Q & A with Dottie Herman

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Q1 - My wife and I have met with two brokers in trying to decide who to list our home with. How do I pick the right agent for us?

A - When interviewing a real estate agent, you want to choose one you are most comfortable with and whom you trust. Asking them for recommendations from Sellers of properties they have recently sold will be helpful in the selection. In addition, you want to be sure that your broker has support systems in their Brokerage Firm that give them access to data, as well as to marketing and advertising tools. The Internet has become an important marketing tool and you should look at the Broker's web presence and current on-line advertising of homes in your area. Finally, outline your expectations for their performance. Communication is key, and you need to advise them how often to be in touch with you providing: Progress Reports, Advertising Schedules, Open House Schedules etc.  Lastly, read your Brokerage Agreement carefully, so that in the event you are not pleased with your brokerage choice, you can terminate the relationship without legal repercussions.

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Q2 - My wife and I recently saw a home that was for sale by owner. We love the home and want to make an offer. We are unsure how to proceed as this will be our first home purchase and we are unsure of the steps. What should we do next?

A - One of the first things you should do is to research the prices of comparable houses for sale and the recent sold and closed transactions in this neighborhood. There are many on-line web sites that will provide you with this information. This important information will help you to ascertain if the Seller has priced their property correctly. In addition to price, check with the seller to see what the terms and conditions of the sale are. For example, what is included in the sale and what is not? When can the seller close? How old are the appliances, the roof, boiler, air conditioners etc?  Put your offer in writing and be sure your offer includes your positives. For example, are you pre-approved for a mortgage? Can you close soon?
Once you reach an agreement on price, be sure to hire a real estate attorney to review the Contract of Sale and arrange to have the property professionally inspected before signing the Contract.

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Q3 - I recently heard a story where people purchased a home and then suddenly there were a number of issues that arose within the home. Whose obligation is it to disclose any issues to the potential buyers?

A - It is the buyer's obligation to ask all questions about the property and, if the Seller has the knowledge, the seller must disclose information about the property. If you are represented in the transaction by a real estate professional, they have a fiduciary duty to you to disclose all facts known to them materially affecting the value or desirability of the property, except otherwise provided by law. You may also want to discreetly speak to neighbors who may have knowledge of the property. In addition, your real estate attorney, should be conducting due diligence, prior to your purchase, that may uncover any issues of concern.

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Q4 - I recently saw a home that I love - however, I am trying to sell my house as well. We just put our home on the market and I believe we priced it aggressively; I do not want to lose out on this home that my husband and I love. We can't afford our current mortgage and a new home at the same time. Is there any way to ask the seller to wait 30 days or some other period of time in the hopes we can sell our house?

A - You certainly can try! The Seller may be receptive to a full ask offer from a "bird in hand" buyer, or an offer that is close to asking price, accompanied by a good faith deposit. You may also want to consider including an option to buy should another purchaser surface during the 30-day period. You should consult with your real estate attorney so that any agreement you make, does not put you at risk.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com

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