Tuesday, April 20, 2010
Legitimate Negotiations Or “Gotcha” Real Estate
Things change in a real estate transaction as it runs its course, you can count on it. Most people enter the transaction taking everything at face value – what you see, or perceive, is what you are receiving. There are as many components to a transaction, however, as there are systems to a house, and just about anything can happen. As things happen, there can be a need for an adjustment by one or both parties. When everyone contracts with integrity, and is committed to keeping things on a par from the base agreement that the parties originally agreed to, everything works out well for all parties given the changed circumstances.
In a changing transaction make sure that you understand the extent of the “new” thing and what it means to you. If an inspector finds a window with a broken seal you don’t need to have every window in the house replaced. You have a nominal repair, not many thousands of dollars of remodeling. Asking for the windows to be replaced in such a situation, as incredulous as it may seem to most readers, happens. It may be disingenuous, or predatory, but it happens. Not good and the request is not warranted or valid.
Be sure your agent understands what you want in your transaction, and that you understand your contract. Do you want the Seller to pay for recurring and nonrecurring closing costs up to a certain amount or percentage of the purchase price, or are you instructing your agent to have the Seller pay for all the closing costs? There is a big financial difference – be clear in your communication and understanding. You have a responsibility to know what you want and to communicate it to your agent so he can work effectively on your behalf. Not telling your agent exactly what you want in a transaction is like telling the doctor, “I hurt doc, find it.”
Real estate form contracts are written with plain, easy to understand, language. They cover many topics with clauses that have evolved from decades of litigation stemming from misunderstanding or abuses. Don’t invite litigation or cause it unnecessarily. Be clear about what you want, make sure that your contract addresses your wants and needs so you can achieve your objective. When things change, don’t look for the gotcha, look to the contract details to see how you are protected and what your options are as you move forward.
Our advice: What was your intention when you signed the contract? When you sign your name on a contract you should mean it. Its about integrity. Cheating people out of a few dollars will leave you miserable from not only the bad feelings of the other party, but the innate shame and guilt that will reside within, consciously or subconsciously. Were you planning all along to come back and nibble, or do you have a real concern about something new in the transaction? Do you think a gotcha is okay when it comes to money – the quickest machete wins? Do the right thing and you will benefit in many ways – most of them not known at the time you decide to do the right thing. When transactions go sour by parties looking for the “gotcha” in a transaction, the joy leaves the transaction and so do many of the subtle benefits that are forthcoming when everyone gets along and continues to give as they approach the close of escrow. Continuing to give can be leaving the riding mower without it being in the contract, overlooking a missed deadline and staying committed to the other party, etc.
The best transactions are win/win – both parties benefit! It isn’t always about price – there are many ways to balance the “win” factor in a transaction other than price. The art is to find out what the biggest “win” is for your counterpart so your win comes with less of a loss from your win criteria. When it comes to choosing professionals to assist you with your real estate needs… Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmai l.com, www.carsonvalleyland.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com
Things change in a real estate transaction as it runs its course, you can count on it. Most people enter the transaction taking everything at face value – what you see, or perceive, is what you are receiving. There are as many components to a transaction, however, as there are systems to a house, and just about anything can happen. As things happen, there can be a need for an adjustment by one or both parties. When everyone contracts with integrity, and is committed to keeping things on a par from the base agreement that the parties originally agreed to, everything works out well for all parties given the changed circumstances.
In a changing transaction make sure that you understand the extent of the “new” thing and what it means to you. If an inspector finds a window with a broken seal you don’t need to have every window in the house replaced. You have a nominal repair, not many thousands of dollars of remodeling. Asking for the windows to be replaced in such a situation, as incredulous as it may seem to most readers, happens. It may be disingenuous, or predatory, but it happens. Not good and the request is not warranted or valid.
Be sure your agent understands what you want in your transaction, and that you understand your contract. Do you want the Seller to pay for recurring and nonrecurring closing costs up to a certain amount or percentage of the purchase price, or are you instructing your agent to have the Seller pay for all the closing costs? There is a big financial difference – be clear in your communication and understanding. You have a responsibility to know what you want and to communicate it to your agent so he can work effectively on your behalf. Not telling your agent exactly what you want in a transaction is like telling the doctor, “I hurt doc, find it.”
Real estate form contracts are written with plain, easy to understand, language. They cover many topics with clauses that have evolved from decades of litigation stemming from misunderstanding or abuses. Don’t invite litigation or cause it unnecessarily. Be clear about what you want, make sure that your contract addresses your wants and needs so you can achieve your objective. When things change, don’t look for the gotcha, look to the contract details to see how you are protected and what your options are as you move forward.
Our advice: What was your intention when you signed the contract? When you sign your name on a contract you should mean it. Its about integrity. Cheating people out of a few dollars will leave you miserable from not only the bad feelings of the other party, but the innate shame and guilt that will reside within, consciously or subconsciously. Were you planning all along to come back and nibble, or do you have a real concern about something new in the transaction? Do you think a gotcha is okay when it comes to money – the quickest machete wins? Do the right thing and you will benefit in many ways – most of them not known at the time you decide to do the right thing. When transactions go sour by parties looking for the “gotcha” in a transaction, the joy leaves the transaction and so do many of the subtle benefits that are forthcoming when everyone gets along and continues to give as they approach the close of escrow. Continuing to give can be leaving the riding mower without it being in the contract, overlooking a missed deadline and staying committed to the other party, etc.
