Rockville Maryland Real Estate

Bedroom Ettiquette

2008-09-07T08:45:53Z

In my opinion a bedroom has....

A Window or Door:
- that is low enough that a child can escape
- That is big enough for an adult to escape
- Is actually in that room and not adjoining room
A Closet:
- Not a closet with the furnace
- Individual Closet with Doors
- No Closet? It might be a Den!
A Door:
- That closes
Space to fit a bed
- Can be a small bed - but needs to fit a bed

So what do you call a bedroom?

Is it frustrating for you to see a house advertised as four bedrooms to find it only has two?

What do you tell your clients about staging a "non-bedroom" as a bedroom?

Tell me, what is your bedroom ettiquette - I'd like to know!

Inter-County Connector - Maryland

2008-09-04T21:28:16Z

What is the Inter-County Connector?

The intercounty connector otherwise known as the ICC project is moving swiftly along and giving homebuyers (albeit not home sellers) a sense of relief as the areas where it is being built are becoming much more obvious. This road is a major east-west toll highway being built in Montgomery County, Maryland from Interstate I270 (at the intersection of I370) and extending to meet I95 and end slightly beyond in Prince George's County. This controversial project has been on the books for more than 50 years - yet in the recent hot real estate market - many home buyers who gave up their rights to review the master plan had no idea....and unfortunately, many of the "hey it is really easy to sell real estate" new agents - didn't know either. I won't rant on ethics and being competent...although tempted.

This road will provide much needed relief to unbelievable traffic in the Washington, DC corridors. It is shocking for people to realize that 10 miles can equal an hour or more of commuting time in this area. When people wonder why the real estate market is so stable inside the beltway...look for the obvious - LOCATION, LOCATION, LOCATION.

Reports are indicating that while there is still litigation pending on some segments. The first segment will open in 2010 connecting I270 and Georgia Avenue in Olney, MD. This is tremendous as the first segement started construction just last November.

For those practicing real estate in Montgomery County, disclose, disclose, disclose - even if it doesn't seem close - remember there will be shifting traffic patterns to accomodate the new roads.

Vacation...for the Dogs!

2008-09-04T19:41:02Z

It is almost vacation time! That means that my favorite sister will come and pamper and spoil my two dogs and 19 year old kitty. They hate to see us leave...but they are so well cared for that sometimes, I think they forget that we are gone. Sometime my husband's parents take care of them too...and you can tell that they have had a great time. For me, I can relax knowing that they are in the best and most capable hands of my family. I am pretty lucky that they will do this - we often take a three week vacation...sadly for all of us...this time it will only be a two week trip to California.

We have taken them on the family vacations...to the beach...to Maine, etc. They like the change of scenery - but are just as happy to be at home - I think they like being pampered!

8i Lots of Promise

2008-09-04T19:31:45Z

We were very excited to upgrade to Top Producer 8i - but the going hasn't been easy. So many of the features from earlier versions are just not intuitive or not there. I know it is always a big trial and error to make changes (LOL-like changing your brokerage)....however, the process has not been as smooth as it should be. Some of the simplest things like why can't they have a search by subdivision...there isn't even a good field for it that is easy to use and find. Oh, and why can't you print out the name and contact information from the contact record...not really that hard...but they make it hard. It would be nice to be able to cut and paste contact info - like for a lender to an email. Alas, I feel when I call customer service it falls on deaf ears. Don't get me wrong I love TP8i....but it could be a lot easier!

Networking? How do I Choose?

2008-09-04T19:24:12Z

QUESTION: THERE ARE SO MANY SOCIAL NETWORKING SITES? HOW DO I CHOOSE?

The How:

Pick the one your friends participate with
Figure out which ones attract your collegues and competitors
Which ones represent you the way you'd like to be represented
Which ones are easy to use

The Downside:

After you've given that some thought, realize that people who you don't want to interact with - will invite you and want to interact with you.
You have to spend time working at it - it is not overnight
You need to reciprocate and invite others
It is important to give testimonials to great service providers

The Power of Networking:

Work with People You Like and Trust
People Can Find you when they need you
You can find people you are looking for
You can keep in touch with folks without having to "get involved"
You can refer and get referrred

They might look alike....but inside they are different and you have to find the ones that meet your needs!

