Real Estate Search and Sale LLC

Realtor Screening- How can you find a good Realtor?

•  A Realtor must be doing transactions currently and in the recent past in order to:

- know the market trends

- know current real estate laws

• A Realtor should be able to provide at least five current references.

-If you are a buyer, make sure that you get buyer references.

-If you are selling, make sure that you get references from the Realtor’s clients that have sold their properties using the particular agent.

-Ask the references if the property closed on time.  Did they get the offer that they anticipated?  Were their issues that the agent could have handled better.  When you ask specific questions, you will be able to determine whether the experience was actually positive or if there were problems that would go undisclosed.

•  Ask the Realtor for a letter of recommendation from the broker.  It is essential that the agent has a good relationship with the broker.  This also shows that the broker may be accessible if there are problems that need to be resolved.
• Has there been any disciplinary action claimed against the agent?  Many states will post agents who have had complaints filed against them and any disciplinary action that has been taken.
• How much will the agent charge you to represent them.  In many states it is assumed that the home seller will pay the buyer’s agent.  In states, such as Maryland the buyer agent agreement is actually unclear.  It assumes that the seller is going to pay, but does not specify.  There have been cases in which the buyer’s agent has collected from both the seller and the buyer, without disclosing this to the buyer first.
• Ask the agent to produce comparables and a executive summary of their findings.  Agents often interpret information differently.  This does not necessarily mean that one agent is right or wrong, it simply gives insight to their thinking process and lets you know if you think that they can decipher the information that the computer will spit out to them.  This also helps prevents hiring an agent that is trying to get your business by telling you that you can get more for your home than other agents that you are interviewing.  Agents that sell you are not necessarily agents that will be able to get your home sold. 

-If you would like Real Estate Search and Sale LLC to pre-screen an agent for you please contact us @ buyandsellexpert@gmail.com  write “prescreen agent” in the headline.

 If you select an agent that we pre-screen for you, you will be given $200.00 toward your closing costs.

We get paid by the agents we refer.  If you would like to send us a list of three agents that you would like screened, we will ask each of the agents if they are willing to pay a screening/ referral fee.  Most say, yes.  This program is only applicable if the real estate agent signs the screening / referral form.   The form states that they will be completely transparent regarding their prior transactions and that they are to document any issues that may have arisen along with an explanation.

After the screening process we email you our findings. 

When your title company/ closing agent is determined, you simply send us a note and we will send them, verification that we are paying $200.00 toward your closing costs or cash back at closing if allowed by the title company and your state law. 

Getting a professionally screened real estate agent the first time will can prevent some headaches in the long run.  An experienced agent knows many of the pitfalls and how to address them.

Property Insurance Laws have changed in many states such as Maryland.

 Maryland recently passed a bill that states that the master insurance policy of condominiums and homeowner associations do NOT have to cover the individual units.

 Property owners are under the false assumption that they are covered.  They are NOT. 

Since the law has been passed stating that the master insurance policy does not have to cover unit owners, associations are filing for changes to their policies in record breaking numbers.

If you are not sure if you are covered under your master insurance policy, as your association to send you something in writing.

 I will work to get a bill passed that requires all associations to notify owners of any changes to their insurance policies.

 As always, your feedback, insight and support are appreciated.

Without the proper property insurance all of your assets may be at risk.

The Maryland Departement of Assessments has told me that it is NOT a good idea to file an appeal in writing, as they may misinterpret the documentation the way the the appealant had intended.

 I sent a copy of my property listing.  The property was listed for $410K.  I bumped up the purchase price to $438,500 so that I would have some money to replace the roof and the deck, regrade the property on both sides of the house where water was coming in and fix some major plumbing issues.

I neglected to state this in my letter.  I thought that the fact that I had just purchased a property that had been on the market for 59 days would demonstrate that I had paid fair market value.  I was not dickerying about the value between the list and what I paid.

 I was told by the assessment office that the listing remarks stated that the house was listed under market and that it was a fantastic home.  I said that the house would be listed under market for a home in top condition.  I thought that the agent had stretched the remarks a bit and that this was not uncommon and that many agents stretch this a bit- especially in this market.

I said that it is a fantastic home, but it needed about $50K in work, removing the old deck and gutting the basement before the house was livable.

Me: The remarks also stated that it was being sold “as is”. 

The assessment manager: most remarks state this now. 

Me: It was mainly the bank owned properties and short sales that were being sold ”as is”. 

If a home seller wants to get top dollar for his property, it should be in the best possible condition and it should not be advertised ”as is”.  For this the manager said nothing.

 I asked her about the comparables that were used to assess my home.  I stated that most of the properties were newer and the living space at the time of assessment was much smaller.    She stated the the “compararables” that I had requested and received were not comparables at all, but they were area assessments.

Me: Okay- how does this effect the assessed value that was determined for my home?

Assessment Manager: some of the properties were used for the assessment, not necessarily all of them.  

Me: Okay, which ones were used.

 Assessment Manager:  I don’t know until the rest of the paperwork that you requested comes to my desk.

Me: I have checked every “area assessement” that was used.  All of the properties were newer than mine and had more living area.  None of them were in the terrible condition that mine was in. 

Assessment Manager: This is why you should never file an appeal by mail.  We had no idea what condition your home was in.

Me: What if I get an affidavit from the listing agent.

Assessment Manager: You should have asked us for a property review before you made the improvements.

Me: This was not stated on the appeals form.

Assessment Manager: That is why you should never file an appeal by mail.

Me: Uggh!!!!!!!  ( you don’t know what you don’t know)

Me: All of the homes on the area assessment were assessed at or below the assessed price, but mine was assessed for $85K above the purchase price.  Can you tell me why.

 Assessment Manager: You do have quite a bit more land than the home that sold around you.

Me: Yes, I took this into account, can you tell me what the difference is in the value of my land compared to the others?

 Assessment Manager: About $20K

Me: This still does not make up for the difference in newer homes with more living space, that are in better condition, but assessed for less then mine.

Me: Can you  tell me what the guidelines are for assessments, as it does not appear to be an appraisal.

Assessment Manager: No, it is a bulk assessment. We take into consideration recent home of similar sizes.

Me: The homes in my area assessment were all larger then mine.  Some were twice the size.

Assessment Manager: I have to wait to see the area assessments that were used before I can make a comment.

Okay, I feel sorry for the Assessment Manager.  I was grilling her.  Frankly, I just don’t understand how there can be such a huge descrepancy between what you just paid for a home and the assessed value, if the home was sitting on the market.

 There is a difference between purchasing a home on a short sale for well below the market and paying market price for a home.

If a home is priced well below market, it will go quickly, as market value is what a buyer is willing to pay under normal circumstances.
http://buyandsellexpert.com/wp-content/themes/revolution/images/thumb_04.jpg