by Tammy Murphy | Apr 3, 2023 | BLOG, Current Events, Real Estate News, Real Homes to Love, Sellers
Reading the Listing Agreement your agent is presenting to you – is just the beginning. But as someone who may not have recently sold a home – you have no idea what to look for or ask.
Here are a few things to HELP YOU make the right decision.
(not just about – Is it the right decision to SELL the house or WHO is the right Realtor to use) but:
What is the difference between an “Agent” and a REALTOR?
What is the Listing Agreement TERM (are you really wanting to give someone 40 years to sell the property??) Yes – I know that sounds EXTREME – but WHO WOULD HAVE THOUGHT that was an actual thing? (Until of course the news made us all aware IT HAPPENED).
Now, we can’t name names – or identify the potential “brokerage / agents” who were involved with this ridiculous listing agreement for 40 years (due to our Real Estate Law and Ethical Code) which seems ironic that we can’t call out something as crazy as this – but THEY can DO IT?!?! (Well, that is still to be decided).
Anyway, here is my go at calling out a few things you SHOULD be aware of from the start:
An agent – MAY or MAY NOT be LICENSED with the State to Sell Real Estate. Ohio REQUIRES a Real Estate License for the activities involved with buying / selling / representing others in real estate and being compensated with payment; including PROPERTY MANAGEMENT (unless it is your own property and transaction). Your first clue – ASK IF THEY ARE A REALTOR and then you can look this up online – free, at https://elicense3.com.ohio.gov/lookup/licenselookup.aspx.
Legally and Ethically – a person cannot use the term REALTOR without being a Realtor, paying those National / State and Local Dues and adhering to the Code of Conduct. Does that mean bad apples slip in or hide from the process? Sure – but at least that is a good place for you to start.
The “Term” of your listing agreement is normally considered to be the amount of time you agree to work with that Realtor / Brokerage in the efforts to sell your property. This could be ONE WEEK (although not normally this short) – to ONE MONTH, or even ONE YEAR – really, it can be ANY length of time that is agreed between the parties; but NEVER HAVE I EVER seen one for multiple years. No one wants to do paperwork needlessly, so making an agreement by the day would be just as unlikely. If the market turnover of listings is less than six months, then agreeing to a Listing Agreement of six months would seem reasonable and customary.
SECOND, you should be given or receive a COPY of anything you sign – at any time. I like to provide a copy in advance, certainly giving you plenty of time to review BEFORE SIGNING, or at any point if you lose your copy, I am happy to provide. If you want to have an attorney REVIEW the Agreements and any Documents PRIOR to the actual Listing of your property – that is certainly YOUR RIGHT.
The next thing to raise alarm – is this part about a LIEN AGAIST THE HOUSE. In no language of our board sanctioned Listing Agreement is there anything that refers to the right of the Broker to hold / take a LIEN against your house! No reason whatsoever for this to be a part of the Listing Agreement, it is not needed in order to SELL the property and YOU should BEWARE of having to give up ANY OF YOUR RIGHTS just to try and Sell the Property. It’s almost as ridiculous as saying you have to give the title to your car just to get it serviced or washed!!
Finally, in this case that has made the news circuit – it sounds like an OFFER was made in advance of the Agreement for a “Payment” to be made to the Seller for the opportunity of the company to get the Listing Agreement. I don’t know about you – but THAT would certainly raise a red flag for me! Offering to PAY someone for the ability to SELL their home maybe be considered an inducement and I would question if that was Ethical, let alone Legal – especially since that is NOT THE NORM in our Industry.
The saying, “If it seems too good to be true – it probably is” rings loud and clear!
by Deana Vernon | Nov 15, 2019 | BLOG, Buyers, Neighbor Chat, Real Estate News, RENTAL, Sellers
Moving can be a stressful time, but staying organized during the move can help to lower stress. Not everything has to be done at the same time, there are many things that can be planned ahead for. Some things can be done as far as two months out. Here is an organized list of things that can be done by week.
Don’t let this be you!