Back to the Blog!

2008-09-04T17:15:48Z

Well, as I get ready to go on vacation, I am posting my first blog post in quite some time. I've had a number of distractions and am finally ready to get back to the bascis and my blog.

I am going to explore a couple of different formats and go through some of my favorites so that I can get back to a good routine of posting and communicating with my fellow colleagues.

I am thinking about going with a Q&A format...such as what I learned today. As we all learn something everyday...and the blog is a good way to learn from other people's mistakes...and a good way to review the paths taken moving forward.

Let me know if you have any thoughts or suggestions.

"Why Isn't My House Selling"...Quick Fixes to Consider

2007-09-12T08:13:12Z

Real Estate 101: Price, Location, Condition

Even if the house is listed at a great price...it is all about how the potential buyer "feels" in the home.

There are a few basics that we can all understand about selling a house. Clutter doesn't make it sell. The sellers don't see it as clutter...they see it as their beloved personal belongings. We need to help them see that the potential buyer needs to see themselves in the house - and even if their own home is cluttered they'd like to believe that the new home won't be cluttered. It is also an indicator that the home doesn't have enough storage - even if it does - the new buyer won't feel like it does...with a lot of choices...this can be a faint memory as the buyer says to their agent...NEXT!!!

I advise the sellers to go ahead and pack it up...the buyers expect to see boxes...not clutter. Clear the clutter or hire someone who can!

Light is important in selling a home - not just that they are on...but that the fixtures are not out of date and the blinds/curtains/shades are open and letting in the light. People don't like dark homes, they want them to be full of light. Leave the lights on as often as possible...the huge difference in what you get for the house in comparison to the extra that you pay on the extra electricity bill is certainly worthwhile. Additionally, you might know the light switch is behind the "thing"; on the other wall; or behind the door - but the buyer and the buyer's agent doesn't...the room that might make the difference...might not get the appreciation it deserves.

BTW, leave the a/c turned up or the heat on...nothing turns a buyer off more than when they are feeling uncomfortable temperature wise in a home.

And yes, color is important - neutralize whenever possible.

Before: After:

Okay, and did I mention clean, clean, clean...nothing sells like clean. You can sell almost any home with cleanliness...clean can be another word for SOLD in a challenging pre-owned home market. I once listed a home that was so clean it looked brand new...the buyer ran a cleaning service and she said she purchased it because it was the cleanest home she had seen and she didn't want to deal with anyone else's grunge. Do you?

Would you buy a car with a carpet allowance?

Staging is very important to selling a home. I recommend hiring a stager - it is like detailing for a car...but, even without a stager...these are soooooo basic...go back to basics.

Buyers have choices...you need to make the list.

Happy At Home in Rockville, Maryland, Woodley Gardens

2007-09-07T23:36:05Z

Yvette Chisholm | Long & Foster Real Estate, Inc. 301-548-9700 | 301-758-9500

518 Nelson Street, Rockville, MD

Solid Home in Woodley Gardens

3 Bdrm Single Family House

offered at $525,000

Year Built	1965
Sq Footage	2,379
Bedrooms	3
Bathrooms	2 full, 1 partial
Floors	4
Parking	1 Covered spaces
Lot Size	9,516 sqft
HOA/Maint	$0 per month

DESCRIPTION

LARGE FOUR LEVEL SPLIT WITH UPDATES: ROOF 2000, ELECTRIC PANEL BOX 1997, FURNACE 2001, CAC 1996, GUTTER COVERS 2002, COOKTOP 2005 & DISHWASHER 2001. HUGE FIRST FLOOR FAMILY ROOM / FIREPLACE AND FIFTH BEDROOM OR DEN ON-GRADE WITH EASY ACCESS FROM CARPORT OR FRONT ENTRANCE. HARDWOOD FLOORS ON TOP TWO LEVELS.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Walk-in closet	Hardwood floor	Family room
Living room	Bonus/Rec room	Dining room
Dishwasher	Refrigerator	Stove/Oven
Attic	Basement	Washer
Dryer	Laundry area - inside	Balcony, Deck, or Patio
Yard

