Selecting a Real Estate Agent

Selling your home or buying a new home is a business transaction and should only be thought of as such. It is best not to make decisions based on impulse or emotion, in the end it could end up cost you money. This makes choosing the right Realtor is an important step in the process. 

Searching for the right real estate agent can go a few different ways. 1. Some of the best referrals come from word of mouth, friend to friend or colleague to colleague. There is something reassuring to hear a client speak highly of their experience. 2. Many of us have friend or family in the industry, but are they the agent you need? 3.There is always Google search or LinkedIn. Whoever you may be considering should still go through the interview process. It will allow you comfort and security in your final decision.   

• How long have you been in business?
• What is your average List Price-to-Sale Price Ratio?
• What is your marketing strategy for what I need?
• As a buyer...
• How will you search for my new home?
• How many will i look at before i find one want to put offer in on?
• Will there be competition from other buyers?
• How would you handle multiple offers?
• Do you present the offers yourself?
• As a seller...
• How do you plan too sell my home?
• Do you do direct mailing? Why? 
• Are there sample flyers you can show me?
• Do you market online? How?
• Do you have references?
• Reviews from past clients are a great source
• What makes you better than other agents?
• Keywords: Honest, trustworthy, dedicated, assertive, good communicator, friendly, analytical, and available.
• What documents will I be signing and may I review them first?
• Buyers will be asked to sign
• Broker Agreement
• Agency Disclosure
• Purchase Agreement
• Buyer Disclosure
• Seller will be asked to sign
• Agency Disclosure
• Listing Agreement
• Seller Disclosure
• Will you help me find other professionals? 
• Mortgage Broker
• Title Company
• Insurance Agent
• Fee? What is it? 
• Figure that agents charge from 1-4% to represent one side of transaction
• Any Guarantee?
• If I am not happy, can I cancel my contract?
• What is your companies policy on canceling contracts?
• Have you ever had a client cancel a contract? Why?
• Is there anything else I need to know, but haven't asked?

• There is always something more to know when buying a home, pay attention to how your agent prospect answers this question.

Interviewing a Real Estate Property Appraiser

Real Estate Appraisals are not the same as an inspection. An inspector will point out the items that are a potential problem and could turn into a costly nightmare. An Appraisal is the process of valuing real property. An appraiser will provide you with an unbiased estimate of what a buyer might expect to pay or a seller receives. This will let you know if the asking price is higher or lower then the actual value of the property.

This is an important step in getting the financing needed to purchase a home and usually the confusing part of the mortgage process. Both the buyer and the seller are reliant on the opinion of a stranger.

Asking questions can help you determine if the appraiser is the right one for the job, so what do you ask?

Are you licensed or certified by state?
     A licensed appraiser is the lowest level of authorization by the state. They are not allowed to appraiser expensive or complex properties for lending purposes. A certified appraiser is the highest level. They are permitted to appraise any residential property in any price range regardless of size or complexity.
    An appraiser who has an SRA Designation means that their primary focus is residential properties and has more education and experience than a licensed or certified appraiser. There are fewer then 1% of appraisers that have obtained an SRA or MAI Designation.

FHA will not accept an appraisal from a "licensed" appraiser, 

ONLY a "certified" appraiser.

What is your background? Education?
      Certified and Licensed appraisers have passed the government's minimum standards. A Designated appraiser means that the person has become more than minimum.

Where is your office?
Do you have specific experience with the type of property and area?
     The odds of a competent knowledgeable appraiser that is up-to-date on the market area diminishes with distance from their office. You want to find an appraiser that works or even lives locally. They tend to be more familiar and know the neighborhood variables that affect the property value.
     An appraiser that works from home vs. professional office. Working from home indicates that he is a "one man show". A professional office tends to produce higher quality products and allows appraiser to share experiences, methods, and knowledge that may not be available to a one man show.

How long have you been in business?
     You will want an appraiser that has at least 5 years experience for simple properties. For a more complex, unusual, or waterfront home the appraiser should have at least 10 years in the field as well as a history of appraising similar properties in the area.

Are you a member of the local MLS?
     A good appraiser has access to the local MLS. If the appraiser you are interviewing doesn't that is a sign they are either from a distant area or incompetent. MLS are not nationwide, without local access they are no use.

What do you charge? What does that include?

     By asking about the fee, the borrower or REALTOR is confirming the appraiser is paid properly.

A properly trained appraiser, geographically competent, experienced, and capable appraiser is what you should end up with. Remember, hire a qualified appraiser, not the cheapest.   

All the Single Ladies...

All the single ladies have out ranked the men in home buying. Going all the way back to the 90's the ratio of single ladies to single men buying home has remained constant even though the recession. The demographics show that single ladies are second, married couples are still ranked #1.  

1. More women are single- Between younger generations putting education and career ahead of marriage and a increasing divorce rate, there are more single ladies in the market. They seem to understand the benefit of buying vs. renting. Younger men don't start thinking about real estate until they start settling down, leaving the door open for single ladies who are interested now. 
2. Equal Credit Opportunity Act of 1974- this made credit available to anyone regardless of sex or marital status. Builders are now including single women in their marketing strategy, where in past years families were their target. 
3. Money Talks- without money, you can't buy a home. More women are graduating college and holding more of the white collar jobs then men are. Women's salaries have increased with their increase in education, jobs, and finances.Making it easier for them to purchase a home. 
4. Its all about the kids- It's not unusual for the kids to live with mom, which is one of the main reasons to buy a home.
5. Biology- Females in most species are the ones that build the homes. If you are a single lady or a married one, they make most of the decisions when it comes to the home. They have proven to be more financially savvy then men. 

For ladies that are interested in home buying, like many you may have a mix of eagerness and hesitation, 

so ask yourself a few questions?

• Will i be able to afford the mortgage and other costs on my own?
• Be realistic, what can you afford? Buying a home means big money. 
• Purchase Price + closing costs + homeowners insurance + property taxes plus maintenance and upkeep=$$
  1. Review your budget
  2. Research Monthly Costs (& hidden costs as well)
  3. Consult a Mortgage Lender 
  4. Consider a loan from family
• What kind of space will fit me and my lifestyle?
• It's about what you like, what is important in your life?
• Will I feel safe?
• Investigate the area, not just once, but various different times of day & night. 
• Contact local police department for neighborhood crime statistics
• Review the safety of the property you want. Is there a garage, security system, solid doors & locks?
• Can you improve or add what is not provided
• What if I have to move?
• Buy a home with a resale value
• Be aware of Mortgage Prepayment penalties
• How do I begin? 
• Get informed. Educate yourself 
• talk to others have already gone through the process as a single lady
• Attend courses for First Time Home Buyers
• Visit open houses in your area to get an idea of price range
• Assemble a team of professionals to help, interview to find the right ones!

So ladies keep this in mind when house shopping...Plan, Research, and finally BUY.

For all your mortgage needs, Contact Suzanne Morton