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Things You Should Know About
Buying and Selling a Home
in the Maryland Eastern Shore Area
Below is information regarding the finding, buying, and selling real estate process.
- Finding and Buying a Home
- The Homeselling Process
- Understanding Market Value
- Understanding Whom the Agent Represents
Finding and Buying a Home
The homefinding process typically includes many of the following elements.
We will be your resource and guide every step of the way.
- Find a mortgage company
- Consult with a loan officer
- Pre-qualification
- Complete loan application
- Obtain loan pre-approval
- Provide requested documentation
- Property appraisal
- Loan processing
- Final loan approval
- Determine your priorities and needs
- Review "agency" choices and select appropriate working relationship
- Discuss financing option
- Sales associate to show you properties based on your criteria
- Evaluate each property with sales associate
- Choose the right home
- Review comparable sales to determine offer price
- Review progress of loan pre-approval; decide upon financing
- Decide on other terms (inspections, possession date, personal property, etc.)
- Make earnest money deposit with offer
- Present your offer
- Negotiation of terms and possible counter-offers
- Accepted sales contract with seller
- Deposit of earnest money upon acceptance of offer
- Review seller's property disclosures
- Client to select attorney or settlement company
- Agent to schedule inspections and settlement
- Remove any remaining contingencies
- Arrange for homeowner's insurance
- Arrange for movers
- Notify phone company and utilities
- Notify post office of change of address
- Final walk-through of property with sales associate
- Loan approval
- Go to settlement
- Move In!
The Homeselling Process
Selling a house typically includes may of the following elements.
We will be your resource and guide every step of the way.
Initial Consultation
- Determine your needs and priorities
- Review "Agency" choices and select appropriate working relationship
- Discuss Marketing Plan
- Establish Pricing Strategy
- Help you find your next home, as needed
- Prepare a home-enhancement recommendations list
- Carry out scheduled marketing activities
- Show the property to brokers and prospective buyers
- Communicate with you on a regular basis
- Monitor results of marketing activities
- Modify Marketing Plan and Pricing Strategy as necessary
- Buyer's Real Estate Professional presents offer
- Discuss and clarify proposed terms and conditions
- Negotiation; possible counteroffers
- Reach final agreement
- Deposit of buyer's earnest money
- Sign documents
- Inspections
- Removal of remaining contingencies
- Notify post office of change of address
- Notify phone company and utilities of turn-off date
- Buyer's final walk-through of property
- Attend Settlement
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Understanding Market Value
Market-sensitive pricing can be the key to maximum market exposure and, ultimately, a satisfactory sale. The existing pool of prospective buyers determines a property's value, based on:
- Location, design, amenities and condition.
- Availability of comparable (competing) properties.
- Economic conditions that affect real property transactions.
Factors that have little or no influence on the market value of a house include:
- The price the seller originally paid for the property
- The seller's expected net proceeds
- The amount spent on improvements
The impact of accurate pricing:
- Properties priced within market range generate more showings and offers, and sell in a shorter period of time.
- Properties priced too high have a difficult time selling.
Understanding Whom the Agent Represents
Before you decide to sell or buy or rent a home you need to consider the following information:
Agents Who Represent the Seller
Seller's Agent
A seller's agent works for the real estate company that lists and markets the property for the sellers, or landlords, and exclusively represents the sellers or landlords. That means that he or she may assist the buyer or tenant in purchasing or renting the property, but his or her duty of loyalty is only to the sellers or landlords. The seller pays the seller's agent's fees as specified in a written listing agreement.
Cooperating Agent
A cooperating agent works for a real estate company different from the company for which the seller's agent works. The cooperating agent can assist a buyer or tenant in purchasing or renting a property, but his or her duty of loyalty is only to the sellers or landlords. The cooperating agent's fee is paid by the sellers or landlords through the seller's agent's company.
Agents Who Represent the Buyer
Presumed Buyer's Agent (no written agreement)
When a person goes to a real estate agent for assistance in finding a home to buy or rent, the agent is presumed to be representing the buyer and can show the buyer properties that are not listed by the agent's real estate company. A presumed buyer's agent may not make or prepare an offer or negotiate a sale for the buyer. The buyer does not have an obligation to pay anything to the presumed agent.
If for any reason the buyer does not want the agent to represent him or her as a presumed agent, either initially or at any time, the buyer can decline or terminate a presumed agency relationship simply by saying so.
Buyer's Agent (by written agreement)
A buyer or tenant may enter into a written contract with a real estate agent which provides that the agent will represent the buyer or tenant in locating a property to buy or rent. The agent is then known as the buyer's agent. That agent assists the buyer in evaluating properties and preparing offers, and negotiates in the best interests of the buyer or tenant. The agent's fee is paid according to the written agreement between the agent and the buyer or tenant. If you as a buyer or tenant wish to have an agent represent you exclusively, you must enter into a written buyer agency agreement.
Dual Agents
The possibility of dual agency arises when the buyer's agent the seller's agent both work for the same real estate company, and the buyer is interested in property listed by that company. The real estate company, or broker, is called the "dual agent". Dual agents do not act exclusively in the interests of either the seller or buyer, or landlord or tenanat, and therefore cannot give undivided loyalty to either party. There may be a conflict of interest because the interests of the seller and buyer may be different or adverse.
If both seller and buyer, or landlord and tenant, agree to dual agency by signing a Consent For Dual Agency form, then the real estate company (the "dual agent") will assign one agent to represent the seller or landlord (the seller's "intra-company agent") and another agent to represent the buyer or tenant (the buyer's "intra-company agent"). Intra-company agents may provide the same services to their clients as exclusive seller's or buyer's agents, including advising their clients as to price and negotiation strategy, provided the clients have both consented to be represent by dual agency.
If either party does not agree to dual agency, the real estate company may withdraw the agency agreement for that particular property with either the buyer or seller, or both. If the seller's agreement is terminated, the seller must then either represent him or herself or arrange to be represented by an agent from another real estate company. If the buyer's agreement is terminated, the buyer or tenant may choose to enter into a written buyer agency agreement with an agent from a different company. Alternatively, the buyer or tenant may choose not to be represented by an agent of his or her own but simply to receive assistance from the seller's agent, from another agent in that company, or from a cooperating agent from another company.
No matter what type of agent you choose to work with, you have the following rights and responsibilities in selling or buying or renting property:
- Real estate agents are obligated by law to treat all parties to a real estate transaction honestly and fairly. They must exercise reasonable care and diligence and maintain the confidentiality of clients. They must not discriminate in the offering of properties; they must promptly present each written offer or counter offer to the other party; and they must answer questions truthfully.
- Real estate agents must disclose all material facts that they know or should know relating to a property. An agent's duty to maintain confidentiality does not apply to the disclosure of material facts about a property.
- All agreements with real estate agents should be in writing and should explain the duties and obligations of the agent. The agreement should explain how the agent will be paid and any fee-sharing agreements with other agents.
- You have the responsibility to protect your own interest. You should carefully read all agreements to make sure they accurately reflect your understanding. A real estate agent is qualified to advise you on real estate matters only. If you need legal or tax advice, it is your responsibility to consult a licenses attorney or accountant.
FRIENDLY AGENTS. LOCAL SERVICE.
Ashley Premier Properties real estate agents can help you find Maryland real estate properties, homes for sale, new homes for sale, waterfront homes for sale, waterfront properties for sale, commerical properties for sale, farms for sale, just call or email us to get started!