OTHER SPECIAL FEATURES

Close to Rockville Metro

Close to Montgomery College

Parks, Pool, Recreation Nearby

Close to Commuter Routes

Well Maintained Home

ADDITIONAL PHOTOS

Seller contact info:

Yvette Chisholm

Long & Foster Real Estate, Inc. 301-548-9700

301-758-9500

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 7, 2007, 10:26pm PDT

Rambler in Rosemont, Gaithersburg, Maryland

2007-09-07T23:15:22Z

Yvette Chisholm | Long & Foster Real Estate, Inc. 301-548-9700 | 301-758-9500

9312 Edgewood Drive, Gaithersburg, MD

Large Rambler in Rosemont w/Two Car Garage

4 Bdrm Single Family House

offered at $550,000

Year Built	1958
Sq Footage	1,822
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	2
Parking	Unspecified
Lot Size	29,094 sqft
HOA/Maint	$0 per month

DESCRIPTION

Picturesque Rambler on a Large 1/2 Lot in conveniently located Rosemont a nice community featuring custom built homes on large lots close to Shady Grove Metro; Commuter Routes; Shopping & Restaurants

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Hardwood floor	Family room	Living room
Bonus/Rec room	Office/Den	Dining room
Breakfast nook	Dishwasher	Refrigerator
Stove/Oven	Attic	Basement
Washer	Dryer	Laundry area - inside
Balcony, Deck, or Patio	Yard

COMMUNITY FEATURES

Garage parking

Playground

OTHER SPECIAL FEATURES

Three Fireplaces

Large Patio

1/2 Acre Lot

Two Car Garage & Tandem Parking

Kitchen w/Adjacent Breakfast Room

First Floor Family Room w/Fireplace

Large Dining Room

Living Room w/Fireplace

Brick Rambler

Updated HVAC

ADDITIONAL PHOTOS

Seller contact info:

Yvette Chisholm

Long & Foster Real Estate, Inc. 301-548-9700

301-758-9500

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 7, 2007, 10:11pm PDT

Rosemont Gaithersburg Maryland - Just Listed

2007-09-07T22:58:12Z

Yvette Chisholm | Long & Foster Real Estate, Inc. 301-548-9700 | 301-758-9500

9001 Edgewood Drive, Gaithersburg, MD

Charming Home in Rosemont Close to Shady Grove Metro

4 Bdrm Single Family House

offered at $525,000

Year Built	1972
Sq Footage	2,292
Bedrooms	4
Bathrooms	3 full, 0 partial
Floors	4
Parking	2 Car garage
Lot Size	18,166 sqft
HOA/Maint	$0 per month

DESCRIPTION

Feel at home in the charming well maintained four-level split with a two car garage in the sought after Rosemont neighborhood of Gaithersburg. This home is on a .42 acre lot that is nicely sited with large mature trees and a great landscape.

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
Walk-in closet	Hardwood floor	Family room
Living room	Bonus/Rec room	Office/Den
Dining room	Breakfast nook	Dishwasher
Refrigerator	Stove/Oven	Microwave
Attic	Basement	Washer
Dryer	Laundry area - inside	Balcony, Deck, or Patio
Yard

COMMUNITY FEATURES

Garage parking

Playground

OTHER SPECIAL FEATURES

Oversized Master Suite w/Private Bath

Updated Windows; Kitchen

Family Room w/Fireplace

Two Car Garage w/Tandem Parking

Close to Shady Grove Metro & Commuter Routes

Hardwood Floors

Kitchen w/Picture Window & Breakfast Area

Large Yard w/Large Established Trees

Large Ready to Finish Basement

Study/Den or 4th Bedroom

Three FULL Baths

ADDITIONAL PHOTOS

Seller contact info:

Yvette Chisholm

Long & Foster Real Estate, Inc. 301-548-9700

301-758-9500

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 7, 2007, 10:02pm PDT

How to compete with the lowest commission?

