Question

(02.23.02) For most people, selecting a REALTOR® is easy; a REALTOR® can be found through local newspaper ads, recommendations from friends and co-workers, calling numbers on yard signs and visiting open houses. Those with Internet access can also find information online.

It takes time and patience to interview prospective REALTORS® in order to find out if this person fits your needs. Here are some things to consider when interviewing a REALTOR®.

• Does the REALTOR® return phone calls promptly?
• Does the REALTOR® explain things so you can understand clearly?
• Does the REALTOR® seem eager to invest time in you?
• Does the REALTOR® seem honest and respectful?
• Will the REALTOR® provide a list of references?

Once you establish a relationship with a REALTOR®, what are some of the important services you should expect?

(03.09.02) A latent defect is defined as "a product imperfection that is not discoverable by reasonable inspection and for which a Seller is generally liable if the flaw causes harm" (Blacks Law Dictionary). It is best described as a hidden flaw or one not apparent to an ordinary lay person. An example would be a broken air conditioner in a property being viewed in the winter or the presence of radon gas. It is the Seller's responsibility to reveal all latent defects he/she has knowledge of prior to a sale. Failure of the Seller to reveal a latent defect for which he/she has knowledge is grounds to revoke a prior acceptance of an offer or be a cause for litigation after a sale is completed. Your REALTOR® is also required to reveal to the Buyer latent defects for which he/she has knowledge.

(03.16.02) An assessed value is determined by the county government in order to calculate property taxes. The assessed value may change according to the changes in the size and condition of the property, and is reassessed every 2 years. An assessor's goal is to arrive within 10% of the market value of the property.
An appraised value refers to market value of a home according to historical data of comparable properties. When you apply for a mortgage loan on a property you are buying, the financial institution sends an appraiser to determine the value of the property in order to protect their investment. Appraisal fees are often times included in the closing cost from the financial institution.
CMA, or comparative market analysis, is research done by a REALTOR® to determine the value of a property based on historical and current data of comparable properties. This analysis uses comparable homes sold within the last 12 months, homes that are currently on the market as well as homes that have expired.
When you are prepared to market your home, the CMA is the preferred method and the best indicator of value because a CMA takes into consideration both market history and current competition.

(01.26.02) This is the most frequently asked question of REALTORS®. It is a broad subject that depends on many factors. Your REALTOR® is trained to advise you in this area. It is best to pretend that you are a prospective buyer and look at your home from the curb. Your home's curb appeal is its all-important first impression. Sprucing up your yard is one of the least expensive ways to enhance your home. Careful trimming and a treatment for weeds and fertilizer will usually do wonders. Keeping grills, toys and bicycles in the garage with the garage door closed gives your home a neater, cleaner appearance.
Once the outside is spruced up, check your closets. Is there room to hang any more coats? Storing out-of-season wear should make closets look more spacious and inviting to a buyer. Check all flat surfaces (countertops in kitchen and baths, coffee tables, etc) for clutter. Less is more when addressing visual clutter. Personal effects, newpapers, mail and dirty dishes do not enhance your home.
Make sure all doors and cabinets operate smoothly. Check plumbing fixtures for leaks and smooth operation. And finally, the mechanical room in your home should shine. Wipe off the furnace, water heater and surrounding pipes and ductwork. Clean and tidy equals pride of ownership; a message you wish to convey to a prospective buyer.
These are general tips. Be sure to consult your REALTOR® before investing in redecorating.

(05.04.02) REALTORS® most often work on commission. The commission is generally a percentage of the sale price of the listed property. This percentage is negotiated with the Seller when the property is listed and most often is paid when the sale is completed. If the property fails to sell, the REALTOR® does not get paid and he/she and his/her brokerage firm absorbs the marketing costs. Upon completion of the sale, the commission is generally divided with the brokerage firm that may have participated in the sale. The funds are split again between the listing brokerage and the individual REALTOR®, each having their own expenses to pay to support the services they contribute. The costs of advertising, support staff, francise fees, office space, automobile expenses, insurance, equipment (the list goes on and on) are all a part of the necessary expenses supporting the sales effort.