1. Are more consumers trying to sell their homes on their own these days?
No, it just seems that way. When mortgage rates are low and the housing market is active,
home sellers view the process as easy and become more likely to sell on their own.
Conversely, when mortgage rates are high and the market cools, those same consumers
turn to experienced REALTORS®. In any market, it’s proven that home sellers represented by
a REALTOR® achieve a 20 percent higher home value statewide than those sold by owners.
Unrepresented Buyers and Sellers Q&A Series — 1
October 23rd, 2008 · 1 Comment
Tags: Uncategorized
1 response so far ↓
1 Anonymous // Dec 5, 2008 at 3:42 pm
Some things to think about when considering a real estate transaction:
If you choose to hire a licensed real estate salesperson and broker, make sure you negotiate the services you actually need, and the price your willing to pay. A $30,000 fee on a $500k transaction may not be warranted in all cases. For example, you may elect to have the salesperson focus on the marketing of your property, and omit the other services they offer. Some I would leave to other professionals are price negotiation and contract preparation.
“REALTORS® are intimately familiar with real estate law” - Maybe, they must take a few classes, but unless they are licensed to practice law, they are prohibited by law from providing any legal advice or counsel. If you have a question like “What does this provision of the contract mean to me” they can’t answer without violating the law.
An attorney can provide legal counsel to you, represent you in negotiations with the buyer/seller, prepare a contract specific to your needs (as opposed to the fill-in-the-blanks contract that salespersons and brokers are legally limited to using); they can also negotiate the deal with the other party, and can help you negotiate fees with other professionals that you may choose to hire as part of the process.
Summary
Knowledge is power. If you think it’s important to know more about the process of buying and selling, talk to salespersons/brokers, talk to title companies, talk to your friends and talk to an attorney. Couple of free or low cost ways to do this:
Legal Line - Free Q&A with licensed Texas Attorney by phone. 1st Tuesday of every month from 5:30 - 7:30 472-8303
Lawyer Referral Service of Central Texas - Set up a 30 minute consultation with an experienced licensed real estate attorney for $20.
http://www.austinlrs.com or call 472-8303.
Peoples Law School. It’s free, sponsored by the Austin Bar Association, and is taught by experienced licensed Texas attorneys. Next one is in late February at the University of Texas Law School. They are on Saturday morning (8:30 – 1:30), and offer a variety of session that cover many legal topics, including real estate.
http://www.austinbar.org/pages/PLSmain
See if your salesperson or broker is involved in a disciplinary action:
http://www.trec.state.tx.us/complaintsconsumer/DiscipActions.asp
Texas A&M Real Estate Center Homebuyer Guide:
http://www.trec.state.tx.us/pdf/TAMU_RECenter/1044_HomebuyersGuide_2004.pdf
Keep informed! Buying or selling a house is usually the largest transaction that most Americans will make.
Leave a Comment