2007-09-04T20:14:13Z

New business models....we are afraid!!! Are we? Don't consumers deserve choices? Some consumers are very knowledgeable about the real estate process and commission structures and different models and yet others have no idea how it works. Believe it or not, some agents don't know how they work - perhaps because they are afraid, too busy, or don't care enough about their business.

New business models are being introduced everyday in the form of choices for the consumer. Some are harnessing technology; some are stripping services; some are gaining efficiencies in the formation of teams; some are providing all the services associated with a transaction. Don't be afraid of the competition - embrace it and understand it. After all - how can you compete with something you don't understand.

Once you understand the competition. Ask yourself:

Do your clients get what they pay for?
Are you worth what you charge?
How are you different?
What services do you provide?
What services will you not provide?
What are you strengths?
How good are you at your job?
Why should they pick you?

If you don't know the answers to these questions - maybe you should take some time and figure them out. If you don't like the answers you get....set some goals and change them.

Competing in today's changing market requires market expertise, knowledge, experience, and a positive attitude. Anyone can get these things...so if you don't have them...go get them!

People shop at discount stores and luxury boutiques - because they get what they want and need there - it is not always about price.

Thanks to Melissa Grant of Crossville, TN had an interesting post this morning on competing with a flat fee brokerage model. Overcoming Flat Rate Commission charges errrrrr.

25 Interview Questions for Buyers

2007-09-03T11:12:32Z

Here they are...

How long have you been looking for a home?
Have you seen any homes that you liked?
Why didn't you buy it?
Have you worked or are you working with another salesperson or broker? Who? What forms have you signed?
Have you worked with a real estate agent before? What was it like? What didn't you like about it? What did you like about it?
Do you currently rent or own? When do you want/need to move?
Do you need to sell a home or complete a lease period before buying? What is that timeframe?
Is your home currently on the market? Is it priced well? Have you determined your net proceeds?
If we find the right property are you ready to make a decision to by it now? If no, why not?
Is anyone else be helping you with the buying decision? (e.g., parent, partner, friend - even if they are not in the deal they can have a huge impact and you need info from them)
Is anyone else contributing to your finances to make this purchase? Are you getting a gift?
Are you borrowing money (other than the mortgage) for this purchase? (e.g., 401K, credit cards, parental loan)
Where are you employed? Spouse/Partner? Where are they located?
What is your price range?
What is your total monthly budget for payments?
Has a lender pre-qualified you for a loan? How much?
Name and number of the lender *OR* I will send you the names and numbers of some lenders - who can pre-qualify you before we meet again.
Are you comfortable with your lender? Did you want to talk to a second lender?
How much cash do you want to use for the purchase?
What REALTOR services are important to you?
So...if we decide to work together...you WILL buy a property from me and work with me exclusively?
Will you agree not to go to open houses without me?
What style of home did you have in mind?
Bedrooms? Baths? Any Special Needs? Special Furniture or anything that needs to be accomodated?
Do you have any additional questions?

Would love to hear your questions!

Nothing but Blue Skies...

2007-09-02T09:15:07Z

Brand new home...can't get a good photo....weather won't cooperate...this isn't for the MLS...I just wanted to give my clients a nice change of address card for their new home.

The weather will drive me crazy...I can be a perfectionist at times and can't stand to have a photo without a blue sky. Buyers don't like gloomy grey skies or poor photo quality. They want those photos to zing out at them.

What do you think? It makes the homes more inviting and more interesting. I've had buyers ask me for the photos and I willingly forward them to the selling/buyer agent so they can sent them on to their clients.

I care about the images, the photos, the people. Many folks hire professional photographers in my area. I have seen their work and am not impressed. I'll wait for my blue skies. Do they sell the listings...can't say that anyone has told me that they bought because of the photo. But I do think buyers make their decisions on what homes to see because of the photo.

First impressions are lasting ones. If a buyer thinks it is cute...it will be cute.

