Todd Maxedon

The commission charged to sellers is different in most every office, granted that most companies in the same MLS use a similar rate. The out of MLS agencies seem to use the lowest rate needed to get the listing. This works for the seller if the property is desirable and draws interest based on appeal. Most times however the seller gets a couple of exterior photos, a sign in the yard, weekly ad in local paper, and an overprotective agent that wont let anyone else show the property. I mean how could they allow other showings and survive. The discount brokerages are actually doing the client the most damage. They refuse to let other agents show and therefor limit the exposure needed to get the job done. Tell me why anyone would want less showings, and limited Internet exposure. I say you get what you pay for. Do the research, find the company and agent that is doing a good deal of business in your area, and interview them as well as the discount brokers.

Eventually almost everyone will buy; or attempt to buy a home. Many will succeed in the process, but some will walk away frustrated and decide that renting is the solution. That doesn't have to be the case, maybe things beyond their control caused the transaction not to occur. When the time comes to purchase real estate, follow this process and you will greatly reduce surprises.

1- Go to several lenders in your area and begin the loan process. you will need past tax returns, current pay stubs, and evidence of any additional income. A list of your current liabilities will also be needed.

2- Once you have given all the information the lender requested, and received from the lender a dollar amount that your income will support you can begin the search. By completing all of the lending research first you know what price range to be spending your time on, and are in a strong position to buy.

3- Statistics show that over 90% of all real estate sales begin with searching the Internet. The fact that you can view hundreds of homes for sale on the Internet without leaving your house makes economic sense. Another fact that not everyone knows is that all real estate professionals can and do show homes for sale by other agents from other brokers. In Lehman's terms, any agent can show any home. Research the area and find an agent who is representing the local market successfully.

4- OK, now you have found the home that meets your criteria. The agent that you have chosen will advise you on making an offer, terms, concessions, counter-offers, and finally agreement on price. Remember that not all real estate sales persons are Realtors. To be a Realtor one must abide by ethical standards not recognized by those outside the National, State, and Local Realtor Associations. During the process of purchasing a home you are going to have make decisions about Lead paint, if built before 1978, Radon, and functionality of systems in the home. Take the time to research these things so that you will understand them and know what to do when the time comes.

5- The current real estate marketplace is offering a truly once in a lifetime oppourtunity to secure a low interest rate, have tremendous selection of homes, and motivated sellers. By following the process as outlined for purchasing a home you will save time, money and grief. Hope to see you soon

In a recent transaction I encountered a seller that went out of the way to crush my clients(buyer) will to purchase real estate. We submitted an offer and received a slight reduction counter. Please bear in mind this home is very close to foreclosure. I talked with the buyer and we made a generous counter on Aug 22nd. On Sept 20th we finally received an acceptable counter. I continually called listing agent about this and was told that the sellers couldnt be reached, for whatever reason. After all contracts were signed by both parties an inspection was ordered and when the inspector showed up ALL the utilities were shut off! Of course by the time we tried to get sellers to turn on the utilities, and rearrange another inspection the alloted time for cocessions had passed. The furnace was not functioning properly and was fixed for a couple hundred dollars. The listing agent did absolutely nothing to rectify these issues as they seemed to keep coming, and only wanted to say that the time frame had passed for any resolution. We are going to close this transaction in the next week and I feel like my office did more to save these sellers than they will ever know. My company actually paid to turn utilities on, the sellers or the listing agent wouldnt, didnt care. She,the listing agent, just wants to get the commision and move on to the next one, what a shame.

It seems that recently all initial offers are considerably below listing price. Maybe it is because buyers assume everyone is desperately selling, or because competition is higher for certain price levels. It does present challenges when presenting these lower initial offers to your seller. Many sellers become almost offended by these offers at 15- 20% below list. If the selling agent has done their homework the pricing should be relatively close. It does seem that when you begin negotiating from these lower starting points you will inevitably end up with a lower sales price. The best a listing agent can do is get lots of comps from the area, which is becoming more difficult with less sales to utilize in marketing analysis. Agents should also inform sellers of possible potentially low offers so they don't think they are being manipulated. If possible gather your data from a specific price range and look further back in sales history to find more comps if your in a softer market. The more information that is collected the more accurate the market analysis will be, and the more accurate the listing price as well.

Feb 25-27 at Lakeland College in Mattoon IL. Information on Government grants, vendors and seminars on adopting wind energy on the consumer level. To register go to www.energyconf.org