vinyl and wood. Aluminum is not a practical choice in most areas because the metal conducts temperature and can fluctuate between hot or cold, however, because of its durability, aluminum may be the best option in coastal areas or rainy climates. Vinyl is inexpensive and practical, but may be limited in choice of color. Wood-framed windows are the most insulative, but they require more upkeep than aluminum or vinyl.
When it comes to glass, the most often-selected option is an argon-filled, double-paned window with Low-E glass. To understand a window's performance, check its energy-efficiency label. The "R" value is the measure of how well it prevents heat from passing through; it ranges from 2.4 to 4.5, and the higher the better. Conversely, the "U" value measures how much heat actually passes through and this number should be low.
Finally, if your windows are not properly installed, they will not perform effectively so be sure to hire a reputable professional. Broadwater Properties in Wheeling WV can provide you with a list of reputable window installation companies in the Tri-state area, just give us a call or visit us online at http://www.travisbroadwater.com.
Sunday, June 20, 2010
Is Buying a Short Sale Right for You?
Is Buying a Short Sale Right for You?
A short sale is a pre-foreclosure property owned by the current owner that may or may not be in default, but needs to sell their property as a result of financial problems. The sale must be approved by the seller’s lender first because the lender has to write off the difference between the sale proceeds and what the seller owes on their mortgage. Because of declining home values, many homeowners are upside down on their mortgages. Short sales save the lender, seller and buyer money. The lender does not have to institute foreclosure proceedings. The seller does not have to go through the costs of a formal foreclosure process. The buyer gets to purchase a discounted property at or below market prices.
Short Sale vs. REO
So is a short sale right for every buyer? If you have the time and patience then the answer is yes. However, if you sold your home and must move into another one right away or are participating in a 1031 tax exchange, then a short sale is not the right investment for you. First of all, short sales take at least 3-6 months if not longer to get approved. There is no guarantee that the seller’s lender will even accept your offer. They may counter or not respond at all if the seller has assets and does not qualify for a short sale. Most of the time, buyers get tired of waiting and cancel after a few months. This can work to the benefit of the next buyer though if the lender has pre-approved the short sale based upon the first buyer’s offer. A pre-approved short sale can close quickly. So if you find a pre-approved short sale, you can expect it to close within 30-60 days. A pre-approved short sale improves your odds because you already know the price the bank wants, and the bank wants to close quickly and get their money. If you have cash, you have a much better chance of getting your short sale approved as well.
REO’s (real estate owned) properties are also good investment choices. They are already owned by the bank, and close quickly. You don’t need cash to purchase an REO, although it gives you an advantage. REO’s are also sold at discounted prices like short sales. However, the advantage of buying a short sale over an REO is there are fewer buyers interested in short sales because they take longer, and there is uncertainty as to whether or not they will get approved. Both are good investment opportunities though.
A short sale is a pre-foreclosure property owned by the current owner that may or may not be in default, but needs to sell their property as a result of financial problems. The sale must be approved by the seller’s lender first because the lender has to write off the difference between the sale proceeds and what the seller owes on their mortgage. Because of declining home values, many homeowners are upside down on their mortgages. Short sales save the lender, seller and buyer money. The lender does not have to institute foreclosure proceedings. The seller does not have to go through the costs of a formal foreclosure process. The buyer gets to purchase a discounted property at or below market prices.
Short Sale vs. REO
So is a short sale right for every buyer? If you have the time and patience then the answer is yes. However, if you sold your home and must move into another one right away or are participating in a 1031 tax exchange, then a short sale is not the right investment for you. First of all, short sales take at least 3-6 months if not longer to get approved. There is no guarantee that the seller’s lender will even accept your offer. They may counter or not respond at all if the seller has assets and does not qualify for a short sale. Most of the time, buyers get tired of waiting and cancel after a few months. This can work to the benefit of the next buyer though if the lender has pre-approved the short sale based upon the first buyer’s offer. A pre-approved short sale can close quickly. So if you find a pre-approved short sale, you can expect it to close within 30-60 days. A pre-approved short sale improves your odds because you already know the price the bank wants, and the bank wants to close quickly and get their money. If you have cash, you have a much better chance of getting your short sale approved as well.
REO’s (real estate owned) properties are also good investment choices. They are already owned by the bank, and close quickly. You don’t need cash to purchase an REO, although it gives you an advantage. REO’s are also sold at discounted prices like short sales. However, the advantage of buying a short sale over an REO is there are fewer buyers interested in short sales because they take longer, and there is uncertainty as to whether or not they will get approved. Both are good investment opportunities though.
Wednesday, June 16, 2010
Should You Buy Now!?
Should You Buy Now?
Even though the federal tax credits have expired, it is still wiser to buy now than rent. You get a tax write off and build appreciation instead of throwing money away each month. Home prices are so affordable today it is a good time to take advantage of the buyer’s market conditions with low interest rates and an abundance of properties to select from. Buyers can find great deals on distressed short sales, foreclosure auction properties and REO’s (real estate owned), including single-family homes, multi-family dwellings, townhouse, condos and commercial apartment buildings in all areas and price ranges.
If a large down payment is preventing you from buying, you can purchase an owner occupied property (single-family home -4 units) with an FHA loan that only requires a minimum of a 3.5% down payment. However, if you are going for traditional financing or buying non-owner occupied investment property, then you will need at least a 20% -30% down payment and good credit. If you have less than perfect credit, you may want to investigate seller financing or a rent to own program.
So the first decision you need to make is what type of property you want to buy and how you intend on using it. Intended uses including:
· Residing in the property
· Renting it out
· Holding on to it
· Flipping it
· Lease optioning
Be sure to line up your financing right away so you are ready to make an offer when you find the right opportunity.
Timing is everything in buying and selling real estate, and right now is a great time to buy, especially foreclosure real estate. Foreclosures are sold at discounted prices, and you get a property with built in equity. One thing for certain is real estate appreciates over time. With affordable prices, all time low interest rates and abundant inventory, there is no reason not to buy.
Travis Broadwater
Broadwater Properties
Even though the federal tax credits have expired, it is still wiser to buy now than rent. You get a tax write off and build appreciation instead of throwing money away each month. Home prices are so affordable today it is a good time to take advantage of the buyer’s market conditions with low interest rates and an abundance of properties to select from. Buyers can find great deals on distressed short sales, foreclosure auction properties and REO’s (real estate owned), including single-family homes, multi-family dwellings, townhouse, condos and commercial apartment buildings in all areas and price ranges.
If a large down payment is preventing you from buying, you can purchase an owner occupied property (single-family home -4 units) with an FHA loan that only requires a minimum of a 3.5% down payment. However, if you are going for traditional financing or buying non-owner occupied investment property, then you will need at least a 20% -30% down payment and good credit. If you have less than perfect credit, you may want to investigate seller financing or a rent to own program.
So the first decision you need to make is what type of property you want to buy and how you intend on using it. Intended uses including:
· Residing in the property
· Renting it out
· Holding on to it
· Flipping it
· Lease optioning
Be sure to line up your financing right away so you are ready to make an offer when you find the right opportunity.
Timing is everything in buying and selling real estate, and right now is a great time to buy, especially foreclosure real estate. Foreclosures are sold at discounted prices, and you get a property with built in equity. One thing for certain is real estate appreciates over time. With affordable prices, all time low interest rates and abundant inventory, there is no reason not to buy.
Travis Broadwater
Broadwater Properties
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