Important Tip:Don't make the home look better in the picture than it is in person....buyers will be disappointed...and not want to buy the home. A true picture...in it's best light....gets the best results.

To Me or Not to Me....that is the question.

2007-08-31T22:06:52Z

Do you want the real estate transaction to be all about me? Or do you want the real estate transaction to be all about you? Me or You? Which side do you stand on. This is the fabulous thing about language and understanding language. Who are you referring to? me? or you?

What we really want is for it to be about our clients. How do we protect our clients? How do you make sure that everything you do is in your client's best interest? That is what you need to think about every time. What is best for them. Read everything...all the time.

Sometimes agents just think about themselves. It is so challenging in my marketplace to get current board approved forms. I am not even sure the agents realize that their E&O coverage may not cover them for using outdated forms. Let alone their client's interest in making sure that the current laws and forms are used. What if there is a lawsuit...do you want to be on the stand telling the court that you couldn't be bothered to pull the most recent copy of a document or make sure you have all the proper forms completely filled out or that you didn't bother to read or understand the documents...or didn't have the time to explain them.

Think about how much your clients are trusting you. Think about how much they are paying for your services. What responsibility does that put on me or you?

It is about you...and me... and what we do for them

Indeed!

Once Upon a Nervous Breakdown...

2007-08-27T08:20:24Z

Are you ready for a nervous breakdown yourself? The real estate market, work, life, children, parents, errands, health, email, friends pulling you in a thousand directions? The style and humor of this book makes it an easy read for those who need a good laugh. This is the fourth book by Patrick Sanchez and it truly is laugh out loud funny.

This book is written by a man who seems to totally understand women (yes, that is right) and if you don't believe me read it for yourself. Patrick is known for his on the ground research in Washington, DC - observing on the streets and shopping malls, restaurants, offices, emergency rooms, etc. where he writes his books about the area where he works and lives. When he is writing a new book he looks for people to interview about the subject matter. Whether it is their weight, plastic surgery, dating habits, work, shoes, et. al. he takes the time to understand not only the issues - but the feelings involved. One time, he went to the Plus-size department at Saks Fifth Avenue to talk to the sales people and observe the differences as he noted that the plus sizes are often in the "basement".

Good research, good humor...okay, maybe it is not so much about real estate, but there is a real estate agent in this new book!

http://www.amazon.com/Once-Nervous-Breakdown-Patrick-Sanchez/dp/0758210027

http://youtube.com/watch?v=q89ijBycfHI

Look Ma...No Pictures!

2007-08-25T10:10:58Z

Having no pictures is the same as driving without hands. You are giving up a significant marketing advantage.

Buyers want photos...photos...photos. They are not going to spend any time looking at anything without them unless it is some highly sought after neighborhood or they are stalking someone.

While the print media is dying the visual distinction of the internet is what is engaging the buyers. They don't go for an information driven web-site...they go for the visual pleasing graphic interface and oh...the prettiest photos.

If there is anyone out there who can give me a reason to market without photos...I'd really like to hear it. Even if the home you are marketing has no curb appeal...isn't it a disservice to the seller...as it will likely be passed over anyway by the buyer. Beauty after all, is in the eye of the beholder.

This could be a much more interesting post if it had pictures. I purposely don't have pictures...to "illustrate" the point.

Husbands, Wives, and Relatives

2007-08-25T09:42:10Z

Many of the successful real estate teams in our area are the husband/wife team. Some of the other teams have family members involved. I remember going to a CRS class in New York City in 2005 and all of the agents that had high functioning teams were Husband/Wife; Parent/Child; Sister/Sister; you get the picture.

What if you don't have any family in the area you work in? You can choose friends...but many a good friend has been lost going into business with a long time friend. The trick is to get people like you, same morals, same values, same customer service edict - but different skill sets!

We all know that you have to wear many different hats as an agent. So find people who look better in some of those hats than you do! Flexibility is one of the most important characteristics in developing a team - and when you are seeking to build a team with a bunch of control freaks - it is challenging to find that flexibility gene too.

I am envious that people have relatives to share their real estate practice - but perhaps should just be grateful that I can get away from it and have piece of mind while my partner is on watch!

