Ellicott City Realtor Catonsville Realtor

What I'm thankful for:

My wife, my family and my dogs

My health - I went to the doctor last week, as I have done for the last 12 years, and I continue to be cancer free.

My clients - I am grateful to have clients that I consider friends. I am grateful that my friends trust me, know that I am here for them, that I will return their calls, and that they can refer people to me and know I will be there for those people as well.

My colleagues - I am grateful for all the Realtors that I have worked with this year that have been great to deal with

Myself - I've developed good habits for prioritizing the most important things I need to accomplish each day, and I have also created the habit of taking time to be thankful daily.

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Baltimore County Real Estate Market Update, October 2009

Custom Built Colonial on a Private, Wooded Lot
$599,999
Get it before it’s gone!

• 5 Bedrooms
  
• 2 ½ Baths
  
• Nearly 1 Acre backing to Patapsco State Park
  
• Formal Living and Dining Rooms
  
• Spacious Family Room with wood-burning brick fireplace
  
• Large Gourmet Kitchen with granite counters, new stove, island and adjoining breakfast room
  
• econd Floor Laundry
  
• In-ground Pool with new liner
  
• Rear Deck fro outdoor living
• 2 Car Attached Garage

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My last post was about Discount Brokers (DB's), and the question of whether the service they provide is worth the reduction of services.  My Buyers have a house under contract, and so far have spend nearly $1000 on their Home Inspection, their Termite Inspection and a Well and Septic Inspection.  The contract on the home they were selling settled yesterday, and the new house settles on November 30.

If you recall, the Discount Broker thought the appraisal was done...but it wasn't.  This week, I checked with the DB on Monday to see if the appraisal had been completed.  He told me yes, it had been done on Friday.  I asked the DB for the name and phone number of the appraiser, so that I could get a value as soon as possible.  The DB replied that he did not have the appraiser's name and phone number because she called him while he was in his car and he just gave her the phone number of the sellers so she could make her own appointment.

(My big push on this is that my Buyers no longer have a place to live in 15 days.  I want to know the value to move accordingly.)

The DB replied he had been too busy to meet with the appraiser.  As you can imagine, the appraisal came back $45,000 below the sales price - a huge divide between the price the Seller would hope to get and the price he is able to get, according to the Bank.

The DB was shocked by this number.  I told him that information wasn't any good if he didn't get it to the appraiser for reference.  I told him that my Buyers would request that the sales price be reduced to the appraised price.  My Buyers have no additional proceeds to work with.

Could this have been avoided?  Maybe, maybe not.  What I do know, is that if the DB had made the appointment for the appraiser, had met her in person with comps and a location survey, had a professional rapport with her, that the outcome may have come out differently.  These are all things that full service Realtors typically do, and if he had done them I certainly would have felt that his best effort had been made.

So what about the Buyers and Sellers - did the Seller get what they paid for?  Probably.  Is there a price to pay for saving money?  Absolutely.  My Buyers house is sold and settled yesterday.  They have to be out in 12 days.

Now I get to deal with all the Buyers emotions and worries.  They need at minimum a place to rent quickly.  Service Service Service.  How do you think they would feel if I said "that's not something I do" or "I'm just too busy".  Doesn't that just translate into "It's not worth my time"?  Glad I have a better conscience and my Buyers and Sellers know that they can rely on me - no matter what.

 

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Howard County

Spacious Westminster Colonial on ¾ Acres
$235,000

 

 

 

 

 

 

 

 

 

 

Situated on a private, semi-wooded lot, set back off the road in a beautiful location

• 2 Bedrooms
  
• 1 ½ Bathrooms
  
• Updated Kitchen with Corian Counters, Stainless Appliances
  
• Woodburning Fireplace
  
• Large Eat in Kitchen and separate Formal Dining Room
  
• Plenty of Storage Space
  
• Brand New Deck and Room for an Addition!

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It is tempting for Sellers to choose an Agent based on the commission the Agent charges.  One half or one full percentage point of the sale of your home adds up to quite a savings - I won't argue that point.  The question is - what are you giving up in terms of service for that reduced fee, and is it worth it?  Discount Brokers may tell you that you aren't giving up anything.  In my experience, that is not always the case.

