Answers to Frequently Asked Questions

Three factors sell any home:  Price, Condition of Home and Market Conditions.

When you're moving up (or down) and selling one property to buy another you should work with the same agent to get a better deal for you and to give your agent the greatest motivation.  The agent can list your current house for free because he's getting the full commission on the house you're buying.  That's usually 3%. So, if you're buying an $800,000 house the agent gets $24,000.  We feel that's plenty.  (Unless you feel your agent should get 3% of your current $600,000 house plus the $24,000 for your next home for a total of $42,000.  If the agent can't sell your current house, then he won't collect any commission. That will motivate your agent!)

When you ask a realtor for a concession and he says that "We can talk about it", he means NO.

1. What should I ask a real estate agent before I sign a listing contract to sell my home?
   
   -14 powerful questions to ask a real estate agent before you sign a listing contract to sell your home
    
2. What should I know about buyer agency?
    
3. What should I watch out for when selling my home?
   
   -The 9 Most Deadly Mistakes You Can Make When Selling Your Home - Always ask yourself what the alternative is to not selling your home.

1. What should I ask a real estate agent before I sign a listing contract to sell my home?

14 powerful questions to ask a real estate agent before you sign a listing contract to sell your home

1. How long have you been selling real estate?More than 25 years

2. Who do you really work for? Our Client, whether buyer or seller - just like a lawyer does

3. What is the percent of Sellers compared to Buyers that you serve? 50/50

4. Can we cancel the listing if we're not happy? Yes, and we can cancel it if we're not happy

5. Do you have a personal assistant? We're partners, not just flunkies

6. Do you recommend that I hire an attorney? No - it's a waste of money

7. May I see your web site? Yes, please do - You're on it

8. What incentives do you give the buyer to purchase my home? We give the best buyer rebate available

9. Are you fully automated with your own personal computer, FAX machine, copier, cell phone, car, street pilot navigation, voice mail, etc.? Yes, plus satellite radio

10. May I see all the paperwork that you are going to ask me to sign?   Yes - In fact we don't know many agents who blindfold you as you sign - but there are a some

11. Are you a full time real estate broker?  Yes

12. I want to give my home the advantage of the latest marketing strategies. Do you advertise on the realtors MLS, homesdatabase.com, TheWashingtonPost.Com, Realtors.com, Google, Yahoo and other search engines?  Yes, and more

13. Will you answer my e-mails and phone calls promptly? Yes, always

14. Why should I list with you rather than any other agent who is calling on me? Because we're honest!  Insurance salesmen, used car salesmen, and real estate agents have the most tainted reputations

2. What should I know about Buyer Agency?

We protect the best interests of the home buyer.

When contracting with an agent you should look for the following items in a buyer agency contract:

• The buyer agent agrees to represent the best interest of the purchaser.

3. What should I watch out for when selling my home?

The 9 Most Deadly Mistakes You Can Make When Selling Your Home

Mistake #1 - Pricing Incorrectly

Every seller wants to get as much money as possible when they sell their home. But a listing price that is too high often gets the seller less than a price that is at market value. If your house is not priced competitively, people looking in your price range will reject your house in favor of other, larger homes for the same price. At the same time, the people who should be looking at your house will not see it because it is priced over their heads! Overpricing usually increases time on the market, and that adds to the carrying costs. Ultimately, overpriced properties sell below market value.

Mistake #2 - Failing to "Showcase" the Home

Buyers look for homes, not houses, and they buy the home in which they would like to live. Owners who fail to make necessary repairs, who don't spruce up the house inside and out, touch up the paint and landscape, and keep it clean and neat chase buyers away as rapidly as Realtors® can bring them.

If you were selling a car, you would wash it, or maybe even detail it to get the highest price. Houses are no different.

Mistake #3 - Using the "Hard Sell" During Showings

Buying a house is an emotional decision. People like to "try on" a house and see if it is comfortable for them. It's difficult for them to do that if you follow them around pointing out every improvement that you made. It may even have the opposite effect you want, by making them feel they are intruding on your private space.

