Why Does It Take An Agent Time To Make My Appointments !

One of the very first discussions I have with all my buyers after we have agreed that I will be representing them is the general rules for scheduling showings.  This blog will give you an idea of how and why it is not always that simple to get into listings and what you should be expecting !

Why Do I Have To Go To Open Houses Without My Agent ! 

• The first reason is because although we work for buyers, we also work for sellers and they are at the same time.  We must send our buyers to open houses, because we also need to hold our open houses for our listings.  The windows of time for open houses are often similar if not at the same time so do not take this personally, go armed with your Realtors cards and if you do like the home your agent should make a 2nd appointment to accompany you for another look ! 
• There are also times where if a listing is a bit difficult to show the listing Realtor may have more open houses rather than private showings.  This is something that neither the listing agent or your realtor has control over - it is decided by the homeowners and how/when they want their home shown.  

I Saw A Home Driving Home And I Want To See It Tonight ! 

• If the home is vacant this is rarely an issue, but try and be realistic their might be a conflict in schedule.  Often times our week is booked solid by Tuesday or Wednesday filled with buyer and appointment at our own listings.  Generally if your working with a good agent they will call you to see what day/time that week you would like to go and look at homes this way the time is booked for as many homes you would like to see including those that might come onto the market during that week ! 
• Homeowners & agents that need to be their to accompany also play a big part in that availability of seeing a home. Homeowners imparticular will normally ask that you give them a reasonable amount of time to "prepare" for their home to be shown.  Your agent will be able to see this if the listing agent has it noted on MLS simply by pulling the listing information.  

My Agent Says That Their Are No Interior Showings ! 

• This may seem a bit ridiculous, who would buy a house if they can't see the inside of it ! This is more common than you might think - income properties are the most common occurrence because the house is not owner occupied and is rented out - they will not want their tenants disturbed unless the buyer has a proven interest in the home.   
• Also sometimes in the case of short sale/foreclosure because the tenants are protected by law that if they have a lease that although the house can be sold their lease is still in affect.  Commonly with those cases once the lease is up and the tenant vacates the home will than be able to be shown.  
• This is also common when your agent is calling on a listing that is an exclusive listing from another company.  Ordinarily you would not be able to be get access to these listings but when their is a buyer broker contract in place it does open that inventory up to you.  Keep in mind many homes that are being held on exclusive will normally have a reason for this, such as work going on in the home or in the case of an estate sale they might be getting the executor in place.  

Keep in mind when you are out their looking for a home that there unfortunately are some homes that are just a bit more difficult than others to see.  The general rule to have successful showings is to give your agent notice, and in turn they will be able to make arrangements for each one of those homes and you will have a nice day of home shopping  ! 

Common Questions About Closing

Often times as agents we come across certain questions or situations that are quite common to us, the job of a real estate agent is not only to help you but to educate the public on all things real estate.    These next few blogs I want to address each situation and the common questions or fears that a buyer or seller may encounter.  Each week will be a different topic - if you have a specific question please feel free to comment and I will make sure to either answer you directly or write a blog specifically to answer your question !

How Is The Closing Date Determined ?
Your closing date is determined usually between 4 - 6 weeks from the time you go into contract.  Often times sellers will ask why the date on the sales agreement is different from the date in the contract.  This normally will take place because the date on the sales agreement is 4 - 6 weeks from the day the offer is presented.  If negotiations take a week, or there is a delay in order to perform a home inspection the attorneys will extend the closing date to give the buyer adequate time because of the delay.

What Is The Closing Date VS Commitment Date ?
In all real estate deals that involve a bank there will be a smaller window of time for the buyer to obtain their mortgage commitment - this is generally 30 - 45 days it is the most important part of the transaction.  After the commitment is received there are still additional steps left to be able to get to the closing table including the title report and information they may request.  These are the items that generally take a bit longer to pull together which is why they have 2 dates for these items to be completed.

Why Does The Kind Of Deal Effect Closing Date ? 
All Cash deals tend to move a bit quicker because their is no bank involved so you move straight to simply waiting for a clear title without having to wait for the bank.  Cash deals are still entitled to home inspections but typically the home will be sold as is so their will be no repair requests to be fulfilled.

Deals that involve the buyer obtaining a mortgage are at the mercy of the bank, unfortunately not even the buyer has any control on how quickly or slowly the wheels will go into motion.  The bank appraiser will also play a role, they are a hired 3rd party and also do not answer to the buyer.  The amount of time it takes for them to complete the appraisal and the bank to receive and approve it can take time.   The larger the bank does not always mean they will move quicker than a smaller bank because they will have many loans that need to be serviced.

How Much Time After The On Or About Date Do You Have ? 
There is a "grace period" from the on or about closing date, the reason why is because sometimes the timing of a move can be tricky.  If the seller is moving into another home it may or may not be available, or buyers could be moving from another state or area.  Because the timing is something that might need to be finessed a bit you are given 30 days from your on or about date to get to the closing table.

Can Either Party Require Closing Before The Closing Date ?
Typically no one can "force" a buyer or seller to close before the on or about date.  Even if buyer and seller agree they want to move quickly getting it on paper involves a few other important parties.  The attorneys of course will need to be available, but the schedule of the bank attorney as well as the title closer need to be available as well.  This can sometime push a closing to a later than one may want - if you need to close quickly giving your agent a realistic date for them to help you navigate if the buyer or the home is right for you is very important.

Can A Seller Simply "Change Their Mind" About Selling ? 
The seller can always change their mind, but often financially it is not recommend.  If the seller defaults you can sue for specific performance forcing them to sell the home.  They will also become responsible for the costs that you had from appraisal/mortgage fees, inspections, and even agents commission.  Once you have hit the "On Or About Closing Date" if they seem to be a bit hesitant on the sale you can & should request a time of the essence letter to be sent out regarding your closing.

Can A Buyer Simply "Change Their Mind" About Buying ? 
Just as a seller can back out with repercussions that same goes for the buyer.  There are a few circumstances though for a buyer where they will not be in breach of the contract.  If they are unable to obtain a mortgage, this is not something that they can just say.  Their must be a letter from the bank which proves that they applied for the mortgage and it was denied.  The buyer also has the right to re-negotiate if the home does not appraise for the sales price - if a new price is not agreed upon they have the right to not purchase.

What Can Your Agent Do ?

Too often for both buyers and sellers the question "Why can't you take care of that, you are my agent!" Comes up during a conversation.  As your agent we do work for you, you in all reality are our boss and there are many aspects to our job that give us a large amount of control, but at the very same time their are parts that we do not have any control over.

Why Can't You Put More Information On The Listing ! 

• This is the toughest question to answer, because we are not only limited on the amount of room that is given on the description of your home but also what we can or can not say.  The Multiple Listing Service of Long Island has a very strict policy on what can and what can not be said.  Even a simple infraction can cost upwards of $250 for your Realtor.  Things like "Fantastic Schools" or "Up and Coming Area" are not acceptable on a listing so when reviewing your listing. 