Time is running out!!!! Are you ready???

2007-08-25T09:22:52Z

Oh man, it is time to start thinking about goals for 2008 already!

We use a business model that is based upon referral and it is a very successful system for us. We farm certain geographic areas and we are certainly known as the neighborhood experts there. We get good leads from our internet presence and are happy with our placement on the search engines (much to the chagrin of those trying to sell us placements and leads). 2007 is a phenomenal year for us - even in this changing real estate market.

Our Goals for 2008 so far include:

Integrating our systems
Refining our Contact Management System
Sharpening our Short Sales/Foreclosure Knowledge
Redeveloping our Marketing Materials
Creating a Standardized System for Marketing
Increasing our Referral Business
Developing our Regional Agent Network
Developing our Extended/National Network
Exploring Email Independence
Reinventing our Web Presence

Is it really almost September?

How do you plan your goals?

What is more important EGO or CONTROL?

2007-08-25T09:12:18Z

What is going to be most different next year is the reshaping of our systems and team. My partner and I have worked together about five years and both of us are control freaks in our own way. The most amazing phenomenon is that if we substitute on an appointment for each other or cover while the other is away - our clients seem just as happy and satisfied if we had shown up ourselves. We like to be independent and are moving towards an integrated team model - simply because our luck has presented some really great people for us to work with and ways to improve our ability to service our clients.

Another consideration is the ability to streamline costs and that is a huge discussion. We both like our technology toys, our internet toys, and our complete independence. There are a lot of duplicated expenses and we are looking towards a method of eliminating those and perhaps investing in systems that will minimize duplication of efforts.

We have come to the conclusion that we are ready to do more together and less apart. I guess it is easier for the husband/wife team - they are all coming out of one bucket. What that means is one of us has to give up our ego and the quid pro quo is that the other has to give up control. One of us will be the managing partner and the other will have the gloryof the production awards .

So, I ask you...EGO or CONTROL...which would you choose and why?

MARSHA! MARSHA! MARSHA!

2007-08-23T07:10:48Z

Ah-ha! The name is what gets people attracted to your blog entry. You can be as smart and interesting as you want...but if you can't grab them with the title. Nothing...Nada...Zilch. Okay, maybe I'm a little competitive...and would probably rewrite the post is NOBODY commented....but is it always the title that attracts...just like curb appeal.

I want to be popular too!!!!

So...what are the poular topics with examples:

Catchy Phrases or songs reworded - Will Video Kill The Virtual Tour?
Tried and True - Dressing for Success. Is it More Important than Ever?
Simply True - Real Estate 101: 75% of your marketing is complete the day you set the price.
Call to Action - Two Posts You Have to READ !
Ask & Receive - How I got 500 comments on my AR BLOG POST in 3 days.
Response to Fear - Beware the Short Sale - A Victims Story
Tips & Advice - An Alphabet of Localism Post Ideas (S)
Humor - The funniest agent's listings...
Human - Out of The Rain...for a Little While
Legal & Liability - Feedback lawsuit
Trendy & Buzz Words - A Green Building Conversation For Today's Changing Market
Technology - Do You SEO?
Pets - POST-a-PET

What attracts you?

What causes you to leave a comment?

Original Title....A Rose by Any Other Name...after writing this post, I renamed it...I think I gave myself good advice...what do you think.

Digging for the TRUTH - in the Yard!

2007-08-22T22:51:05Z

Everything goes great with agent BOB's transaction, smooth inspections, easy financing, nice listing agent and seller, and it closes nicely and on time. He's filed all your documents away and is thinking about the Fall market.

One day, several weeks later, the call, from the buyer. "We wanted to do XXX, and we found out that there is a septic field in the yard. We purchased the house because we wanted to XXX - this is a big problem, what should we do? Do you have a copy of our documents? Should we sue?"

DEEP BREATH, "let me look into that and get back to you?" Oh, poo! That is really going to reck an agent BOB's day/week/month/year/decade/life. Okay, maybe it is not the end of the world - but this can be an expensive issue to deal with and full of liability potentially.

