Differences between Realtors, real estate brokers and real estate agents
Thursday, August 27, 2009, 11:13 AM - Real Estate
A real estate article.
Nowadays when people decide that they want to buy or sell a house, residence, condominium, vacant land or a building they say say that they need a Realtor. They say this because most people believe that anyone who is licensed or authorized to handle the sale or purchase of real property is a Realtor. That belief, however, is incorrect. Realtor, real estate broker and real estate agent all have different meanings. Note: This article does not include Real estate attorneys. They are grist for another article.

Realtors: People "who are involved in residential and commercial real estate as any of the following, brokers, salespeople, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry" (a quote from the NAR website) and are members of the National Association Of Realtors. The National Association Of Realtors is a professional trade association and does not license people or businesses to represent buyers or sellers in real estate transactions. The NAR has trademarked the words Realtor and realtor and only members are allowed to call themselves Realtors. - See Realtors | Real estate brokers | Real estate agents for the complete article.

Common Home Buyer Mistakes
Saturday, February 16, 2008, 06:09 PM - Real Estate
Common Home Buyer Mistakes. A real estate article.
The first big mistake home buyers make is believing that Jack In The Beanstalk and the Sugar Plum Fairy are real. Buying a home is a major decision and needs to be entered into with eyes wide open. Understand why you are buying a home. There are financial advantages and some additional expenses that will result from transitioning from tenant to home owner and you want to know the specifics ahead of time.

Don't let your emotions commit you to more debt than you should. Part of the mortgage crisis is a result of unrealistic expectations that housing values would keep going up indefinitely. People took on more way more debt than was wise and they're paying that price now.

Understand The Buying Process, Before You Begin

The process starts with a budget and a needs vs. wants list. Often times we want a champagne, but only have a beer budget. Identify the priorities for you and your family. It may start with schools and neighborhood and end with the swimming pool. In my opinion, your needs list should include possible events and activities over the next 3-5 years, or longer. Also include potential items that could affect the resale value when you do decide to move up.

1. Get a grip on your finances. How much home can you afford? Do you have a list of your expenses being paid against the income you bring in? What are expenses you can pay off so buying a home is comfortable?

2. Set realistic expectations. Have you factored financial changes into your budget? Have you set new spending limits? You may not be going out for expensive dinners for a while when you buy your first home. Of course, it's a worthwhile trade off, but you want to plan your adjustments now and live accordingly.

3. Think team instead of going it alone. You want to select - See Common Home Buyer Mistakes for the complete article.

Tenants in Common
Friday, February 8, 2008, 07:27 PM - Real Estate
Tenants in Common. A real estate article.
Tenants in Common is a way of sharing ownership of property among two or more people. Each tenant holds an undivided interest in the property, and each tenant may own a different size portion of the property. Tenants in common ownership may be established in many different ways: through a will, deed, or other document of title. Today Tenants in Common (TIC) ownership has become a popular way for people to complete 1031 tax deferred exchanges when they hold title as an individual or other entity and would like to participate in a partnership or partnership style structure. Other people are using Tenant in Common structures to purchase multi-family real estate that may be suitable for a condominium (condo) conversion after a certain seasoning period.

There are other benefits to owning property as Tenants in Common as well. For people looking to diversify, TIC structures allow you to invest in larger properties, different types of investment property and different geographic markets. Perhaps you are looking to move up to institutional grade or single tenant properties with triple net lease arrangements. You may also benefit from fixed-rate, non-recourse financing with institutional terms for tenants in common owners. This type of financing with 5-10 year terms is usually not available to small, single investors. Many, perhaps most, tenants in common arrangements are created through inheritance whereby the decedent's will leaves property to intended heirs with or without specifying the size of interest that each is to receive. One of the most attractive features of a TIC structure is that acquiring an interest in investment property as tenants in common does not preclude you from buying investment property on your own in a subsequent 1031 tax deferred exchange. Returning to sole ownership is always an option should your investment preferences change.

Is the Tenant in Common Structure Flexible? - See Tenants in Common for the complete article.

Pre-owned home sales up 0.4%
Monday, December 31, 2007, 02:19 PM - Real Estate
Pre-owned home sales up 0.4%. A real estate article.
Existing-home sales rose slightly in November, a hopeful sign of stabilization in the wake of mortgage disruptions earlier this year, according to the National Association of Realtors, which performed the study.

Across the nation, pre-owned home sales rose 0.4 percent to a seasonally adjusted annual rate of about 5 million units, up a bit from the 4.98 million units sold in October 2007.

Still, the sales figures pale in comparison to the 6.25 million-unit level recorded in November 2006 - representing a 20 percent drop.

"Near term, existing-home sales should continue to hover in a narrow range, just as they have since September," said NAR economist Lawrence Yun in a statement released Monday. "And that's good news because it will be a further sign that the housing market is stabilizing." - See Pre-owned home sales up 0.4% for the full report.

Submitted by:
Sandi Johnson
Real Estate Brokers And Agents

Top Ten Suggestions for Selecting a Real Estate Agent
Tuesday, December 11, 2007, 08:07 PM - Real Estate
Top Ten Suggestions for Selecting a Real Estate Agent. A real estate article.
DO NOT blindly walk into or call a neighborhood firm and ask for an agent at random.

1. Ask friends and family for recommendations.

2. Interview several real estate agents: Find out their history with the brokerage, their experience and background. Gauge their knowledge of your favorite towns. Ask for a list of previous clients and their phone numbers.

3. Pay attention to whether a potential agent is listening closely to what you say. Is he or she asking follow-up questions which prompt further explanation and help him or her understand exactly your needs and wants?

4. Give a potential agent the opportunity to educate you. A good agent should walk a customer through the buying or selling process before ever showing properties or discussing a specific transaction.

5. Have a good idea of what you expect from an agent and communicate those expectations. How often do you want to hear from your agent? Do you want to hold meetings at your house rather than the real estate office?

6. Weigh the benefits of working with an experienced agent versus a novice. An experienced agent may have more insight, but a new agent may have innovative ideas or more energy and time. - See Top Ten Suggestions for Selecting a Real Estate Agent for the full list.

The Hidden Dangers Of For Sale By Owner
Tuesday, December 11, 2007, 07:59 PM - Real Estate
The Hidden Dangers Of For Sale By Owner. A real estate article.
I met a fellow agent the other day that had a friend in CA that wanted to sell his home. He called his agent friend in AZ and told him he was thinking of selling his home in CA. The agent told him he would find him a solid professional in CA to assist him. The next day when the agent called him back, the man told the agent that someone had knocked on his door and asked if he wanted to sell his home and so he sold it to them! He was very happy as he said he was saving thousands of dollars in REALTORŪ commissions. The agent / friend told him to be very careful about doing this as the buyer typically has all the rights...at least that is the case in Arizona.

Saving all the money on commissions sounds good, right? The problem was the friend didn't know anything about Real Estate. The other party wrote up the contract and they agreed to the terms and took it to title. Everything seemed to go smoothly until after he had moved out. The buyers were savvy and learned a bit about real estate law. The learned that the seller must disclose all material matters in writing. He thought he had told them everything about the house but he missed something. - See The Hidden Dangers Of For Sale By Owner for the full article.


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