• Affiliated sites like Trulia, Zillow, Yahoo Homes and many others pull their information directly from the MLS site, we do have control over whose information is listed for potential buyers to contact but we are not able to require specific information from a buyer who is placing the request.  These websites decide themselves on what is required from the buyer - some only require a name and phone number where others will require name, phone number, and email.  Coldwell Banker Residential does have a specific team for all inquiries placed through our direct site, these buyers are called immediately to get all the information for the agent.  

Why Didn't The Agent Know ! 

• This is a question that is not just frustrating for a homeowner, but for agents as well.  We do not have control over the knowledge of other Realtors, or even the way in which they show a home.  That being said that Realtor may not have control over a buyer insisting on seeing a property even if the Realtor knows it's not the right fit.  That saying you can lead the horse to water but you can't make him drink is the best fitting for this situation.

• We can speak to another agent about the great energy efficiency of a home, the recent upgrades, even simple aspects like the kind of sale the home is but we can not force them to relay this information to the buyers.  This is why many agents myself included prefer be there for all showings of our listings, unfortunately even than sometimes a lack of communication between buyer and agent can lead to a frustrating situation.  Try to give your Realtor a break, if they are attending showings they are trying to be as proactive as they possibly can be to make sure all showings of your home go well. 

Tell The Buyers/Attorney/Bank/Town To Hurry Up ! 

• Your agent will become the liaison between all parties during your transaction, communicating between all parties is actually the reason buyers and sellers opt to use an agent rather than trying to do it on their own.  It is important to realize and understand that sometimes even your agents hands are tied.  

• We can recommend to you our thoughts on a buyers offer but we can not negotiate offers or terms without you telling us to.  That is as much input we are legally allowed to is advise you on a situation, leaving the decision ultimately up to you.  Things like "low ball offers" must be given to you, even when we may clearly know that you will not counter or entertain - this can be frustrating for a homeowner but if you receive more than 2 or 3 of these offers you should take another look at your market to be sure your home is in fact priced correctly. 

• When reviewing contracts your agent needs to be very clear and specific on relaying the terms that were agreed upon to be sure they go into that contract.  The amount of time till commitment is required, closing date, concessions, permit & co information, and repairs are all important bases that are referenced in this contract.  Once you are in contract all of those items will no longer be able to be controlled by your agent once the terms have been set in place changing them is often not possible.  

• Let's look at an example of these, starting with bank commitment and appraisal.  We can not force updates on status commitment from the bank, not because of the buyer but because privacy laws will not allow even a status to be given to someone who is not the buyer.  Appraisals are actually done by 3rd party appraisers hired by the bank, the appraisal can only be ordered according to the process that the bank has in place not sooner or later.  The agent is also not in control of what comparable homes that are used, we will always offer them to the appraiser but we can not force them to use them -the agent unfortunately is not entitled to see the completed appraisal until the bank has received it. We also can not ask appraisers to leave items out of this report, every part of your home will be documented by the appraiser whether they are legal or not the appraiser also does not have a choice that is why they began using 3rd party appraisers to have a neutral party. 

These are just some of the common items that come up, the best way to handle these things is by asking your Realtor the open question of "Why can't you".  Many times it is not that the Realtor does not want to take action and remedy the issue it is many times out of our control.  

Selling Your Home In The Winter - Fact VS Myth

It is safe to say that the holiday season is upon us, but if your home is on the market many homeowners begin to worry about if now is the "right time" to sell your home.   This blog is going to explain some of the facts vs the myths of home selling during the winter ! 

Myth #1 - No One Buys A Home In The Winter ! 

• Plenty of buyers are out there shopping for their dream home, and although you will NOT get as many buyers it becomes a matter of quality of quantity.  During the spring and summer months it is true that the turn-out for open houses is greater, but that is also because many of the buyers who attend an open house are not yet ready to make a purchase.  

Myth #2 - If I Take It Off The Market, Come Spring It Will Look Like A New Listing ! 

• Truth is your home will look like a new listing, until the buyer has their agent pull the listing and they see all of your previous listings.  If anything this can hurt you because just like a homeowner looks for a serious buyer, the buyer will also be looking for a serious seller. 
• Your competition come the spring and summer months is also always higher, because so many homeowners do wait until the spring to put their homes onto the market.  Take advantage of a better placement for your home because of the lower amount of available homes for buyers to buy.  

Myth #3 - I Want To Be Able To Decorate & Have Family Functions 

• First let me say, I love Christmas decorating my home can be seen from blocks away so I understand the wanting to decorate and celebrate.  You absolutely can decorate your home for the holidays and celebrate your choice, but make sure pathways are obstructed and that it does not bring about too much clutter.  Also have your agent take your homes pictures for MLS prior to the decorating.
• Showings during the holidays can be much easier than one would expect as long as you have a Full Service Brokerage & a good agent on your side.  During the months of November & December I allow the homeowners to require a bit more notice for showings and place these show instructions on MLS as well as with the front desk.  This avoids the last minute appointments that often cause the most stress for the homeowners.  Although I always try to attend showings of other agents, during these two months by having all showings with me it allows the homeowners to not need to change their plans in order to have their home shown.  

Commissions And What Buyers & Sellers Should Both Know !

I have written many blogs about why you should be using a Full Service Real Estate Brokerage for the services they are able to offer is so important.  Commission is always a top  reason for why homeowners may list their home with a company and buyers opt to not use a Buyer Broker.  I wanted to take the time to explain the pro's and con's and really break down who actually decides on the commission and ways to make sure you only pay what you are comfortable to the agent who works for you.  

Sellers: You Will Always Get What You Pay For

• When your interviewing don't ask about the agents commission until the very end of the presentation.  Review what they agent will be doing, and make sure you ask the most important question: What will they be doing that another agent won't be able to offer you to get your home sold ! Often times you will begin to tune out the agent if you do not like the answer on commission, but you should always make the decision based on the work the agent will put into your home.  

• If your list your home with a discount brokerage they will often "discount" the commission on the selling agents end of the deal, and many homeowners aren't aware that they are actually in charge of who gets what percentage.  This is very important because most listings on MLS offer out between 2.5% and up on selling agent commission if your home is only offering 1% - 2% you are less likely to get showings by agents other than your listing agent.  

• When you are working with a Full Service Brokerage you will also have something that other homes will not, and that is protection to hold your agent accountable.  Specializing in expired listings I hear all the time that the agent didn't do what they said they were going to, and unfortunately working at a discount the homeowners had no recourse.  ALL Full Service Brokerages will have a part of the contract apart from the listing itself that will be their guarantee listing all things they will be doing, and allow for release of the listing if the services are not being performed.  

• My friends uncles wife is an agent, she will do it at a discount because we are so close ! How many times I have seen friendships torn apart and families at battle all because they mixed their "business" with their personal life.  Not only the fact that some hurdles can cause a bigger issue when you use this method of choosing an agent, as a homeowner you will be less likely to hold the agent accountable.  You need someone one step removed from the situation to make sure you are looking at things from a reasonable perspective not only about pricing but even things like staging can become a bit awkward for everyone involved.  

Buyers: You Can See 20 Or 200

• The myth that has been depicted on Reality TV has led to so many misconceptions about home purchasing.  I have never in my entire career seen a buyer look at 3 homes and choose 1 but that is not to say that you need to see 200 either.  If your working with a buyer broker you will have someone who can look thru listings and have them immediately filtered for you.  How many homes you will see really does come down to what kind of home your looking for but usually between 10-20 is a safe number to figure.  