In many urban areas Sewer vs. Septic is not a practice area of concern. In very rural areas, it is likely that there is a septic system but the agents there are knowledgeable (unless they are new). When it comes to suburban areas however, it can really stink as it is a mixed bag.

Some neighborhoods, that were orginally built with septic fields were converted to public sewer. However, in some areas this wasn't mandatory and the owners could opt - not to hook up. Some people could hook up to public water and not public sewer - so the fact that it is no longer on well water may not be an indicator.

So what's an agent to do? Either listing or selling it is a good idea to:

Be familiar with the neighborhoods and areas you work in
Read other listings in the neighborhood and check tax records
Contact the Water and Sewer Authority
Don't let lot sizes fool you sometimes there are public septic systems
Understand Sometimes a neighbor's septic system is on a property because of a subsequent subdivision
Just because there was a front foot charge - doesn't mean there is a hookup
Know sometimes there are private companies or municipalities providing water and sewer
If the seller didn't know they had one - they weren't maintaining it - and you need a plan
Ask for the Plat and/or sub-division plat - easements; septic, etc. are often identified
Understand the process of testing and problem resolution - before you get into a problem
Talk to the neighbors - you learn a lot and it is a great way to get business in the community
Review disclosures carefully with clients and make sure that everything was completed

Asking a lot of questions can help avoid a lot of grief later on. Sellers can take a proactive stance in checking and pumping out the septic system and have reports available for buyers. If the seller doesn't know where the access is...chances are it hasn't been pumped out recently or correctly.

Also remember, that if the septic system fails, local regulations or the property itself might not provide a correction. In other words, it may be a problem that is not correctable and you are up a creek without a paddle.

When the problem happens like the example above, after settlement, well...call your broker right away if anyone mentions the word 'sue' even if it isn't related to you (at this time). Not contacting your broker or your E&O coverage has the potential to put you in a position that you and/or your broker is not covered. Follow the direction of your broker and consult an attorney if necessary. This may turn out to be nothing but that is what the broker and the E&O policies are there for - to protect you.

Keep detailed records of the transaction and maybe develop checklists.

We are the experts - buyers and sellers rely on our knowledge and experience. If you don't understand an area in which you practice - educate yourself or hire someone who does. If you need to refer a transaction out, do so.

By all means, keep your senser of humor - after all....shit happens!

Questions to Ask Real Estate Agents (for Buyers)

2007-08-19T07:59:15Z

These are great questions to ask when hiring a real estate agent:

Tell me about your negotiating skills.
What fiduciary, client level duties you would owe to me if I chose to hire you as my agent?
Do you have a list of home inspectors, insurance agents, and reputable lenders and other relevant contacts (e.g. painters, landscapers, general contractors) for me to consider?
Specifically, how will you protect my interests and why should I hire your rather than another agent?
How many other sellers/buyers are you representing now?
How many transactions did you close in the last year?
Do you have a list of references?
Do you have an assistant or support staff? Are they licensed?
Will you handle all aspects of my transaction or will you delegate some tasks to a sales associate or an administrative assistant?
Are you a full-time or part-time agent?
How accessible are you? What hours do you work?
What happens when you go on vacation or take time off?
Will you listen to my needs and get a complete idea of my situation so that you will represent me well to sellers and their agents?
Are you a broker or an agent? Tell me about the additional experience, qualifications, and/or certifications you have.
How many of your own listings do you sell?
Will you represent only my interest in all situations?
Is there ever a situation that you or your company might represent the seller? How will that work?
What kind of research do you do to find homes for sale?
Explain the types of contingencies that are put into contracts and what are the benefits and drawbacks?
Are there environmental considerations when buying a house?
Will you attend my home inspection?
How do I learn about highways and construction planned in the area?
When I find a home I am considering will you provide a written CMA?
How much knowledge do you have about mortgage markets?
Will you prepare a detailed net sheet for each contract I am considering?
How often will you be communicating with me during the sales process?
What will you do to find houses for me?
How often will we tour houses? How will they be chosen?
Will you work with For Sale By Owner (FSBO) homes?
Tell me about foreclosure and REO opportunities in the area?
How many houses do you typically show client before they purchase?
What does the buyer agreement entail, what are the beginning and expiration dates, and what are the fees that I will be paying?
Can I go to open houses by myself?
How many agents are there in your company? Office?
What market share does your company have in the area?
Why should I hire you to represent me?

