Real EstateResources

Inspecting Your New Property – The Nuts and Bolts of Inspections

You’ve finally found the property you want, negotiated a contract and struck a deal. Now it’s time to have the property inspected.

An inspection will allow a qualified professional to take an objective look at the current condition of the property and prepare a report.

Why have the property inspected? You are about to engage in a significant financial transaction, an investment most likely. You want to make sure the merchandise is in good condition.

If you have made an offer on a property, you should have included a clause in the purchase agreement that allows you to void the offer if the inspection turns up a major problem. This is called an “inspection contingency” clause. You may find it necessary to submit a new offer based on the information received from the inspection.

Finding An Inspector

Home Inspection services can be found in the Yellow Pages of your local phone book. Look under “Building Inspection Services,” “Engineers-Inspection,” or “Real Estate Inspectors.”

The person you are looking for is a professional who knows old homes and new homes inside and out. One who crawls around the property looking for structural and equipment flaws, and who will give his customer a written report that will take some of the gamble out of buying the property.

Hire an independent inspector who has no vested interest in the transaction and who is a member of a trade association, such as the American Society of Home Inspectors. These members have agreed to abide by a written code of ethics and prescribed standards of practice designed to protect prospective buyers.

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Appraising Properties – The Nuts and Bolts of Real Estate Evaluation

An appraisal is an opinion or estimate of a property’s value. It is an evaluation determined by someone qualified to estimatethe value of real property.

And who determineswho’s qualified? Two different trade organizations: The Appraisal Institute, (a merger between The American Institute of Real Estate Appraisers & The Society of Real Estate Appraisers) and The National Society of Real Estate Appraisers. Both organizations hold their members to rigorous standards. Certifications are based on continuing education requirements, ethical standards, and grievance and enforcement procedures.

Most lenders require a property appraisal for a new mortgage loan. This appraisal, which attempts to justify the contract price to the lender, usually takes place after the contract between buyer and seller has been finalized. The appraiser is usually given the contract price before he proceeds. Appraisals are also performed to determine a reasonable offering price in a sale, property value for estate tax purposes, value of land versus the structure, and for insurance and tax purposes.

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Using a Broker to Sell Your Property – Things You Should Know

Whether or not you decide to use the services of a real estate agent when selling your home is entirely up to you. Ultimately, costs may determine how you decide to proceed. Not just the cost of the sales commission, but the cost of not selling the property quickly, holding a property past the point of a profitable return or not being able to sell a property with low appeal.

Single family homes in desirable neighborhoods sell quickly and are always in demand. But some other types of properties, office buildings, for example, are often a tougher sale. A real estate brokers can be especially helpful when trying to sell a problem property. He may know investors willing to take a hard look at your offer, where the average home buyer will not. Consider the cost of using a broker versus holding a property for six to nine months while trying to sell it yourself.

Like any industry however, there are good players, bad players and the downright ugly ones. We have all heard stories of the real estate salesperson who attempted in one way or another to take advantage of the property owner just to get that big commission check. Remember, brokers and agents are sales people. They only get paid when they deliver their service. A bad deal for you can still be a good deal for the broker because he gets paid.

Selecting A Broker

Select a broker with a good local reputation. Try to get referrals from friends or relatives, bankers or attorneys or from a local real estate association.

Make sure the broker understands your needs and your desire to market the property aggressively. Ask how soon he expects to show the property and at what price he thinks he can sell it for.

Make sure that you can sign a short term contract stating that the property must be sold for at least your minimum price.

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Try not to sign any agreement that gives the broker exclusive rights to advertise or promote your property. Most of them will fight you on this, but your goal is to negotiate a listing agreement that will allow the broker an exclusive broker’s listing, while allowing you to market your property simultaneously.
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Listing Agreements

There are several different types of listing agreements. The least popular for the broker, which may be the best for you, is the “non-exclusive” or “open listing agreement”. Here, a broker enters into an agreement with the homeowner whereby the broker will be paid a commission if he sells the property. This does not preclude you from selling the property yourself or entering into the same agreement with several brokers. If the broker does not sell the property, he doesn’t get paid. The down side to the practice of using several brokers is that they will all know that an open listing means there are several brokers on the case. Knowing that the chance of earning a commission is low, little or no effort may be made on your behalf.

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