• You don't need to play phone tag with agents, every agent hears how that other agent didn't call the buyer back.  When you have a buyers agent it is almost like you having an assistant you have someone there to do all the legwork for you! They will call and make the appointments, they will check status, and you will have a buffer at open houses.  

• Most of my buyers come to me because of my designations as a Certified Buyers Agent, this is something that all buyers should be looking for.  There are a lot of things that a Buyers Agents can do that a Brokers Agent is not able to.  How the offer is presented, what information is relayed to the seller from financial information to the reasons for the move are all things that are determined by the agency.  If you are not working with someone who is well versed in the law they will not always have the knowledge to know what they can do differently to help their buyers ! 

• This is the best reason to use a Buyers Agent, but often overlooked.  Your paying for it whether you use it or not ! All sellers are aware that 95% of the time the agent who sells it is not the listing agent which is why their is commission offered to the other agent.  Now if your paying for something why wouldn't you take advantage of it and make your life and process easier ! 

• The famous last reason, the listing agent will get me a better deal ! I've spoken to buyers after they use this theory and they always feel the complete opposite after the fact, because of course the agent wants to sell their own listing BUT at what cost.  NYS Disclosure is very clear if the listing agent is working for the sellers and not you than their job is to get you the home at the HIGHEST possible price ! 

Whether you are a buyer or a seller the most important part of being comfortable with the agent and the commission is to have open communication.  If you have a set plan of how your going to get your home sold or home found and purchased than knowing your getting the job done correctly will always be worth paying that little bit more in commission.  The reality is most commission objections are normally only over minimal amounts of commission of only 1% - 2%.  This is money that will be lost if your home sits on the market without selling because you will be keeping it for 6 months or longer than expected ! 

What Sellers Should Know About Pricing

Pricing is always a very important factor when it comes to selling your home, it will usually be what makes or breaks the decision for many homeowners.  Whether you bought your home in the height of the market for top dollar or for those who have owned it for many years the realization of what your home is worth will often come as a shock to your system.  This blog explains how and why the pricing of your home is so important, and hopefully some tips to help those sellers to sell fast and for top dollar !

The Power Of Pricing 

• Many homeowners believe pricing it a bit higher will leave room for negotiations but with today's technology it will often keep the home from being shown or even seen.  There is no way for your Realtor to tell those who are browsing online that the homeowner has a large amount of negotiating they are willing to do, and with inventory still high buyers can/will bypass to the next home.  
• Market pricing, allows the home to have the average amount of showings, and than value will than be determined by the buyers.  We will always suggest paying careful attention to the feedback after ALL showings to get the buyers perception of value.  In some cases it will be helpful, and in other cases buyers will simply want to go with the lowest number possible - your agent will be the one who can make that call since he/she will have the comparable homes to show an educate both you and a potential buyer.  
• "Power Pricing" is something that Coldwell Banker Residential Brokerage has actually adapted a completely new system of advertising for.  These listings are not just priced and set up the same as the others because they are priced to sell within 30 days for ideally above the list price.  This is done simply by creating a perception of value immediately with a slight price adjustment and additional advertising - todays buyers are educated they will know a great value when they see it ! 

Broker Open Houses

• There are 2 reasons why Realtors will hold Broker Open Houses, the first of which is of course to show off the listing by letting the other Realtors preview the home in order to determine if they have a buyer for it.   Brokers in the area will want to be up to date on all listings not just those in which they have listed. 
• The 2nd reason is because after we have the home listed we want an educated perception of value from the agents in the area.  The feedback of the realtor vs a buyer is priceless because their is no emotional attachment or low-balling to get a good price it is simply other professionals giving an opinion.  This would be similar to you interviewing 6 or 7 realtors to get the opinion on price without the never ending interview process.  

Showings & Offers 

• If your not having any showings, and your listing information is accurate and descriptive than chances are your home is overpriced.  Your listing should be giving buyers a virtual tour of everything your home has to offer, now if you are not giving much information in your listing that can also be the cause of your home not getting showings or inquiries.  The best way to avoid this situation is to look over your listing prior to it being posted on MLS and look at it from a buyers point of view.  
• If your having a lot of showings but no offers coming in than again you can attribute this many times to it being the price, BUT their are some listings that just need a particular buyer.  If your home is something "out of the ordinary" that will usually be the case.  Being in Babylon Village this can often times happen because their are a larger amount of small cottages and vacation homes that are on the market.  These homes will often spend time on the market not because they are overpriced but because it is meant for a very particular buyer.  You should always make sure that you work with a company from your area for this reason, you want a Realtor who knows your market specifically  not one whose area is towns away.  
• Low-Ball offers on a home that is obviously worth more than the buyers opinion are often a sellers nightmare.  Although most buyers are highly informed and use a Buyer Broker, it will not stop these low ball offers from coming in.  This again is why having feedback from the brokers open is so important, you will be able to be confident in not entertaining those offers because you now have multiple sources of the value of your home.  

Features VS A Value 

• Many sellers attribute their homes features and values to large increases in their homes price.  Unfortunately the bank might not see those in the same monetary amount as you may think.  There is an entire blog outlining what you can expect for the bank to allow you to use to up the price of your home HERE.  
• Always keep in mind when it comes to features and values that it is really buyer dependent.  The homeowner might see their pool as a feature, but buyers might not see it that way - luckily things like pools are something that the bank will allow an increase in price but what about when it is something that they might not ? There are times when a homeowner will do things to their home not because it raises the value but because it is their personal taste - the best way to tell if you are adding value or just over-investing is by scoping out your neighborhood.  If you see that all of your neighbors have done updated siding rather than leaving the original shingles than it is safe to say it will be a good value to add to your home as well.  

So Many Houses, How Do You Make It Easier ?

With so many homes on the market, buyers have more than a few homes to choose from.  The larger area you are looking in you may find it a bit overwhelming getting in to see them all, as well your agent will be calling you with much more in the way of updates on the homes.  This blog will help you make it through the process of finding the right home, and keeping it from being an overwhelming and sometimes confusing process.

Decide What Kind Of Sale You Want & Timeline ! 

• Even if you don't have a rush on your move, you should have a ideal timeline in which you want to compete your purchase.  This will help your agent narrow down homes by the type of sale and put them in an order which will allow you to know what homes will be quicker sales than others.  
• The type of sale is also important for what kind of representations you want the seller to provide.  Typically short sales and estate sales will not be willing to do any work or repairs to a home, verse a homeowner who normally will be willing to do repairs or treatments to the home.  

Set The Time Aside For Your Agent

• When your looking to set up private viewings of homes, your agent will normally need to give at least 24 hours notice to get into listings, but we will need another 24 hours to be able to get status updates and get those appointments confirmed.   This is something that is very important because you will not want to rush through the homes so your agent being able to schedule them with time in-between is very important.  Typically I always figure that we will be in the home for at least 20 minutes, but remember that their will need to be travel time as well.  
• When you are heading out with your agent you may not want to see too many in one day.  The reason why is because you will begin to forget what homes had what, as well as your true feeling for them.  After seeing anything more than 6 houses we find that buyers and agents alike begin to rush through them, although not on purpose and it is always best to not overwhelm yourself.  

