At Marquee Properties, Inc. "we see it your way".

Joaquin Gutierrez

National vs. Community, Corporate vs. Local, David vs. Goliath. Well it’s definitely not good versus evil but a quick inside view will help clear the common myths about real estate and the size of a company.

Once all is said and done the success in selling a home or buying a home from the marketing to the market analysis is chalked up to your Realtor®. It is a fact that agents have the freedom of joining any office at any time. The fact that an agent chooses to step out of the anonymity of a 100 or 200 agent office is a tribute to their strength and willingness to set themselves apart from the crowd. The power of many comes from the Multiple Listing Service. Once a listing is entered into the MLS every agent that is a member of the MLS becomes a tool in the sale of your home, whatever the office size.

Offices that possess many agents rely on a system called "floor duty". Floor duty allows agents to sit at the office and wait for calls in order to generate business. These agents may have become licensed that morning or may have had their license for many years but are not capable of attaining their own business. Our office makes sure that buyers for your home are handled by the agent that you hired to sell your home.

Office hours Vs. Agent's hours. One of the questions asked by people thinking of listing their home takes the office hours into consideration. Welcome to the future. Agents now need to be available as you need them. Cellular phones, email, pagers...an agent is the focal point of your transaction. The question asked should be, how can I find you when I need you? Our phones are answered 6 days till 8:00PM and Sundays till 3:00PM. All other times our agents are still taking care of business.

As time continues to change our business we will continue to be a leader in the use of technologies. As consumers continue to expect more and more we will continue to provide the service catered to each individual.

At Marquee Properties, Inc. "we see it your way".

Joaquin Gutierrez

There are many reasons to use a Realtor®; the best reason is to get the highest price in the fastest time. Self-Named "Discount" Brokers do the contrary. The reason that a Realtor® is successful in obtaining top dollar is because of the high exposure. The more buyers see your home the higher your chances for top dollar. Meanwhile, discount brokers are offering significantly lower commissions to other agents in the area. This drives Realtor® to show other properties with a higher commission more enthusiastically. This leaves you, the consumer, with less prospects less offers...potentially less money!

For every $100,000 you may save $1,000 to $2,000.

Or you may get $5,000 from a better sales price!

As time continues to change our business we will continue to be a leader in the use of technologies. As consumers continue to expect more and more we will continue to provide the service catered to each individual.

At Marquee Properties, Inc. "we see it your way".

Joaquin Gutierrez

The mortgage loan closing (or settlement) is the formal meeting at which you take official ownership of the property. Actual possession of the property varies according to local practice and the terms of the contract. In some areas, possession is given to the buyer on the day of closing. In other areas, this occurs a day or two after.

At closing, the buyer requires that the seller prove the title (ownership) is complete and free of anyone else's claims. Technically, two separate closings occur at this time: the closing of your loan and the closing of the sale.

The closing meeting is typically attended by the buyer and seller (and their attorneys if they have them), both real estate sales professionals, a representative of the lender, and the closing agent. The meeting takes about an hour and is usually held at the closing agent's office. In addition to a number of other activities, you'll be required at that time to review and sign various documents relating to the mortgage loan and pay closing costs.

The final days and weeks before closing can be a stressful period for both buyer and seller. For example, you may worry that something will happen prior closing to prevent the sale. The following activities must be performed in the final weeks before closing:

• Review the Commitment Letter
  Be sure you understand all conditions of the loan offer stated in the lender's commitment letter. Check to see if all conditions have been met before closing. For example, if the home you are buying has been found to be in violation of a building code or zoning regulations, the lender may specify that those problems be corrected before the closing. You need to make sure the work is finished and done properly before closing.

   

• Set the Closing Date
  An estimated closing date is usually specified in the sales contract. After your mortgage loan is approved and the commitment letter is accepted, a firm closing date needs to be set. You need to be sure that closing takes place before the lender's commitment expires and while the interest rate lock-in, if there is one, remains valid. You should request from your closing agent a statement confirming the date, place, and time and a list of items you need to bring to the closing meeting.

A real estate agent is a REALTOR® when he or she is a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate® -- the world's largest professional association.

The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 to today's 720,000 members. NAR is composed of residential and commercial REALTORS®, who are brokers, salespeople, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry. Members belong to one or more of some 1,700 local associations/boards and 54 state and territory associations of REALTORS®. They can join one of our many institutes, societies and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections.

