Hughes Communication

Sadly, the economy and real estate market is currently in bad shape. People that have lost homes to foreclosure or even newly built homes have literally been sitting for a year or more – empty. For the real estate agent, this means lost money. To work with the challenging situation, creative solutions have been developed, giving the homeowner a means of selling and the agent a means of making money. Keep in mind that some real estate companies will list homes and tell homeowners that that market is good but in truth, the market is still struggling and will be for some time.

The economy has put all of the United States in a difficult place but as a homeowner, you may be in a position of having a house that is still worth reasonable value. Even so, the number of buyers, regardless of your geographic location is low. Then, with new restrictions being incorporated for lenders, many buyers can no longer qualify for a home loan.

The question becomes – how can a homeowner sell. One of the best solutions is with a FSBO, or For Sale by Owner. Since real estate agents charge on average 6% commission, a FSBO would yield more profit and possible move the property quicker than six to twelve months see with agent sales. However, a FSBO is usually a slow process so for the homeowner that needs to sell quickly, this would probably not work. When a homeowner has taken a job transfer or even took possession of property from an inheritance, paying on two mortgages is tough, which is why selling fast becomes a priority.

With a FSBO, the middleman is cut out, which is the real estate agent. Again, this eliminates paying high commission fees. In addition, if the homeowner sells the home, he or she gains more control over the way in which the property is marketed and sold. In other words, without pressure by an agent, the homeowner could take the offer they feel most comfortable with while not getting an agent upset.

Remember, homeowners have other options such as using the power of the internet to sell a home. In fact, this method is easy and uncomplicated. Selling a home on the internet starts with a search using some of the better search engines such as Google.com, which is used by thousands of sellers although many people are investors looking for property that could be purchased with cash. The advantage is that banks are cut out of the equation, which is a huge time-saver.

Real estate investors typically fund purchases using a third-party, such as a private lender or money lender. In this case, loans are approved quickly, in as little time as 14 days. Depending on the situation, some investors are approved in a day or two. For the homeowner selling, they have opportunities to get the property sold and closed on in about 30 days. With this, the investor would need a free and clear title, meaning there are no judgments or liens on the property, the home would need to have passed an inspection, and from there, the closing process could begin.

For homes that have needed repairs, working with an investor could actually make the sale easier since these professionals often prefer to make their own changes. With this, the investor can make upgrades according to what he or she preferred. Therefore, homeowners can typically sell a home to an investor, regardless of the property’s condition.

As more and more people learn about investors and the benefits they bring to the table, chances are people will use this option instead of working with a real estate agent. Of all tools available, the internet is by far the best. Homeowners can market and advertise on the internet and they have a much better chance of reaching a large audience of potential buyers. Therefore, any homeowner needing to sell has the answer within reach.

Oliver Wingrove is a real estate investor based in Boston. He is a former estate agent and writes widely about issues related to real estate and finance. He is an expert in establishing online sites that help people sell home fast both in the US and UK.

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When you choose a realtor, please make sure you know what your agent can and cannot do for you. There are federal and state regulations that govern or affect a realtor’s actions.

The Federal Fair Housing was designed to prevent discrimination. The Fair Housing Act was created was contained in the Civil Rights Act of 1968 and changed by the Fair Housing Amendments Act of 1988. There are seven classes protected by the Fair Housing Act. They are race, color, religion, national origin, sex, handicap and familial status.

Realtors cannot address some requests from their clients because that is against the law. For example, if a Muslim person asks a realtor to find a home close to a mosque in a certain community, the realtor cannot accommodate the request. The realtor also can’t take into consideration the request to be located near a mosque. The realtor can’t even advertise that a listing is around the corner from a mosque.

Realtors must not answer questions about the ethnic make-up of a neighborhood. For example, don’t expect your realtor to show you homes in neighborhoods comprised primarily of African-Americans, Caucasians, Latino’s, American Indians or any other ethnicity or race. You must present these requests to your realtor.

In advertising a realtor must refrain from using words used to represent any protected classes. The following words are inappropriate and could violate Fair Housing laws. Do not ask your realtor to use these words:

• Section eight
• Couples
• Mothers
• Singles only
• Handicapped
• Bachelor apartment
• Seniors
• Married
• Mature
• Integrated

These are just a couple of the many words that are used. If you feel that what you are asking your realtor is at all discriminating, don’t even bother to ask.

Lastly, do not ask your realtor for crime statistics of an area. Smart realtors will direct you to the police department or other sources of information. Your realtor should never disclose crime statistics or say a neighborhood is a relatively safe place to live, even if the realtor believes this to be true.

What Are Realtor Designations?

Now you have a realtor. That realtor has probably mentioned belonging to certain realtor designations. You’re probably thinking, what does all this mean? Well, let’s examine what type of designations your realtor might belong to and what they mean.

GRI Graduate Realtor Institute
This designation is approved by approved by the National Association of Realtors and offered through state realtor associations, agents who desire a GRI designation must complete a minimum of 90 to 95 hours of coursework pertaining to the state that licenses them, and pass the exams. Education covers law, practice, finance, taxes, exchanges and more. Other qualifications to obtain this designation include:
• Membership of the National Association of Realtors
• Membership of the state association of realtors
• Membership of the local board of realtors

E-PRO Certified Internet Professional
This is sponsored by the National Association of Realtors. E-PRO is an online course about using e-mal, navigating the Internet and incorporating digital services into the workplace. Realtors must pass an online exam.

ABR Accredited Buyer Representative
This is an online self-pace course for real estate agents who represent buyers as a buyer’s agent. Unlike exclusive buyer’s agents who never represent sellers, an agent who has earned this designation may elect to work as a listing agent or a buyer’s agent.

ACRE Accredited Consultant in Real Estate
This designation is offered through a private company formed by realtors, Accredited Consultant in Real Estate. Agents download the course book, read and take the exam online. This course teaches agents how to use a consulting approach versus a sales approach.

ACR Accredited Seller Representative
Offered through Realty U Online, this course is designed to improve a listing agent’s professionalism and refine the dimension of service to sellers. Agents can choose between online or in-class courses and must pass the exam.

Oliver Wingrove is a real estate investor based in Texas. He writes widely about issues related to real estate and finance both in the US and in the UK. His current interests currently span real estate markets affected by the global recession like the sell and rent back market and how it is evolving based on recent UK government regulation.

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