Let Your Agent Do The Work 

• Trulia & Zillow are very informative websites but you should be utilizing a Buyers Agent.  As agents and brokers the information we are able to see on listings are not the same.  We are able to go thru listings and see if the home is a strictly cash deal , in some cases it might be sold with tenant still occupying, or simply temporarily off the market.  You will also see that those sites will have homes listed as "pre-foreclosure" which means that they will not have typical showing instructions because they are not currently listed they are based on foreclosure notice. Allowing your agent to pull the listings for you, not only will you get listings but they will be the kind you are looking for ! 
• You will be receiving hi-lite sheets from all homes, you will want to let your agent keep track of those that you did not like this way their is a record of them, and keep only the homes you liked.  I provide all of my buyers with copies and binder to keep all of the information we receive in, this also helps when it comes to placing offers.  

The best piece of advice I can give to any buyer who is thinking about buying a home is to unitize the experience of a Certified Buyer Representative and sign into a Buyer Broker Agreement.  There are many reasons why we recommend this to you which you can find the blog HERE. 

Power Pricing - Why Your Home Should Be Power Priced !

The market has heated up, and with more homes coming onto the market you want to make sure your home stands out.  Sometimes even the home with the best photos, description and the easiest to show can get lost in the vast inventory that we are still carrying so what can you do so that your not lost in that shuffle.  You can power price your home, most assume that it means put your home priced lower than the rest but that isn't quite it.

Power pricing is a technique that investors have always taken advantage of, and homeowners are now catching on and with buyers as educated as they are it is the perfect time to take advantage of it ! So lets take the time and explain what it actually is !

When you list your home you will of course look at the comparable homes on the market, specifically the ones that are on the market.  You will want to look at these carefully because they are your competition and buyers will be seeing all of the available listings.  Look at their pricing and than figure 3% - 5% lower will be considered action priced.  Below is an example of three similar listings in the Deer Park area, buyers will be drawn to the home on Crossway Drive.

                          39 Crossway Drive, Deer Park                    19 Lisa Drive, Deer Park

Colonial, 3 Bed 1.5 Bath                           Colonial, 3 Bed 1.5 Bath             

Action Priced: $369,990                           Market Priced: $389,000

                     

17 Goshen St, Deer Park 

Colonial, 3 Bed 2.5 Bath 

Over Priced - $429,000

Now most homeowners say well I don't want to take that much less for my home, I would rather have it higher and leave more room for negotiation.  Well the buyer does not know that they are looking at the numbers and they are going to go where they see value ! Buyers are educated, they know a good deal when they see one and don't want to lose out on a home.  All of the homes where I have used power priced have gotten over significantly faster than other homes, normally under 30 days and have received multiple offers resulting in a bidding war or a full price offer ! 

Coldwell Banker Residential, and myself go one step farther in helping your listing stand out.  We also offer a home warranty on your home, which is a great addition when it comes to adding value because many buyers will have concerns and the home warranty gives them a built in safety net.  It has also been proved that these warranties help your home sell for more and are recommended to buyers by their own agents when comparing one home to another.  You can find out more about this warranty here The American Home Shield Warranty.

If your thinking about putting your home on the market its not too late to take part in our power pricing event .  The event is going to be held on August 16th and 17th, and all of our listings will be taking part in this event and getting maximum exposure.  If your interested in finding out about the event or what the Coldwell Banker difference is than call me or request a brochure on my site! 

What Should You Look For When Buying A Renovated Home ?

The weather has finally warmed up and the real estate market has too ! We are seeing a lot of renovated homes come onto the market, and most people are a bit hesitant to make a purchase because they do carry a large amount of "what ifs" so to speak. This blog will give you some tips on how to critique a renovated home, and what you should be looking for !

Tip 1: Buyer Broker

• You should always be using a buyers broker, since you pay for one regardless it is always my advice for every buyer to take advantage of this.  It is extremely important in this situation because you truly need someone who is going to do the homework that is necessary when purchasing a renovation.  
• Your buyers broker will be able to find out information for you like when they purchased the property and how much.  They will also be able to pull the current assessed value of the home to make sure if your property is re-assessed after your purchase at its new value that your taxes will still be reasonable and you will not have any surprises.  

Tip 2: Its All About The Numbers 

• Buying a property that was an investment has a great benefit that these investors do not have the emotional investment in the home, it is all about numbers for them.  They want these properties to move so they can move onto their next one.  You should speak with your agent to find out how much they purchased it for initially and keep in mind depending on the length of time you should add in the taxes they have been paying.  
• After you know what they paid including the taxes you and your agent should of course run the comparable homes in the area keeping in mind their is an increased value since the items would be consider new rather than updated.  You will want to take into account some very specific items being new or original to the home such as electric, plumbing and heating.  

Tip 3: It All Looks New What Should You Be Looking For 

• Electrical: Some investors may opt to not change out the electric in a home, they simply may update the panel and put in newer electrical boxes.  Your agent should be able to tell you what the ampage of the home is by looking at the box, but you should always be sure to have an inspector actually take off the panel to make sure it was wired correctly.  If the home has the original box as well as original wiring you may want to consider the cost for you to do this upgrade if you plan on adding things like central air or a central vac system.  
• Plumbing: Most homes built on Long Island will still contain original plumbing, but when we refer to it we are actually referring to the bones of the plumbing not necessarily the copper which you may think.  When homes are upgraded they are changed over to PVC piping which is easy to spot if the basement or crawl space is unfinished.  The original piping is not a safety issue but a matter a functionality over time it gets build up and may result in lower water pressure.  
• Heating: This is a big one, many investors will upgrade a home to a gas heating system when they can.  If it has not been your agent can call the gas company and see if there is already gas lines ran on the street.  What you should be looking for is the age and condition of the boiler and the hot water heater in the home.  Just because it is older does not mean it needed to be upgraded, if it is nearing the end of its days a good investor will put in a new one.  For those which don't need the upgrade most investors will at least get it checked and serviced before putting the home back onto the market.  
• Timeframe: You will want to take into consideration not only for price but quality of workmanship by looking at how long it took them.  Most investors will have crews ready to begin the repairs immediately upon closing, and may choose to put it onto the market before some work is complete to give the buyers options regarding cabinetry and colors.  If the home was flipped too quickly you may want to consider what quality of work was put into it.   Regardless of this time frame ALWAYS be sure to have a good home inspector ! 

These are just some of the tips that are important when your purchasing a renovated home, each home will be unique so make sure you have open communication with your buyers brokers about both your wants and needs of now and in the future to make sure the home is right for you ! Many renovated homes will be aggressively priced and highly marketed, which means they often receive multiple offers so you will want to have all your "ducks in a row" in order to purchase one, including your mortgage pre-approval, down payment, and attorney information available to move along quickly once you have gotten your accepted offer ! 

What Actually Takes Place During A Bank Appraisal

With many homes going to contract, buyers and sellers are both going to be having their homes appraised.  The biggest question I receive is what actually takes place and when, so this brief blog will give you a general overview of what you should expect to happen and what your agent should be doing !

When Does A Bank Appraisal Take Place ?