Also See: Questions to Ask Real Estate Agents (for Sellers)

http://activerain.com/blogsview/178207/Questions-to-Ask-Real

Questions to Ask Real Estate Agents (for sellers)

2007-08-19T07:52:42Z

These are great questions to consider asking agents you are considering:

Tell me about your negotiating skills.
What fiduciary, client level duties you would owe to me if I chose to hire you as my agent?
Do you have a list of home inspectors, insurance agents, and reputable lenders and other relevant contacts (e.g. painters, landscapers, general contractors) for me to consider?
Specifically, how will you protect my interests and why should I hire your rather than another agent?
How many other sellers/buyers are you representing now?
How many transactions did you close in the last year?
Do you have a list of references?
Do you have an assistant or support staff? Are they licensed?
Will you handle all aspects of my transaction or will you delegate some tasks to a sales associate or an administrative assistant?
Are you a full-time or part-time agent?
How accessible are you? What hours do you work?
What happens when you go on vacation or take time off?
Will you listen to my needs and get a complete idea of my situation so that you will represent me well to buyers and their agents?
Are you a broker or an agent? Tell me about the additional experience, qualifications, and/or certifications you have.
How many of your own listings do you sell?
Will you represent only my interest in all situations?
Is there ever a situation that you or your company might represent the buyer? How will that work?
Will you attend closing/settlement?
Will you meet the appraiser?
What are the critical points in the home selling process?
What kind of marketing do you do?
Will you provide a written marketing plan?
How much knowledge do you have about mortgage markets?
Do you call each lender to verify information provided by the purchaser?
Will you prepare a detailed net sheet for each contract I am considering?
How often will you be communicating with me during the sales process?
Where will you advertise my home for sale to attract buyers?
What listing price do you recommend and what is that price based on?
What does the listing agreement entail, what are the beginning and expiration dates, and what are the fees that I will be paying?
How often will you hold open houses? Why?
What happens if my house doesn't sell?
How many agents are there in your company? Office?
What market share does your company have in the area?
Why should I list my home with you?

Agents, if you don't know how to answer these questions, it would be a great way to sharpen your listing presentation and build your self-confidence!

There are no right or wrong answers...it depends on the agents services and the sellers needs. For example, a seller might prefer an agent who closes 10 transactions rather than 100 transactions a year.

Also See: Questions to Ask Real Estate Agents (for Buyers)

http://activerain.com/blogsview/178210/Questions-to-Ask-Real

Questions for Lenders

2007-08-17T23:34:08Z

These are the questions that I ask lenders...hope you find it useful :)

Have you taken a FULL loan application?

Have you collected ALL the necessary paperwork from the buyer(s)?

Have you verified employment?

Income Verified?

Assets Verified?

Are there any gifts involved in this loan?

Do you have the necessary paperwork/gift letter?

Has the gift already been made? Have you verified it?

What is their credit score?

What are their ratios for this house?

Have you worked with this client before?

In what capacity?

Have you worked with this agent before (unless the agent is me)?

In what capacity?

Are you related to anyone in this transaction?

How long will it take to get the loan underwritten?

Is the underwriting done in house?

Do you have underwriting authority for this loan? (if no, who does?)

Are you a broker?

Have you worked with the lenders/investors before?

How many transactions does your company do with them?

How long will the appraisal take?

Do you have relationships with your appraisers or do they come from a pool?

How long will it take to get a full loan approval/commitment letter without any conditions?

What loan programs are the buyers going with?

Is this a stated income loan?

Is this a sub-prime loan?

Will the loan be sold or kept-in house?

What percentage of your loans are sold?

What interest rates/loan programs have you talked about for this buyer?