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Those too young to remember the wild west of real estate believe that real estate commissions have always been evenly split between seller’s and buyer’s agents, with each receiving a portion of the sale price. This misconception obscures the reality that, historically, buyers lacked formal representation.
Low claims ratios are a testament to the work our agents do to eliminate items prior to closing. The borrower also may have encumbered the property with loans that were not disclosed when applying for refinancing.
You also get a lot of spec homes on dirt roads with private road easements and no recorded road agreement, which can create issues.” The real estate community is now seeing more younger agents as the older ones retire. Like Larson, DeWolf runs into challenges with finding comparables in rural parts of the state.
Real estate agents and loan officers play an important role in ensuring appraisers have the necessary data to deliver reliable valuations. I had the opportunity to discuss some common questions people have about the appraisal process with Massachusetts real estate agent Kevin Vitali.
This is where a good realtor will also provide essential disclosures such as any potential influences like power lines, train tracks or easements that might be in place. Whether you’re a real estate agent, seller, or buyer, our expert appraisers are here to assist you in making informed decisions.
And if you are buying with cash, you'll want proof of income to show the seller's agent. Finding the Right Piece of Land A real estate agent can be an excellent resource for where to look, and if you find the right one they'll both help you throughout the process and protect your interests. How much money do you need down to buy land?
It should be noted that not every state uses due diligence fees in real estate transactions, so it is important to consult with your real estate agent so they may educate you on the legal implications of a housing contract. Any existing easements on the property which legally allow another party to use someone else’s property.
Any easements or encroachments – any part of the property should be accounted for to get the most accurate estimate of the land value. You may also want to speak with your real estate agents about your appraisal preparation. Fritz is your residential appraisal expert for Vancouver Island, Victoria and the Gulf Islands.
Any existing easements or zoning issues. Whether you are a property owner, real estate agent, mortgage broker or lawyer, we can provide quick and accurate home appraisal services. They are not assessing décor or any feature that is considered removable. Lot: Size and topography of the lot. View (including negative views).
It documents ownership, vesting, and detail regarding anything recorded against the home, such as liens, encroachments, or easements. The legal description The legal description is everything you won't see in any real estate agent marketing or advertising. Easements. You want the title to be delivered as clean as possible.
Here are some tips on how to communicate effectively with a real estate appraiser when obtaining an appraisal: Be clear about your intent: Whether you are the homeowner, buyer, seller, or agent, you should inform the appraiser of the purpose of the appraisal and the type of report you need.
Preparing a home for sale includes dozens – or even hundreds – of steps choreographed between seller, agent and other key individuals. EASEMENTS: An irrevocable right to use some part of another person’s real property for a particular purpose.
” “I have a life long time in agriculture and worked at a title company, giving me a good understanding of legal descriptions and easements.” Also, I have appraised multiple airports and done various easement studies for research.” ” “Background in landscape architecture and real estate sales.”
In many cases, a known easement or encroachment or even pending land use changes can be considered latent defects. Real estate agents have certain obligations as well. While a listing agent might not have the same firsthand knowledge as a seller, they cannot misrepresent the home.
With a PUD, homeowners have an easement and rights to use the common area through their HOA membership. Sometimes the info is right in a property profile, which is very easy for most real estate agents to obtain through their preferred title company. What is a CID? How can you tell if the townhouse is in a PUD or Condo CID?
In 2007, he started appraising conservation easements, which are specified areas of land earmarked for environmental conservation. Owners with conservation easements can claim an income tax deduction. Conservation easement appraisals are a definite risk for appraisers. They are not easy to do. AI has to be trained on good data.
If the owners are trying to sell by means of their own resources -- a sign or classified advertisement, say -- it is still wise to keep a buyer's agent on hand. On the other hand, if there is no evidence of intent to sell, the agent can help you contact and negotiate with the owner.
Problems regarding fence repair, retaining walls or easements can often bring a neighbor into your home sale process. Don’t Believe These 5 Myths About Real Estate Agents. Even if you don't have a plan to sell now, it's good practice to maintain a friendly relationship with the neighbors. You never know when you'll need them.
When you climb to the top of the tower, the owner has a telescope where you can see forever valley views,” Speakman (agent) adds. On a side note, I’m definitely noticing some familiar agents listing bank-owned homes right now (mostly people who were big REO agents back in the day). Inside, there are pillars and towers.”
Buyer Closing Costs Matter Too Buyer closing costs are generally smaller than seller closing costs, as buyers don’t directly pay for the agents involved. Real Estate Agent Commissions This is the biggest part of your likely closing costs. With both listing and buyer’s agents, this alone costs 6% of the purchase price.
Possible Title Issues (Easements, Foreclosure). Once a property is listed on these high-traffic sites, the visibility from agents, investors, and land buyers greatly increase. Floor Space Index or FSI (Amount of Construction Allowed on the Land). Zoning Requirements. Title Deed. Original Land Deed (If Applicable).
Integrity Remain steadfast in your commitments, stay true to your word, and uphold your principles, even if this requires declining an appraisal assignment or future work with a client or their agent. By staying honest and true to your values, others are more likely to trust and collaborate with you or recommend you and your business.
Every room on the main level except for the kitchen and the turret have a fireplace, and those are all made out of a different precious wood,” Rich (agent) explains. There may be unrecorded easements or other issues that the appraiser would not and could not discover during the course of the inspection. It’s listed for $899,000.
The Houston Properties Team is the #1 boutique real estate team and #6 worldwide out of over 182,000 Keller Williams agents. If you choose to list with our team, we can provide you with an unparalleled level of efficiency and customer service that can’t be compared to working with just one individual agent.
It’s worth noting that while FSBO sales can result in savings, they often sell for less than agent-assisted sales. However, for those willing to put in the time and effort, selling a house without a realtor can lead to significant savings on commission fees, which typically range from 5-6% of the sale price.
If that happens, your real estate agent will have to negotiate with the seller to see if they will bring their sale price down to $350,000. If you are selling your home through a real estate agent, your agent can accompany the appraiser and tour them through the home. Who pays for a Home Appraisal?
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