Instead, let this be you!
by Deana Vernon | Sep 24, 2019 | Real Estate News, Sellers
Don’t get stuck inside for Open Houses, phone calls, paperwork or anything that has to do with selling your home! Leave it to the professionals at RH2L that are passionate about what they do! Selling a home can be demanding. These realtors will do their best to keep you satisfied and relaxed during a stressful time. Enjoy your weekends and let the professionals sell your home!
by Deana Vernon | Aug 12, 2019 | Real Estate News, Sellers
There are many things about selling a home that people do not realize. It is super stressful and there are contracts that can be hard to handle! Realtors are licensed, therefore have better access to information that is needed, making it more convenient. They also have much more experience with selling houses and the negotiating that comes with it. Their full time job is to sell your house and they do their best to keep you happy while doing so. Forbes wrote an article, “Five Reasons Why You Still Need A Real Estate Agent,” if you’re interested in reading more about this.
by Tammy Murphy | Jul 1, 2019 | Buyers, Real Estate News, Sellers
For the most part, the Home Inspection is all about the Buyer and finding out what is the condition of the home. Our friends at AccuTech shared this information regarding the Seller role:
Home inspectors should be a welcome part of the home buying process for the seller the agent and the buyer. Not only will the inspector provide a list of items that need attention, but they also, by the process of elimination, indicate all the areas of the home that are in working order. If you’re the seller or agent, the home inspection process can be a seamless one if you follow some basic steps.
Make Repairs
Home inspectors are understandably meticulous when they look over the house. After all, that is what they are being paid for. It is the inspector’s job to find any existing issues or potential concerns, but that doesn’t mean they are going to tear the house apart and write up everything they see.
One area that they will pay special attention to are leaks. Be sure that anything that could be leaking is in good working order before inviting the inspector and the buyers into your home. Some things to look out for include:
- Basement or crawl space water seepage
- Appliances
- Supply and waste plumbing
- Crawlspaces and attics
- HVAC units
A Clean House is a Happy House
You want to make a good impression on the prospective buyers as well as the inspector. It never hurts to clean the home before anyone arrives. Sweep, mop, vacuum, and dust to leave a fresh scent in your wake. Make sure any clutter or personal effects are put away and out of sight.
To Stay or To Go
Whether you decide to stay or go during the home inspection is ultimately your decision. It never hurts to ask the agents involved if the buyers have a preference. They may want you there to show them the trick to getting into the attic or where you’ve hidden the shed key. This can also be helpful for the inspector.
Knowing that your home is ready for another family’s memories is a little bittersweet, but it’s worth it. The home inspection process will go more smoothly if you prepare for it ahead of time.
Tony Burk, 937-344-4663, [email protected]
by Tammy Murphy | Oct 20, 2017 | Buyers, Real Estate News, Sellers
Wiring Funds for your upcoming closing on a home may seem like a simple process – but BEWARE and take precautions as this has become a potenital for scammers to steal your money. ALWAYS CALL YOUR REALTOR AND TITLE COMPANY AND BANK TO ENSURE INFORMATION. Email wiring instructions should NOT BE TRUSTED without CONFIRMATION.
The new consumer protection rules and lender laws we have in place STILL could have some issues for you as the Buyer or Seller to be informed about; especially because so much of our business is being done over the internet with technology apps and emails. One thing that we like to make sure our client’s are aware of – is that WIRING INSTRUCTIONS are NOT LIKELY TO CHANGE – so while we meet in person and discuss things, depending on the title company that has been selected – we often have those wiring instructions in our hands and can provide directly to you. This helps to ensure that your email communication discussing the potential for closing, wire instructions or other key phrases cannot be picked up on my some SCAMMER out there. If you DO receive WIRE INSTRUCTIONS via email (from your Realtor or the Title Company or the Lender) it is ALWAYS a good safety precaution to CALL THAT PERSON DIRECTLY and ask if they had sent the information…I would encourage you to go as far as reading the wiring instructions exactly to them to ensure NOTHING WAS CHANGED or HACKED.
The idea of wiring funds – SHOULD give a peace of mind, as you are controlling the funds coming out of your account and going directly into the account that is required (closing / title company) as procedure in our area. HOWEVER, since many times we all get busy and something else comes up that requires our attention, we can forget that we already received a document or where we filed it – and now that it is time to make the transfer – you could inadvertently pull the SCAM message instead. Once you hit send – those funds are GONE and trying to track it down after the fact is going to be a nightmare NONE OF US want to be involved with, and you certainly do not want to loose out on the purchase / sale of your home because someone SCAMMED YOU.
National Title Company also has this helpful list of precautions – if you are looking to buy or sell property – you will want to BE INFORMED of this procedure and precautions you may want to take to protect yourself, your funds and your property. BEWARE of WIRE FRAUD
Tony Burk, 937-344-4663,