Question:
Not
making a low offer ?
Answer: Only
make an offer for what you think the house is worth. If the seller
declines your offer you have lost nothing. He or she can always make
a counter-offer and you can counter-offer again until you find a suitable
price, or you can walk away.
Question:
Not
making the correct price comparisons
Answer:
Few houses
actually sell for the asking price so don't assess the value of a
house only on the asking price. Real Estate Agents are able to compile
reports that reflect and compare the selling price of similar houses
recently sold in the same area. (These reports are commonly referred
to in the industry as Comparative Market Analysis or “CMA”). Agents
can also tell you which houses did not sell and were withdrawn or
expired. This will allow you to make a more accurate decision whether
the asking price is market related.
Question:
Forgetting
to calculate all the costs
Answer:
Remember when calculating the maximum price you can afford to include
all the many hidden costs you might initially be thinking of. This
can easily be as mush as 10% of the Home Purchase Price and should
be deducted of the total to leave you a safety net. To determine your
specific circumstances ask a lending institution to calculate your
price range. They will do this for you at no charge, as they need
this information to provide a mortgage and hope to get your business.
Many real estate agents can also assist with this calculation.
Question:
Fear
of losing a specific house
Answer: Don't fall in love with the first house you see. Also
beware of getting hooked on a specific house so much that you throw
caution to the wind. There are many houses and houses come onto the
market all the time. Take your time, within reason of course. Frequently
the best deal is just around the corner.
Question:
Not
looking past the interior decorating or cosmetic improvements
Answer: Don't choose a house just because you like the interior
decorating. That is not what you are buying and usually will go all
go with the Seller when he moves. Look past any cosmetics improvements
such as recent paint and wallpaper, quickly redone gardens, etc. Remember
to check out the actual structure of the house itself. You should
also investigate the piping, roofing, electricity, etc. Those are
the things, that if faulty, you will have to deal with later on.
Question:
How
do I determine a price?
Answer: This process generally begins with a determination
of a reasonable asking price. Your real estate agent can give you
up-to-date information on what is happening in the marketplace and
the price, financing, terms, and condition of competing properties.
These are key factors in getting your property sold at the best price,
quickly and with minimum hassle.
Question:
How
do I determine a marketing plan?
Answer:
The next
step is a marketing plan. Often, your agent can recommend repairs
or cosmetic work that will significantly enhance the salability of
the property. Marketing includes the exposure of your property to
other real estate agents and the public. In many markets across the
country, over 50% of real estate sales are cooperative sales; that
is, a real estate agent other than yours brings in the buyer. Your
agent acts as the marketing coordinator, disbursing information about
your property to other real estate agents through a Multiple Listing
Service or other cooperative marketing networks, open houses for agents,
etc. Advertising is part of marketing. The choice of media and frequency
of advertising depends a lot on the property and specific market.
For example, in some areas, newspaper advertising generates phone
calls to the real estate office but statistically has minimum effectiveness
in selling a specific property. Overexposure of a property in any
media may give a buyer the impression the property is distressed or
the seller is desperate. Your real estate agent will know when, where
and how to advertise your property. There is a misconception that
advertising sells real estate.
Question:
What
about security when my home is listed?
Answer: When the property is marketed with the agent help,
you do not have to allow strangers into your home. Agents will generally
pre-screen and accompany qualified prospects through your property.
Question:
Do
I have to to agree to the first contract placed on my home?
Answer:
The negotiation
process deals with much the same issues for both buyers and sellers,
as noted above under the buying process. Your agent can help you objectively
evaluate every buyer's proposal without compromising your marketing
position. This initial agreement is only the beginning of a process
of appraisals, inspections, and financing -- a lot of possible pitfalls.
Your agent can help you write a legally binding, win-win agreement
that will be more likely to make it through the process.
Question:
Monitoring,
Renegotiating and Closing
Answer: Between the initial sales agreement and closing (or
settlement), questions may arise. For example, unexpected repairs
are required to obtain financing or a cloud in the title is discovered.
The required paperwork alone is overwhelming for most sellers. Your
agent is the best person to objectively help you resolve these issues
and move the transaction to closing (or settlement).
Question:
Can a real estate agent really help me in buying and selling property?
Answer: The answer is YES! When you're ready to think about
buying or selling your property, you need to ask yourself the following
questions: · Do you have the time, energy, sources of information,
and contacts to do the job yourself? · If you were one of the 'do-it-yourself'
people, would the results be as good or better than they would be
if you had professional assistance? · Would it have gone smoother?
· Would it have given you more personal time? · Would you have purchased
for less, or sold for more, if a real estate agent was involved?
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