For example, right now I have a settlement that is supposed to take place in 30 days.  As part of my service, I have completed the Home Inspection, the Termite Inspection, and the Well and Septic Inspection, all on the Buyer's behalf.  My next and biggest concern is the appraisal.

When I prepared the package for the lender, I made it clear that the appraisal needed to be arranged as soon as possible.  I then called the Listing Agent (a Discount Broker) to see if it had been scheduled.  I was told last week by the Listing Agent that the appraisal was supposed to take place last Thursday.  I called the Lender on Monday to see if the appraisal had been done.  She said she did not have it, and reminded me that under the new rules, she is not allowed to contact the appraiser directly.

I then called the Listing Agent to follow up on the appraisal, to see if it had been done on Thursday as he had said it would be.  He said it had not, that he had made a mistake, that it was not this listing but another of his that had been appraised last Thursday.  I asked if he had been planning on meeting the appraiser, which is one of the most important parts of what I do when I represent Sellers.  He told me that he doesn't typically meet with appraisers.  I told him that I felt it was ridiculous that he would not be there in person to meet the appraiser and provide comps and a location survey (if available).  I further went on to explain that although my Buyers are confident in their purchase price because of their situation and how this house suits their specific needs, I had concern about the home appraising for the value.

The Listing Agent told me about a refinance of a house in the neighborhood that was a smaller home, but appraised for more money than our transaction.  I asked the Listing Agent how he came by this information, and he said that he was told by his Sellers, who were told by a neighbor (likely story).  Since appraisal values cannot be verified, this information is nothing more than word of mouth.

At this point, the appraisal has not been done.  We are supposed to close in 2 weeks.  My Buyers are out of their home on the day of settlement.  You would think the Listing Agent would be doing everything he could in the best interest of his Seller to get this transaction moving.

When I hear an agent say "that's not something I normally do" - it just reeks of ignorance and inexperience.  If you are a seller considering hiring a discount broker - the reduced fee you may be paying might look attractive.

My advice is to rethink this strategy.  Get your discounts at the mall.  For the sale of your house, take time to consider - do you get what you pay for?

No. You get what you think you are worth.  As a Seller, are you worth the extra time, effort and experience of a full service Broker?

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Maryland Real Estate Market Activity, November 2, 2009, New Listings, Pending Sales, Days on Market

$318,000

Home backs to conservation area for a private and peaceful setting

• 3 Bedrooms
  
• 2 Bathrooms
  
• Very Large Country Kitchen
  
• Yard is Beautifully Landscaped!
  
• Very Large Deck is Great for Outdoor Entertaining

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We all know the value of home inspections, but is there intrinsic value in the home inspector himself?  Everybody knows that experience is important, as is certification, but isn't a great portion of the real value of a home inspection the way that a home inspector handles himself in explaining issues that arise during the inspection process?  I think a home inspector can make all the difference in the world as to how the buyer actually hears what the problem is and the extent of its seriousness.

Last Saturday I had an inspection during the inspection a significant structural issue arose.  What first came to my mind was I'm glad that John is the one doing this inspection.  John is likeable, can explain issues to the buyer without emotion, and will recommend possible solutions or ways to follow up.  In my 25 years of experience, I've had the fortune of being at inspections with good inspectors and bad ones.  Even some of the really good inspectors can't really communicate a problem without a great deal of their own personal opinion or emotion.

The structural problem in this case was with a deck/screened in porch being attached to the house improperly.  That in and of itself sounds like "quite a serious problem", which could be of great concern to the buyer.  In this case, John explained in detail how it could be rectified and the approximate cost of repair.  He did this all in a manner which was very professional and without personal emotion or bias.  So what seemed to have been a big issue, and I guess it could be in some people's eyes, left the buyer feeling confident that he had an inspector who was not only very thorough, but who also gave him the sense that he understood what was being said, knew what steps to take next, and he was not sidetracked by agreeing with what the home inspector might believe personally about how the problem might have happened.

Lots of times buyer's guards go up because they pick up on the home inspectors overreaction to a situation.  I think this is just one of many differences that gets overlooked when Realtors and buyers choose home inspectors.  Tell me your thoughts about good interactions with your home inspectors.