• Typically your appraisal will be ordered within a week or so of your buyer applying for the mortgage, your agent whether your the seller or buyer should contact the mortgage representative to check on the procedures of each bank.  Some of the larger banks prefer to do the appraisal after all the documentation requested of the buyer has been submitted.  Most common banks that leave appraisal towards the end are Wells Fargo, Chase, and Continental Home Loans.  If your using a mortgage broker, than you are more likely to see the appraisal done sooner than later.  

Who Should Be At The Bank Appraisal ? 

• Whether I am working as a buyers agent or as a listing agent, I always attend my appraisals.  It is extremely important in my opinion for both agents to be involved to make sure that the appraiser is getting all the information that is needed, because without the home appraising properly it will not sell.  Appraisers are hired as a third party, so you want to take the opportunity to communicate with them and share your knowledge when you can.  
• The homeowners I often will not ask to leave the home during this process, depending on the appraiser and how thorough they are can take from 30 minutes to an hour.  When the homeowners are there for the appraisal we just ask that you allow the appraiser to walk through the home freely.  

What Does The Appraiser To While They Are There ? 

• The appraiser will typically note the numbers of rooms, size of the rooms, and take pictures to show the bank the condition of the property.  They will also take pictures of certain things specifically the heating system, electrical panel and roof.  They will also take measurements of decking or sheds to make sure the proper permits are in place for the home to have those items.  
• Either before or after, they will also scope out other homes in the area that recently sold which they found on MLS.  Once they have seen those homes although they can't go in, they must fill out a large amount of paperwork for the appraisal to be acceptable to the bank.  They will credit and debit for things as need to come up with the value of your home.   This is why real estate agents always insist on using the comparable homes in the area to determine your list price ! 

When Will The Appraisal Be Complete & Who Will See It ?   

• Appraisals will be sent to the bank within 48 hours of it being completed, remember they are hired as a third party.  The bank should notify the mortgage representative within a maximum of 5 business days as to whether the home appraised for.  
• The only one entitled to see the total appraised value is actually the buyer, as the seller your have the right to know if it was appraised high enough for the sale but not the specific number.  If your home does not appraise and did not include any sort of sellers concession than you will need to speak with your attorney to decide what negotiations you would like to go forward with.  

How Is Your Closing Date Determined ?

Closing dates are often a bit confusing to people, one would think that closing as soon as possible is always the only way to go but there are a few factors you will need to keep in mind.  There are steps to determining the correct closing date for both the buyers and sellers and will be tweaked during the process of getting into full contract.

Presenting An Offer & Your Sales Agreement: - This is when the buyer will be setting the "date" they would like to close, and does specify that is on or about.  However their will be specifics things that should be brought up at this point.

• Does the buyer have something to sell before they would be able to close on the purchase ? 
• Will the buyer be in a position to accommodate a seller whom need to make a purchase ? 

The on or about date can change from the time of your initial offer and contract signing if there was a significant amount of time between the 2 events.  Your attorney will be the one who puts in a "formal" on or about date.  

Contract Signing: Your attorney will be the one who will have the ability to change a closing on or about date if needed.  Typically most buyers and sellers are unaware that their are actually 2 dates in the contracts that will be binding.  

• The mortgage commitment date, is the first aspect of the contract.  This specifies how long the buyer will have to get a mortgage which averages from 30 days - 45 days from the day of fully signed contracts.  
• The true closing date, is what specifies you actually getting the sale finalized.  The reason there are 2 different dates is because not only do you need a mortgage commitment you will also need to obtain a clear title, proper permits, certificate of occupancy, and surveys.  This can sometimes bring some un-expected time delays.

How Long After Your On Or About Do You Actually Have ? 

There are many factors that can come into play during the sale or purchase of a home.  You have a "grace period" from 30 days of your on or about closing date.  There are times where that can be extended past that but clear communication is an absolute must in order for all to go smoothly.  Your attorney and agent should be in touch with one another so that they are aware where in the process all the moving part are.  

Closing Dates On Short Sales: 

Short sales and foreclosures are often a bit unpredictable because although they buyer may have nothing to sell, and the ability to close quickly the paperwork for the sellers is much more involved.  

• You will be in contract longer within a short sale because first you must receive bank approval on the price, but you can not get their approval without me in formal contract.  This is a touch thing to estimate because the bank is not able to give you a timeline of when you should expect to hear an answer regarding your offer.  
• Surprisingly to many people the smaller banks tend to respond quicker than the larger banks, this is attributed to less pending short sales.  Certain banks have now been required by law to respond to offers within a period of time to keep buyers from being stuck for months waiting for a response.  
• Once you have gotten the okay from the bank you can safely assume you will be closing within 60-90 days.  You will need to keep in mind the bank will make no representations, so your agent should be as proactive as possible by checking that the home has all proper permits and COs.  You can do this by filing a FOIL request with the local town or village.  

Relocation 101

Relocation can be a bit overwhelming, but with online shopping become much more common it is not surprising how many buyers we see purchasing homes without ever seeing them until move in day.  There is one thing almost all of these buyers have in common is that they relied heavily on their Buyer Broker to be their eyes and ears during the purchase and the search ! If your considering relocation here are some helpful tips to make your relocation a successful one !

Speak To Your Employer:

• If your relocating for work, many employers have a specific division in the company that can help you find all of the necessary parties to help you make the transition.  As well some companies will pay for some of the expenses of that move.  
• Some companies will often work with actual real estate relocation companies, one of the largest being Cactus Relocation, who only works with the best real estate companies.  Coldwell Banker Residential Brokerage is part of their team for information you can check out our Relocation Site Here. 

Decide On Your Must Haves: This is a bit different than a normal home search because we aren't just talking about bedrooms, baths, or style you will need to think about some other important characteristics.  

• Location: You will be relying on a third party to help you find the perfect location, so communicating how close or far away you would like to be to major roadways, transportation, or even schools is very important information for your agent to know.  
• Amenities: Are you looking for an area with an incorporated Village with private pools or marinas, this is also very important for those who are looking to go into Condominiums, and Townhouse Communities. Each community will offer not only different amenities but also different requirements to purchase, you will want to be aware of this before beginning negotiations.  
• Home Characteristics: Of course you will still want to have specific homes "likes" and "must haves".  Be sure to review this list carefully with your realtor so they understand the physical size of the home so that on move-in day all of your items will fit ! I will often go out and preview the home and take video while I am there so my buyers can get a good feel for the homes flow and size.  If your looking to fit specific size furniture such as large bedrooms sets or wall units asking your Realtor to be sure it will fit before committing to the home is a good idea.  

Get Your Finances & Time Management In Order: 

• Finances: Make sure you specify with any mortgage company that the purchase of your home will be taking place with a more than likely job transition to make sure you will be aware of the additional paperwork that your bank might require. 
• Moving Cost: You will also need to prepare for the move a bit different than the normal buyer, speak with numerous moving companies to find out their pricing and the customer satisfaction once their possessions made it to the new home.  
• Time Management: This covers quite a few different aspects because you will want to coordinate with many different parties from making sure your possessions arrive around the same time you will, as well you will want to make sure your utilities will be in working order when you arrive, and give yourself time to unpack before beginning your new job.  