Resist the temptation to talk the entire time a buyer is there, and let them discover things on their own. Try a tasteful sign to point out some hidden amenity that they might miss.

Mistake #4 - Mistaking Lookers for Buyers

For Sale By Owners always get more activity than houses listed with an agent. No question about it, Realtors® will only bring qualified buyers, and these will be fewer than if you open your front door to everyone who walks down the street.

Mistake #5 - Not Knowing Your Rights & Obligations

Real estate law is extensive and complex; the contract for sale and purchase is a legally binding document. An improperly written contract can cause the sale to fall through, or cost you thousands for repairs, inspections, and remedies for title defects. You must be certain which repairs and closing costs you are responsible for. You must know whether the property can legally be sold "as is," and how deed restrictions and local zoning will affect the transaction. If there are defects in your title, or if your property is in conflict with local restrictions, you or your Realtor® must remedy them, or you might have to pay a great deal.

Mistake #6 - Signing a Listing Contract with No Way Out

Many times an agent will have good intentions about marketing your house, but circumstances can change. There might be a death in the agent's family, or the agent may decide to quit the business. In these cases where the agent couldn't or wouldn't perform, you should have the right to fire your agent. In some companies the broker will assign your listing to someone else in the office, someone new in the business that you didn't personally select. Always protect yourself by getting a guarantee of performance with the right to cancel.

Mistake #7 - Limiting the Marketing and Exposure of the Property

The two most obvious marketing tools (open houses and classified ads) are only moderately effective. Surprisingly, less than 1% of homes are sold at an open house. Agents use them to attract future prospects, not to sell the house!

Advertising studies show that less than 3% of people purchased their home because they called on an ad. And if a machine answers, most callers just hang up without leaving a message.

The right Realtor® will employ a broad spectrum of marketing activities, emphasizing the ones they believe will work best for you. There are dozens of more effective ways to find buyers than just open houses and advertising. By the way, they or a trained member of their staff will be there every time the phone rings. Did you know that most calls come in during business hours when sellers are away at work, and most home showings are between 9:00 and 5:00 Monday through Friday?

Mistake #8 - Believing that a Re-finance Appraisal is the Market Value of Your Home

An appraisal is an opinion of value for a certain purpose. If the lender wants to lend you the money, they are motivated to have the appraisal come in higher than market price.

Mistake #9 - Choosing the Wrong Realtor®, or Choosing One for the Wrong Reasons

It's likely that you don't interview people very often. And yet in order to find the Realtor® who is right for you, you may interview several. The quality of your home selling experience is dependent upon your skill at selecting the person best qualified.

It's interesting that in the real estate business, someone with many successfully closed transactions usually costs the same as someone who is inexperienced. Bringing that experience to bear on your transaction could mean a higher price at the negotiating table, selling in less time, and with the minimum amount of hassles.

The world is populated with Realtors® who are wrong for you. For example, the housewife who sells an occasional house because she needs a little pocket change, or the insurance salesman who believes he can handle two careers. Or perhaps your cousin George, who really needs your business.

The sale of your home could well be the most important financial transaction you have ever been involved with. The person you select can make it a satisfying and profitable activity, or a terrible experience. It's your home, and your money. The choice of your Realtor® is up to you. Make that selection carefully by choosing Terry Seaman Realty.

What's in the mind of most sellers and buyers and real estate agents?  Easy money for the realtor and lots of it!  (See how honest we are!)

Real estate agents get into real estate because they can get licensed in a couple of weeks and make more money than they can in any other trade.  More than 85% drop out during their first year because they aren't slick enough.

Realtors is a group that gives awards to agents who make the most money during the year.  They advertise and brag about how much money they make.  Can you imagine doctors, dentists, lawyers, insurance salesmen or other sales persons doing that?  Does that tell you anything?