What is the best way to select a Realtor to help me buy a house?

For most people, selecting a Realtor is easy; a Realtor can be found through local newspaper ads, recommendations from friends and co-workers, calling numbers on yard signs and visiting open houses. Those with internet access can also find information on-line.

Here are some things to consider when interviewing a Realtor.

•  Does the Realtor return phone calls promptly?
•  Does the Realtor explain things so you can understand clearly?
•  Does the Realtor seem eager to invest time in you?
•  Does the Realtor seem honest and respectful?
•  Will the Realtor provide a list of references?

Once you establish a relationship with a Realtor, what are some of the important services you should expect?

•  Education in real estate basic principles
•  Direction in seeking financing
•  Recommendation of a specific price range
•  Choosing properties, based on your criteria, to show at your convenience
•  Estimation of home ownership costs
•  Liaison with various parties that pertain to the transaction
•  Negotiating the contract

When I buy a home, how quickly can I close and take possession?

The first factor is a date agreeable to both Buyer and Seller for closing and possession. This date is set when the offer to buy is negotiated and can be changed after that only by agreement of both parties.

Once the date has been established, the next factor is the contingencies in the offer to buy. These generally include financing and inspections. You must allow enough time to release these contingencies. Depending on the type of financing, this can take a few days up to thirty days. Inspections can take from a few days up to a couple of weeks.

The final factor is the legal work that needs to be done prior to closing. The Seller must have the abstract (history of title) brought up to present. The Buyers' attorney must prepare a title opinion showing what must be done to give clear title. This can be accomplished in as short a time as five working days and should not take more than two weeks.

Closings may take place as quickly as a week from the day the offer to buy was accepted. Thirty to sixty days from date of acceptance of an offer is fairly common. Anything longer than that is usually caused by Buyer or Seller needs for a later possession date.

Suppose a really great home comes on the market and there are multiple offers on this house. How does this process of multiple offers work?

Buyer's perspective: When you write your offer, you may or may not know at the time of the other offer(s). If you wrote the offer and were not aware of competing offers, the Realtor who listed the home should contact your Realtor and give you an opportunity to "put your best offer forward." In other words, you are in competition for the home with someone else, and the strategy of offering less than you are willing to pay, hoping the seller will take it, probably won't work. For some, this bidding war is enough for them to say they don't want to participate. For others, it might mean paying more for the home than what they had originally hoped to pay, but in the end the house is worth it to them. There are other factors, however, besides money to consider. Possession date may be one of the criteria of equal importance for the seller. The loan ratio, a cash offer, the amount of earnest money, being pre-qualified, etc. are all factors that can play an important role in the seller's decision. In the end, the seller can only work with one offer.

What is the best way to select a Realtor to sell my home?

Interviews are very acceptable. One of the ways to select a Realtor is to compare the Comparative Marketing Analysis they offer for your home.

•  Does it show the most favorable features of your home?
•  How do they plan to reach the most potential Buyers?
•  Will you receive exposure and through what means?
•  Do they communicate well?
•  Do they listen to your concerns?
•  Do they have a plan to keep you informed during the listing period?

The most common mistakes that are made in selecting a Realtor are:

•  Listing with the agent who offers the lowest commission or the highest price.
•  The terms of the agreement should be considered separately from the selection of the best marketing plan.

How does a Realtor evaluate what my home is worth?

Market Value is usually defined as the price at which a willing Seller will sell and a willing Buyer will buy. That means that the value of your home is not fixed, but rather, like stocks in the stock market, it can change depending upon a number of factors. Most Realtors will us a Competitive Market Analysis (or CMA) to assist you in choosing a price at which to market your home. The CMA includes a comparison of your home to similar properties that have sold recently, properties which were listed, but did not sell, and ones that are presently on the market. The sold properties give you evidence of what Buyers were recently willing to pay for homes similar to yours. The ones that did not sell will indicate prices that Buyers were not willing to pay and a look at the competition will help to determine at what price you might want to begin to market your home.

How do I get my home ready to sell?

This is the most frequently asked question of Realtors. It is a broad subject that depends on many factors. Your Realtor is trained to advise you in this area. It is best to pretend that you are a prospective buyer and look at your home from the curb. Your home's curb appeal is the first impression.   Sprucing up your yard is one of the least expensive ways to enhance your home. Careful trimming and a treatment for weeds and fertilizer will usually do wonders. Keeping grills, toys and bicycles in the garage with the garage door closed gives your home a neater, cleaner appearance.

How about the inside?  Is there room to hang any more coats? Storing out of season wear should make closets look more spacious and inviting to a buyer. Check all flat surfaces (countertops in kitchen and baths, coffee tables, etc) for clutter.

Make sure all doors and cabinets operate smoothly. Check plumbing fixtures for leaks and smooth operation. And finally, the mechanical room in your home should shine. Wipe off the furnace, water heater and surrounding pipes and ductwork. Clean and tidy equals pride of ownership; a message you wish to convey to a prospective buyer.

What is the Code of Ethics and what does it mean to the Realtor?

The term Realtor is a registered trademark name and only those Real Estate Professionals who become a member of a local Association and, ultimately a member of the National Association of REALTORS®, may use the term Realtor. Those Members must subscribe to the Code of Ethics of the National Association of REALTORS®. This living document provides guidance for responsible and ethical behavior of Realtors. To access the Code of Ethics go to the public section of this website and check out the Links. You will find a hyperlink to the Code under the National Association of REALTORS® header.

Your Realtor will also take into consideration the current market conditions, like interest rates for mortgages, economic trends both local and national, and time of year in which you are selling. The condition of your home will also affect the value. Today's Buyers are busy people who may not have much time for fix-up so generally, the better the condition, the quicker the sale, and sometimes the higher the value!