Property Solvers – Sell House Fast Experts’ Post

DO ESTATE AGENTS GIVE ACCURATE VALUATIONS? https://lnkd.in/eJCuUhuZ Estate agencies are often the go-to source for both residential and commercial property valuations. But how do they measure up in terms of accuracy? Generally, an experienced and established estate agent should be able to calculate your property’s value fairly accurately. After all, their success stands or falls on their ability to sell. An inaccurate valuation may stand in the way. If a house is valued too high, it is likely to put buyers off. This often means the building will remain on the market for longer than it needs to, causing the agency unnecessary effort and expense. Conversely, if a property is valued low, it may sell faster. But too low, and potential buyers may avoid it due to the suspicion that there is something wrong with it. Sellers, too, may end up disappointed and frustrated at a low valuation. Furthermore, agencies receive a good amount of their income through commission. This means that, if a property sells for a low price, they’ll earn less. They also have their reputation to think about. Please click on the link above to read the article in full. For more information about our house sale services, visit our home page: https://lnkd.in/dkZXMsH

[Valuation Techniques for Modern Realtors] In the world of real estate, accurate property valuation is crucial for realtors. Knowing the worth of a property helps realtors . . . https://lnkd.in/dSJyTTR8

It's truly astonishing how many commercial real estate brokers refuse to compensate a buyer's agent who brings them a potential buyer. If I were the owner of the property, I'd promptly terminate their services. An agent should never prioritize their own commission over what's best for their clients. Their primary role is to get the building sold. Recently, I received an email about a Class B multifamily building with an asking price of $43 million. I reached out to a client who could potentially make this purchase and asked the agent if they'd be willing to pay me a fee. Their response? "We only work with buyers directly." Here's the translation: "Even though you could bring a willing and able buyer, we won't work with you because we want to protect our commission." Of course, the buyer might consider reducing the offer to cover my fee, but this often leads to deals falling apart because it doesn't meet the seller's expectations. Agents should do themselves a favor and let go of their greed. They should prioritize what's best for their clients. Principals in the industry need to pay attention to and address this behavior. To conclude, just as I began, an agent should never put their commission above their fiduciary duty to the client.

Read an interesting article on the title 'Expert tips to purchase real estate in the USA as a Canadian' https://lnkd.in/gEhtvau7

In real estate, an option period refers to a specified period during which a buyer has the unrestricted right to terminate a real estate contract. This period is commonly associated with residential real estate transactions, particularly when purchasing a home. #homebuyingprocess #homebuyingtips

In the context of a residential real estate transaction, a purchase agreement is a legally binding contract between a buyer and a seller that outlines the details of the deal. The contract will typically contain several contingencies that must be met before the seller is obligated to transfer title to the buyer. The purchase agreement is supported by consideration from both parties. The buyer’s consideration is usually an earnest money deposit which is around 1%-2% of the overall purchase price of the property. These contingencies commonly address matters such as property appraisals, home inspections, financing approvals, and the sale of the buyer’s current residence. When all contingencies are satisfied, the parties can proceed to the closing phase, where the earnest money deposit is often applied to the buyer’s down payment or closing costs. If the buyer backs out of the deal, the seller typically retains the earnest money deposit as a remedy. In the event of the seller’s breach, the buyer can seek specific performance through legal action, requiring the seller to execute the contract and transfer title to the buyer. Courts infrequently order specific performance as a remedy in breach of contract cases, preferring to award monetary damages that place the non-breaching party in the position they would have been in had the contract been fully executed. Specific performance is considered an option in real estate contracts due to the unique nature of real estate as an asset. The supply of real estate is limited, and no two parcels are identical. In contrast, in a breach of contract regarding a non-unique item like a shirt, the court would typically award monetary compensation, allowing the individual to purchase an identical item. A famous case involving a purchase agreement and specific performance is Lucy v. Zehmer, 196 Va. 493, 84 S.E.2d 516 (1954). Stay tuned. I will post about that case soon!

The bright-line property rules are changing on 1 July 2024. This means that for residential properties sold on or after 1 July 2024 any profit made on the sale will only be taxed if the property has been owned for less than two years (subject to applicable exemptions). This is a welcome reduction from the existing ten year bright-line property rule and will hopefully provide some stimulus to the residential property market. If you are selling your main home, the bright-line property rule generally does not apply subject to the following criteria: 50% or more of the property’s area must be used as your main home; and the property is used as your main home for more than 50% of the time you owned it. The main home exclusion, however, does not apply if you have a regular pattern of either buying and selling or building and selling your main home, or you have used the main home exclusion twice or more in the 2-year periods immediately preceding the sale of your main home. Whether you are buying or selling and would like to discuss the bright-line rules or any other property transaction matters, please get in touch with our Property team experts. Kelly Seabourne Stephanie Aquilina-Little Morgan Duckworth Nick Williams Kris Lal Sarah Gilbert

Commercial real estate investors are generally familiar with appraisals, which seek to value a property accurately. Appraisals are used for home purchases, vacant land purchases, commercial real estate purchases, and the evaluation of most other properties. The highest and best-use appraisal (HBU appraisal) is especially important in commercial real estate. This specific type of appraisal calculates property value according to how a property can be used.

A house valuation typically involves several steps: 1. Request for Valuation: • Homeowners or potential sellers contact a valuer or a real estate agent to request a house valuation. 2. Initial Assessment: • The valuer or agent conducts an initial assessment, which may include gathering information about the property, its size, condition, and any recent improvements. 3. Property Inspection: • A physical inspection of the property is often conducted to assess its condition, layout, and features. This step helps in determining the property’s market value. 4. Market Analysis: • The valuer or agent analyses the local real estate market, considering recent sales of comparable properties (comps) in the area. 5. Comparative Market Analysis (CMA): • A CMA involves comparing the subject property with recently sold or listed properties of similar size, condition, and location to determine a fair market value. 6. Valuation Report: • The valuer or agent provides a detailed valuation report that outlines the property’s estimated value, considering factors such as market trends, property condition, and comparable sales. 7. Feedback and Discussion: • The valuer or agent discusses the valuation results with the homeowner, addressing any questions or concerns. 8. Final Valuation: • The final valuation is determined based on the comprehensive assessment, market analysis, and feedback. https://lnkd.in/eePxtJBZ

Closing costs are fees and expenses incurred during the closing of a real estate transaction. These costs, like lender fees, title fees, and attorney fees, are typically paid by the buyer but can also be negotiated to be paid by the seller. Pre-paids are expenses that are paid in advance at the time of closing to cover certain ongoing costs related to homeownership. These expenses, like property taxes or homeowners insurance, are typically prorated and paid upfront to ensure there are sufficient funds for these expenses. #JensenRealtyGroup #RamonaRealEstate #RamonaHomesForSale #RamonaCA #SanDiegoRealEstate #SanDiegoHomesForSale #SoCalRealEstate #SoCalHomesForSale #DreamHome #HouseHunting #HomeSweetHome #JustListed #ForSale #RealEstateLife #RealtorLife #PropertyExpert #HomeBuyer #HomeSeller #InvestmentProperty #LuxuryLiving #NewListing #OpenHouse #HomeDecor #HomeDesign #InteriorDesign