Most Important Choose Someone To Be On Your Side:

• You of course will need a real estate agent to help you find the home for previewing it, but keep in mind you will also be having home inspections, bank appraisals and final walk-thrus without ever stepping foot in the home.  Make sure you interview more than 1 Realtor until you find someone you feel 100% comfortable with.  My recommendation is always see how they are able to communicate with you during the interviewing process that will give you a good idea how you will be communicating during the transaction.  
• You will also need to find a home inspector and a attorney from the area to help you with the process.  If your working with a Full Service Realtor they should be able to recommend you a few different professionals to choose from.  Choosing local professionals will help because they are a bit more familiar with the area, and the laws that go with it.  

These are just some of the important factors when it comes to relocating, if you are interested in finding out more about what Long Island has to offer please take a refer to the Community Information Page for school information and town amenities ! 

What Buyers Should Know About The Home Inspection Process

You've found the perfect home but now it is time for the most stressful part of purchasing your new home, the home inspection.  This blog will give you the run-down of what a buyer should be doing before and after the inspection !

Step 1: Pick The Right Home Inspector For You 

• You want to make sure that you don't choose your inspector strictly by price, they range from $500 - $800.  The cheapest is more than likely not the best, but that doesn't mean the most expensive is the best either.  Ask them how they document what they find, and what kind of things are included on their report ? (EX: Do they take serial numbers of the appliances, Do they give repair estimates) 

• All homes in NYS that are being purchased with the help of a mortgage will require a termite report, you should ask your prospective inspectors if they are certified for the termite inspection or will you need to hire a 2nd inspector. 

Step 2: Make A List Of Questions

• Before your home inspection you should sit down with all the decision makers that are involved, and have a list of questions you have about the home prior to the inspection.  Once your at your home inspection you will be overwhelmed by the amount of information you will be receiving so making note of your specific questions will help you to get the answers to what is important to you. 

Step 3: Decide Who Will Be Attending Your Home Inspection

• Remember your home inspection is not a showing of the home, if your a first time home buyer you may want to have a relative accompany you who is more knowledgable.  The decision makers are the most important people, and really the only one who should be attending the inspection.  Their are 2 reasons why your home inspection should not be treated as a showing.  First your inspector will be trying to move thru room by room with you, and family/friends tend to distract the buyer from the important process that is going on with other less important cosmetic items in the house.  The 2nd reason is really very simple, you will be living in this home and doing the work - not them, I abide by this same rule during the home inspection although I am their by opinion on the priority of importance of things to myself.  

Step 4: Reviewing The List Of Items From The Home Inspection 

• You will have 3 different options after your home inspection: Option 1: Come up with a list of all items to be fixed, big or small and attempt to have them fixed or given a credit.  This is rarely recommended but price plays a large part if your paying top dollar you will/should expect a big more.  Option 2: Come up with a list of structural/safety items that need to be fixed or credited for.  This is normally what is expected, remember certain things will be required of the sellers for any buyer so it will be their responsibility.  Option 3: Take the home as is and continue with the purchase, this is most common with cash deals or homes priced significantly under market value because the sellers have already made large credits on the price prior to the home inspection.

My best advice to buyers is to remember that every home will have recommendations of things that should be or need to be done.  What you choose is acceptable is entirely up to you, but remember be reasonable at some point you will be selling a home too ! The best way to make it thru a real estate transaction is by being fair and honest with everyone involved !  

How To Handle An Overpriced Home

Today's blog we will be focusing on how do you handle buying a home that is overpriced.  When you choose to utilize a Buyer Broker you might find that they are sending you homes that are above your price range, we usually prompt you to get a mortgage pre-approval to make sure you aren't disappointed if you can't afford it later on so why are they sending them to you ? Just because the home is listed for a certain price, does not mean that the home is worth what it is listed for.

Finding your new home can be an overwhelming endeavor, the first step to making this a bit easier is by utilizing a Buyer Broker.  Their is an entire blog dedicated to explaining what the job is of a Buyer Broker HERE, or if you prefer a video blog HERE.  

Here are the most common reasons a home ends up being overpriced:

• The agent did not educate the homeowner about the current market price prior to taking the listing. 
• The homeowner may need to net a certain amount of money, in order to avoid the sale of the home being considered a short sale.  
• Lack of comparable homes in the area with similar style or characteristics, this is often common in areas where you find Historical Homes or Horse Property on Long Island.  

When it comes to a home that is overpriced in any area negotiations can go a few different directions, but the first step is always the same.  

• Step 1: You will want to sit down with your Buyer Broker, and look at the comparable homes in the area to come up with an educated offer, because your agent will want to not only present your offer but the comparable homes that back up your offer.  

Once your offer has put in your first offer is when you will begin to strategize what kind of negotiation style you will use when it comes time to place your counter offer.  

• If the homeowner comes down a significant amount, that is a sign that their agent is educating them about what their home is actually worth in the current market.  You will want to do the same with your counter in order to show them that you are a serious buyer ! 

• If the homeowner barely budges off their price, your agent might be able to get some clarity on why they are priced so high during this conversation.  Their might be a certain amount they need to net in order to not have the home be a short sale or they simply may believe that their home is worth more.  

This is where things can require a bit of patience, sometimes your best bet is to back off a a seller and give them time to sit on the market with no other offers coming in they might be a bit more willing to listen to the advice the listing agent is giving them regarding their price.  When you use this strategy their are 3 important pieces of advice I always give, because of course their is risk in this strategy.  

• Make sure you have presented at least 2 reasonable offers, if you are still significantly apart this is a circumstance where you may want to let them have more time on the market.  
• Make sure your agent keeps in contact with the listing agent during this time, you don't want to wait to see a price reduction on MLS because than you may find yourself in a bidding war because of other buyers seeing the price change.  
• Continue to look at homes with your agent, their is no guarantee that the homeowner will come down in price and you don't want to miss out on another home while your focused on the overpriced home.  

Once the homeowner has had some time sitting on the market you will than see if they really want to sell their home, or not.  The next step isn't what you may think ! 

• Before you place another offer on the house schedule another showing with your broker to go and see it again, ideally when you know the homeowner is going to be home.  There are 2 reasons for this: first they may have done work to the home since your original visit, and them seeing that you are the buyer who placed an offer will again show you how serious you are about purchasing their home.  

• Make sure when your agent present your next offer they ask to present the offer directly to the homeowner, with the other broker present of course. This way your agent will be able to remind them of all of the specifics of your offer, as well as updated comparable homes ! 

• You may still need to do a bit of negotiations, and of course have your home inspection done before you go to contract but hopefully this will have gotten you the home of your dreams ! You can find my blog specifically about home inspections and what to expect HERE. 

In all of my years in Real Estate I have helped many buyers find their dream home, and I can say with complete certainty that for every buyer their is the perfect home out there ! 

Short Sale Vs Foreclosure

I wanted to take a moment to talk about Short Sales & Foreclosures, although our inventory is not overwhelmed as it was once by them their are still some of these listings on the market.  Buyers who are looking to make a purchase often times think that these are impossible sales, which they are not but unfortunately they can be time consuming.  This blog will not only explain exactly what these kinds of sales are but some of the pro's & cons of these sales as well.  