REALTORS® are pledged to a strict Code of Ethics and Standards of Practice. Working for America's property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

• There are excellent interest rates on mortgages currently, which will make payments lower. We haven’t seen interest rates like this for 40 years and may not again.

• There are fewer buyers in the marketplace and the benefit is there is less competition for the best homes.

• Lower buying activity in the marketplace might cause lower prices, which translates to opportunities for buyers.

• Sellers may be more willing to negotiate not just on price but also on other things.

• Buyers who are still in the market are probably very serious and definitely worth working with.

• People were still buying homes in the early 80’s when interest rates were 18% for FHA and 7 points. Buying a home, even at high interest rates was still a better alternative than renting. If a person has a job and mediocre credit, buying a home is a definite recommendation.

• People moving-up from starter homes to average or mid-price homes are also likely to continue to buy even in slow times. The reason is that they have equity in their current home and with the low rates available, can afford a much larger home at close to the same payment they are currently making.

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

At Marquee Properties, Inc. "we see it your way".

Joaquin Gutierrez

By John Adams

One of the hot topics facing the world of real estate right now is the issue of agency. Some would have you believe that it really doesn't affect you, the buyer, and that nothing much has changed. But they are wrong.

The topic of agency is important to you because it answers the most basic and fundamental question that can be asked of any real estate professional: Who do you represent in this transaction?

Until that question is answered, you may be left with the impression that all agents who work with buyers actually represent those buyers, and that you have somebody going to bat for you in this transaction. Well, the issue of agency is important because without it, we can never be sure who represents who.

Here's the scenario:

You meet a really nice agent at an open house named Bonnie. Even though Bonnie's house is not right for you, she tells you she has others to show you that fit your needs exactly. You spend an hour or so with Bonnie looking at a half dozen homes and talking about your needs and your wants. During the course of the conversation, you volunteer that you have $100,000 cash to spend and that you will not go over $100,000 purchase price no matter what. Then you find the perfect house. Asking price is $100,000 but you decide to offer $92,500 based on recent sales in the area. During negotiations, the seller asks Bonnie directly how much cash you have and how high will you go? What does Bonnie say?

Here's the answer: Unless you have signed a "Single Agency Agreement" with Bonnie making her your buyer agent, she is most likely acting as a transaction broker. If that is the case, she can disclose to him any information she has that might help turn your offer into a sale. Your best interest is not being considered by anyone but you.

The Seller, now having knowledge of your financial position, counters at a full $100,000. He knows you can afford it and that this price falls within your desired range. He also knows that you have seen a number of other homes and that his is the one you want.

Regardless of what eventually happens in this scenario, it can hardly be called an even playing field. So, how can you protect yourself from a possible disclosure required of a seller's agent?

1. Make sure that the agent you are working with has agreed, in writing, to represent you as a "Single Agent." This will mean signing a buyer brokerage agreement in which you promise to work only with that particular agent for a specific period of time, often 90 days. It also means that you promise not to buy from anybody else, even FSBOs, without involving your buyer's agent. In almost every case, the commission will still come from the seller, but your agent must present the offer.

2. Never say anything to anybody unless you would be willing to have that information repeated into a seller's ear. Assume that everybody, and I mean everybody, is working for a seller unless you have specifically hired them to work for you. And even then, be discreet. During the second world war, the military promoted a phrase designed to stop idle gossip: Loose lips sink ships! You would do well to adopt that philosophy in your home-buying as well.

At Marquee Properties, Inc. "we see it your way".

Joaquin Gutierrez

The REALTOR® you work with could be one of your most valuable resources. Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of the local board of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics. Plus...

• A REALTOR® can help you determine how much home you can afford. Often a REALTOR® can suggest ways to accrue the down payment and explain alternative financing methods.
• A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring with you when you apply for a loan.
• A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.
• A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service--even if you are relocating from another city.
• A REALTOR® can show you only those homes best suited to your needs--size, style, features, location, accessibility to schools, transportation, shopping and other personal preferences.
• A REALTOR® often can suggest simple, imaginative changes that make a home more suitable for you and improve its utility and value.
• A REALTOR® is sensitive to the importance you place on this major commitment you are about to make. Look for a real estate professional to facilitate negotiation of a win-win agreement that will satisfy both you and the seller.

At Marquee Properties, Inc. "we see it your way".

Joaquin Gutierrez