Buy, Sell, Real Estate Questions - Terms - Add comments to BLOG


 

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What is MLS?    MLS = Multiple Listing Service.  It's one of the most important tools that real estate professionals utilize to promote their listings for sale OR search for their buyer.  The public link to MLS is a great tool to assist you in your search for CA Real Estate in Paso Robles, Templeton, Atascadero, San Miguel and surrounding areas on the Central Coast of California.
   
What is a CMA? When we use the term CMA we're talking about a Comparable Market Analysis   (also SEE REPORT BELOW).  This free report gives prospective property/home sellers an idea of what similar properties are priced at.  We also provide a CMA to buyers when considering a price to offer on a property. We include ACTIVE, CONTINGENT, PENDING, and properties SOLD within the last 3-6+/- months.  This is only the first step in pricing a property when listing it for sale with your Real Estate Team.
   
What is an 'ACTIVE' property?    An 'active' property means it is currently listed for sale and seller has not yet accepted an offer to purchase from a prospective buyer.  Seller could be moments away from accepting an offer, or not had any serious interest.
   
What does 'CONTINGENT' mean? A 'contingent' property is when seller & buyer have agreed to terms of purchase, but buyer has house to sell OR seller is waiting for bank approval.
   
What does 'PENDING' mean?    A property shows 'PENDING' when seller & buyer have agreed to terms of purchase, no major buyer or seller contingencies, and the transaction begins it's course according to contract terms/conditions.
   
Should I list my house for sale at a higher price so buyer feels like they're getting a deal? The real estate market is ever-changing and different for a 'micro-area' such as ours here in North SLO County.  Here are a couple different outcomes: 1.buyers may overlook an overpriced property   2.your property 'sits' on the market for longer than you anticipated and you end up accepting an offer for much less money that you first anticipated.  It's very important to have a conversation with your real estate professional and get more information on the specifics of your situation AND current market conditions.
   
Can I offer the seller less money than what they're asking for their property? The simple answer is yes.  It all depends on current market conditions, what the numbers in the CMA indicate, the condition of the property, cost of repairs & who will pay for repairs, etc.  There's much more to negotiate when buying real estate than simply the price.
   
What is a NHD?    Natural Hazard Disclosure. This disclosure is mandated by the State of California.  A third party company provides this lengthy report for the buyer. It is typically paid for by the seller.
 
Do I have to pay in advance for the NHD? Typically the NHD report costs from $70 - $100+/- and is paid out of the seller's proceeds from the sale of their property at the close of escrow. (Your escrow company will handle the details of this for you)
   
Do I have to pay for any reports before my property sells? For sellers, the simple answer is no. It is helpful, however, for you to know the cost of possible repairs so you can better negotiate when a buyer brings an offer. Typical reports to obtain when listing a property include pest report, home inspection, and for those country properties a well and septic report.
   
Seller's Proceeds?    It's the money you keep/make after all fees/reports/repairs, etc. have been paid, escrow has successfully closed and you are officially not the owner of that property any more.  We typically provide an estimate when listing the property for sale by preparing an Estimated Net Sheet. (SEE REPORT BELOW) This will also aide in the process of pinpointing a listing price, and later on help to compare offers.
   
What do you mean by 'close of escrow'? That's when all the work is done, you are no longer the owner of record for that property, and the sale of your property is complete.  We notify our clients (seller or buyer) when we receive confirmation from the escrow company that the records have changed ownership at the county.
   
When Selling - What disclosures am I required to give to buyer? There are many...and all in your best interest to disclose whatever knowledge you have about the property you're selling. ie: Transfer Disclosure Statement, Natural Hazard, Smoke Detector/Water Heater, Supplemental Statutory, ...talk with your REALTOR® about itsince there may also be disclosures specific to your area.
   
How many steps are there in this process of selling my property? That's a good question....hard to define an exact number. This is one of the reasons it's important to hire a professional you feel you can trust and who has the knowledge to help. SEE REPORT BELOW to view a basic overview of the process.
   
What if the agent represents the seller and the buyer? This is called a Dual Agency.  Read the sample agency form in the online reports for fiduciary duties & responsibilities. SEE REPORT BELOW
   
How does it benefit me (seller or buyer) to hire a real estate professional that is a member of the local Association of Realtors®? You'd benefit from their information and professional working relationships with fellow Realtors®.  To get the best info, sometimes you've got to dig a little deeper and knowing who to contact is key.
 
What is C.A.R.?  How about N.A.R.? C.A.R. (California Association of Realtors®) and N.A.R. (National Association of Realtors®) If your agent is a member of the local Association of Realtors® (PRAOR), they are held to a higher standard of professionalism and service to their clients.  It's a good thing to ask.  These agents will also have access to more information that they can pass on to their clients.
   
What should my first step be if I'm interested in buying or selling real estate in Paso Robles, CA? Search the web, make calls, interview agents, and choose a Realtor® who you feel you can trust and get great info from.
   
Zillow said my property is worth more $ than my Realtor® said...what do I do? First, you talk with your real estate professional.  Then you sit down and compare the stats from your local MLS to what any other party tells you they think your property is worth.  The best information you can get will be from your Realtor®'s experience, knowledge, and local MLS.  There are so many different 'micro - areas' just within Northern SLO County that those 3rd parties can't differentiate between them to see the value in location, and condition of property.
   
   

*These are sample questions with examples of OUR likely answers*

Your REAL ESTATE PROFESSIONAL MAY ANSWER DIFFERENTLY.  THESE REPRESENT our PERSONAL OPINION OF HOW WE'D ANSWER OUR CLIENTS.

   
   

PLEASE DIRECT YOUR SPECIFIC QUESTIONS DIRECTLY TO US

Call 800.591.5250 (Ed) 800.591.5246 (Andrea)

info@TheSteinbeckTeam.com

 
 
 

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