Short Sale: Where the homeowner has proactively decided to sell their home in order to avoid foreclosure.  This kind of sale gives the homeowner the right to negotiate offers before they are submitted to the bank, but the bank will have the final say on whether the offered price is acceptable.  The homeowner might have the difference between the loan amount vs sold price, and in some cases will immediately be able to obtain a loan on a new home.  

• Pro - These homes are typically mortgageable thru FHA, Conventional, or 203K Loans.  
• Pro - Homeowner will be able to give helpful information about the home including age of appliances, fixtures, or provide paperwork on warranties.  
• Pro - You can usually purchase these homes at a lower price than market value, usually between 5% - 8%.
• Pro - Typically these homes are still being occupied and maintained by the homeowner, and they will be responsible for their belongings including garbage being removed from the home. 

• Con - Timeline for bank approval is an unknown it can take anywhere from 3 months to 12 months to purchase a short sale home.  
• Con - Although the homeowner has the option to give you information they are not required to fix or represent any items in the home.  
• Con - Although some homeowners may have listed their home, sometimes getting in to see the home for a private viewing might be difficult.  

Foreclosure: The homeowner has normally vacated the home and the bank will either A. Hire an agent to advertise the home or B. The home will be sold at a public auction (Real Estate Agents Will Have Access To The Foreclosure Auction Schedule).  The homeowner is no longer involved in any way with the sale of them home, and will be held responsible for the difference between loan amount vs sold price, and will not be eligible for another home loan for 5-7 years. 

• Pro - The timeline to purchase a foreclosure is typically much quicker than the process of buying a short sale.  
• Pro - Most of these homes are very easy to see because they are shown with a Lockbox Code or HUD Key.  
• Pro - These homes are generally sold at a significantly lower price than market value because of the deterioration of the home.  

• Con - These homes typically will need to be purchased either with cash or a 203K Loan.  
• Con - These homes are also sold as-is, this includes any garbage or debris left in and around the home. 
• Con - Many investors will come into the auction with the ability to purchase that day and close within 2 - 4 weeks which can hinder a buyer with a mortgage being able to "win" the home.  

Tips For Purchasing A Short-Sale

• If you are looking to get the home at a good price, and a quick bank approval than looking at Approved Short Sales are a great option, because the bank has already agreed to price.  
• Although the homeowner can give you information, don't skip the home inspection.  You will want to make sure than those "small" issues will not put you over budget after the repairs have been made.  
• Before submitting an offer to the bank take a look at the comparable homes in the area and keep your offer within 10% of market value.  The bank will be basing their decision on your offer on a 3rd party appraisal telling them the current market value of the home.  
• Make sure you utilize a Buyers Agent, they will be able to find out necessary information that will help you choose a viable short sale by checking key information such as: Sellers Attorney, Which Banks & How Many Banks Are Involved, How Co-Operative Will The Homeowner Be.  

Your Pricing Options When Selling Your Home !

One of the first things you should discuss with your Realtor after you have decided to list your home is not what price you should list your home is what kind of pricing style will work best for your home and neighborhood. In today's market where you price your home will ultimately factor in how long it will take to sell, but it's often the one thing that Realtors tend to not discuss.  Before you list your home you should meet with all the decision makers that will be involved in the process and decide how long you want the process of selling your home to actually take, than discuss with potential Realtors how they will get it done within the timeframe your looking for. 

Overpriced

Many sellers will over-price the home with the thought of it gives more room for negotiation.  It's unfortunate that technology has began to undermine a sellers way of thinking since we are unable to express that thought to potential buyers who are viewing your home online.  Your home will be bypassed by those potential buyers in your price range of what your home is actually worth.  For buyers looking in the price range of where your home is priced they will be disappointed because the competition will offer much more than yours.  As an overpriced listing your home ultimately won't sell until you at least become priced for market value.  An overpriced listing is when you are priced $15,000 higher than the best comparable home in the area.

Market-Value Priced

This is where the majority of the homes are priced in todays market ! Your in the range to get your home an offer so paying attention to feedback from Realtors and buyers is key.  If your seeing the same feedback about simple fixes that might help your home sell, you should consider doing those repairs. Taking feedback about clutter or lack of curb appeal than cleaning out a bit could make a world of difference.  If there are larger issues being brought up in feedback you may want to talk to your agent about either A.  Adding a home warranty or B. Adjusting the price.  Market-value home should sell with a difference of only 3% - 5% from the list price, within 90-120 days of being on the market.

Action Priced
This is where you should price your home if you want to sell it in the next 30 - 60 days.  Many people assume that action priced means that it is below market value, but that is not actually the case.  You will price your home between $10,000 - $12,000 below your highest comparable homes.  This is where technology will work to your benefit because they buyers will immediately see the value in your home ! Homes that are action priced will often be the homes that receive numerous offers, that result in offers going above and over the list price because of the large amount of buyers who will be seeing it.

Keeping in mind that each persons reason for moving is different is the most import reason you should sit and speak with everyone involved in deciding on the timeline and than discussing with the Realtor what they will do with the pricing to get your home sold.  Remember the follow-up and feedback with your home is very important as well, so choose a Realtor who will give you the Full-Service treatment when they are selling your home ! 

For Sale By Owner The "Unrepresented Seller"

I recently did a video blog regarding those who are trying out the route of "For Sale By Owners", more commonly referred to in the real estate world as the unrepresented seller.  In the video blog I addressed the most common reason that homeowners choose this route, which is "saving on the costs of commissions" you can see the full video blog here.  After a few additional questions from my readers I will addressing some of the other reasons that you may want to reconsider using a Realtor to get your home sold ! 

1. Pricing

• Most people would assume we are talking about overpricing, but there is the exception with the market picking up that you may UNDERPRICE your home.  Many homes are receiving multiple offers because buyers have begun making purchases before the interest rates begin to rise anymore than they already have !

• Another aspect of pricing that you have to keep in mind is how quickly do you want to sell ? This is very important with someone who is invested in doing it on their own is so you know exactly how much time this will take you because time is money.   

2.  Unable To Qualify Buyers 

• Most homeowners will ask general questions to buyers to see how "serious" they are about purchasing a home but they might not know the questions they should be asking.  Even a well paid professional with good credit might not qualify for a home due to excessive debts, or a couple just starting out might be able to qualify although only one of them are working.  General questions like what they do for work, income, or credit score are often not enough to truly qualify a buyer.  

• Mortgage Pre-Approvals are often the one thing a seller knows to ask for but again unfortunately they are at a disadvantage because they will not know if the buyers application has gone through an underwriting process.  Most Realtors will have a reputable mortgage company they work with that will be able to give homeowners some piece of mind after a 2nd pre-qualification is done by the buyer, knowing when you should ask for the 2nd approval and when it is not needed is very important.  Often times bigger is better is what a homeowner will assume BUT it is actually quite the opposite, again you need to know the questions to ask so that you are protected. 

3.  Advertising Abilities & Follow Up

• Each website you post your home on will cost between $500-$1000 per ad, and this is only usually for a short period of time.  There are some major websites you will want to put your home the most obvious being MLS, Zillow, Trulia, Optimum Homes you will need to reach possible buyers.  Free advertising sites like Craigs List will often bring you many leads, but the majority will not be qualified buyers - remember quality of quantity is very important. 

• The contact person on these ads are often sold to Real Estate Agents who purchase by the zip code, you will need to specifically ask when you are buying each ad space who will be the contact person.  In some cases you might not be able to be the contact person, and those leads will be sent out to Real Estate Agents who may or may not take them to see your listing.   

• Once you have bought your ad, bought the right to be the contact person if the website allows next you have to figure out how you will keeping all the records of these people, following up, scheduling appointments and most importantly following up after the showing.  Each website will pass along the buyers information to you differently so you will need to have a system before you begin receiving the leads.  

• Showings can become tricky because of those sites that did not allow you to be the contact person because of the ad space already being purchased by other real estate agents.  My advice is although you are doing this to save the commissions many agents will bring you qualified buyers while working in a Buyers Agent capacity.  You should be prepared to speak with these agents and know the questions to qualify them as a Buyers Agent so you don't lose out on the potential buyer.  

4. Knowing The Procedures 

• Negotiations are a particular point where you need to know the procedures, many homeowners assume that an accepted offer that they are somehow bound to the buyer and visa versa, that is not the case.  No one is bound until contracts are FULLY signed, and down payments are placed into an attorneys escrow account.  

• Contracts need to be written carefully, but you must know the right questions to ask so that when your attorney writes up the contract of sale everything needed into the contract is there to protect you. Things such as closing dates, what will or won't be in the home, what will and will not represented, and specific financing terms are often overlooked by a homeowner after it has been agreed upon during the negotiations.  Unfortunately what you might have verbally agreed to does not have to be done unless it is written in the contract.

• Knowing the procedures often involves Town & Village Laws & Building Codes, knowing what you will need to legalize and what you will not need to legalize is a very big part of selling your home.  Not only does it affect what you can legally advertise, expect the bank to allow you to include in the appraisal, and what will need to be included in the contracts are major key parts of selling your home.

5. Inspections & Appraisals

• Home inspection is a large hurdle during any deal, because it  can move along smoothly or make the deal much harder to negotiate.  Many homeowners will feel the need to speak on every detail that the home inspector mentions, and many times these will be non-issues that don't need an explanation but an overbearing homeowner can cause buyers to panic.  The Realtor is able to first advise on what issues might require negotiation, or put the buyers mind at ease. Often times speaking about these things with the home inspector is a normal part of the home inspection and inspectors will welcome the conversation to help their clients.  

• Bank appraisals are the most important part of selling your home, this is when you have to prove to the bank that your home is selling for a fair market value.  You will need to pull comparable homes from the area within the criteria that they will allow.  If your home is overpriced and you are able to obtain a buyer, the bank will alert them to overpaying when they receive an appraisal that does not allow them to mortgage the home for the price agreed upon.  Almost always there will need to be an agreement on a price change when this happens because buyers will have the right to not continue with the purchase.   

This may seem like a lot and it is which is why hiring the right Realtor is always the best choice for a homeowner who is looking to sell.  Remember their is no limit on how many Realtors you can interview before listing your home, so instead of spending months and endless hours trying to find a buye spend a few days and find yourself a Full-Service Realtor who will earn the commission by working harding to get you top dollar for your home ! 

What You Must Know When Selling Your Home

Many homeowners listed their homes back when our spring market started, which was early this year around February when we started seeing alot of buyer activity.  With the summer market quickly approaching those same homeowners are starting to wonder why their home may not have sold yet.  Now some of you may be thinking that is has only been 4 months since buyer activity picked up, but with a home correctly priced we will normally see them go under contract within 60 days.  There are only 3 things you & your Realtor have control over, and if your home is not selling than you should look at those 3 things first and foremost !!

Price

• When a person is searching for a home with the same characteristics as yours (bedrooms, baths), where does your home fall in the list? Look at the homes as if you are a buyer, if you are finding all the homes are priced below yours offer more you may want to consider adjusting your price. 
• Ask your Realtor to pull recent comps, meet with them and discuss market conditions.  This is also important because your Realtor will need to have these to support the price of your home once you have accepted an offer.  

Myth: Not all homes are created equal, sometimes your home may not be selling as quickly as you would like not because of price but because it is for a particular kind of buyer.  An example of this is if the home your selling is a cottage, or a high-end home because there is a smaller buyer pool for that kind of home.  The most important part of selling a home with a small buyer pool is making sure that you have the best exposure, and easy availability to make sure your don't lost out on any buyers.  

Tip: If your home is priced above market value, it will be impossible for your Realtor to get potential buyers to come and view your home.  Many homeowners will agree to taking a much lower offer than the listing price, but there is no way to convey that to buyers who are viewing your house online, they will rule it out simply because of the price.

Availability

• If your home has very strict restrictions on when potential buyers can come and see it, you may want to reconsider how/when you are showing it.  If you are unavailable to show your home during the week because of your work schedule, you should speak with your Realtor about allowing them to accompany showings during the week to take the burden off of you, and allowing more buyers to be able to get in.  
• This next one is something that not all Realtors agree with, but I am a big believer in open houses.  I schedule all of my open houses for the month in advance because I want to give buyers an open invitation to come in and see your home the moment that they see it online.  
• Taking it a step farther you will want to make sure your Realtor is getting back to those that are inquiring about your home in a timely manner. Sometimes it is not always about how quickly buyers can see your home, bu how long it takes for your Realtor to get back to them! 

Myth: Some sellers believe that by requiring 48 hours for their home to be shown gives them a better chance of preparing their home to make sure it shows well.  Unfortunately, not all buyers give their Realtors 48 hours notice that they want to see your home, it is better to ask for a reasonable amount of time to prepare than possibly lose that buyer. 

Tip: When potential buyers are viewing your home whether it is a private viewing, or an open house do not follow them around.  Often times buyers will feel as if they are intruding on the homeowners by being there, you want to give them space to take it all in! 

Condition

• First thing you should do is look at  your pictures, if you took pictures before the spring flowers and grass became green you should ask your Realtor to update your pictures.  Remember you need to sell the house first via the pictures to get the buyers to want to come and see it in person.  
• Spruce up your curb appeal, give the front door a fresh coat of paint or add some solar lights and plants.  Buyers spend their weekends driving around looking for open houses, even if your home is not having one you still want to catch their attention!  
• If you have broken screens/doors/cabinets/tiles take the time the time and replace them if it is not a huge expense those are the things that make buyers look at your home and think of "projects" although they have quick fixes.  

Myth: Many homeowners think fixing up your home is a waste of time and money when you are attempting to sell it. Now this is only somewhat of a myth, doing major renovations may not be the best idea, but doing small projects to fix or update your home is normally recommended to help your homes chance.  

Tip: Take the time to look at your home objectively, remember although you can not make every buyer happy you can help the chances of your home selling quickly by doing some small projects.  The best place to start is by doing all those things that were on your "honey do list" that you hadn't had time to get to! 

There are so many different factors that come into play when getting your home sold, but these are the top 3 that are the most important ! Over the next few weeks I will be blogging more about some tips for sellers, but as always if you have a question I did not cover please feel free to comment or email me directly!