The best transactions are win/win – both parties benefit! It isn’t always about price – there are many ways to balance the “win” factor in a transaction other than price. The art is to find out what the biggest “win” is for your counterpart so your win comes with less of a loss from your win criteria. When it comes to choosing professionals to assist you with your real estate needs… Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmai l.com, www.carsonvalleyland.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com
Choosing An Agent in Northern Nevada … Ask A Lot Of Questions
Choosing An Agent in Northern Nevada … Ask A Lot Of Questions
Whether selling or buying real estate in Northern Nevada, you’ll undoubtedly find the services of a Professional Real Estate Agent invaluable. There’s a reason the most savvy and successful investors always use good Agents. Good Agents not only get the job done, they keep you safe along the way. The art is to find a good professional Agent.
The biggest ad, the biggest claims, or being the biggest pest does not the best Agent make. Ads cost money, but many agents use them to simply “buy” business. They look to attract new customers for any property, not the listing they are purporting to advertise. If there is little or no inventory in the ad then it is clearly image advertising. Important for business to an extent, but understand it for what it is.
Virtually every agent is Number One at something. There’s the top producing agent types that you are seeking and then there’s the qualified Number One, like “the #1 listing agent that has seven grandkids, owns a black and white dog, and two cats”. What is really important is an agent’s production, and more importantly, their production for the type of property you are buying or selling. If you want a horse property with water rights on ten acres you don’t want to hire a condo specialist, and vice versa. Yes, in our region many agents are truly diverse in their knowledge and experience and can actually professionally serve those extremes, but you must be certain for yourself that the Agent you are working with is capable.
So how do you select an Agent? Initially, you will have some method of introduction. It could be a referral from a friend, an attractive ad, or an internet website. You might just walk in the office and meet a stranger. Once you’ve made contact, understand that you are both interviewing one another. The agent should be learning about your wants and needs, what it is that you are looking to accomplish. They should probe, ask you questions. You, too, should be asking questions … many questions. Do they handle the type of property that you are looking for or selling? What is their experience – both in real estate and in dealing with the type of property you are working with? This is especially important if you have a need for specialty knowledge, i.e. – short sale, bank owned, water rights, floodplain, seven figure price range, ag-deferred property, remodeling, etc.
Our advice: Not all Agents refrain from venturing in to the unknown … potentially at your expense. You don’t want a lawsuit to get what you want, you want good professional service. Ask a lot of questions. You should be able to get references from the Agent, the names and contact information for other people that had a similar situation that the Agent successfully assisted. Learn about their business. What areas do they work? How many listings do they inventory? How many listings sold? How many short sales have they closed? What is their typical List Price:Sales Price ratio? While asking your questions observe the answers closely. Are they appeasing you, or are they heartfelt.
One of the most important things you should look for in an agent is that they will work for your interest, not theirs. It is your real estate… they are facilitating your transaction. Some let their preferences, or needs, get in the way of the customers’ which can cause you to miss your ideal opportunity. Don’t be a victim to a self-serving incompetent agent – it’s your money on the line! We’re proud of our work and Our References. The other good agents are as well. Find the good ones – you deserve it.
Real estate is truly a people business. The real estate itself is what it is, but the people involved make the difference in the success of the transaction, Buyers, Sellers, and Agents. Evaluate the people you are dealing with so your best deal is made for you and your family. When it comes to choosing professionals to assist you with your real estate needs … Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmail.com, www.carsonvalleyland.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Whether selling or buying real estate in Northern Nevada, you’ll undoubtedly find the services of a Professional Real Estate Agent invaluable. There’s a reason the most savvy and successful investors always use good Agents. Good Agents not only get the job done, they keep you safe along the way. The art is to find a good professional Agent.
The biggest ad, the biggest claims, or being the biggest pest does not the best Agent make. Ads cost money, but many agents use them to simply “buy” business. They look to attract new customers for any property, not the listing they are purporting to advertise. If there is little or no inventory in the ad then it is clearly image advertising. Important for business to an extent, but understand it for what it is.
Virtually every agent is Number One at something. There’s the top producing agent types that you are seeking and then there’s the qualified Number One, like “the #1 listing agent that has seven grandkids, owns a black and white dog, and two cats”. What is really important is an agent’s production, and more importantly, their production for the type of property you are buying or selling. If you want a horse property with water rights on ten acres you don’t want to hire a condo specialist, and vice versa. Yes, in our region many agents are truly diverse in their knowledge and experience and can actually professionally serve those extremes, but you must be certain for yourself that the Agent you are working with is capable.
So how do you select an Agent? Initially, you will have some method of introduction. It could be a referral from a friend, an attractive ad, or an internet website. You might just walk in the office and meet a stranger. Once you’ve made contact, understand that you are both interviewing one another. The agent should be learning about your wants and needs, what it is that you are looking to accomplish. They should probe, ask you questions. You, too, should be asking questions … many questions. Do they handle the type of property that you are looking for or selling? What is their experience – both in real estate and in dealing with the type of property you are working with? This is especially important if you have a need for specialty knowledge, i.e. – short sale, bank owned, water rights, floodplain, seven figure price range, ag-deferred property, remodeling, etc.
Our advice: Not all Agents refrain from venturing in to the unknown … potentially at your expense. You don’t want a lawsuit to get what you want, you want good professional service. Ask a lot of questions. You should be able to get references from the Agent, the names and contact information for other people that had a similar situation that the Agent successfully assisted. Learn about their business. What areas do they work? How many listings do they inventory? How many listings sold? How many short sales have they closed? What is their typical List Price:Sales Price ratio? While asking your questions observe the answers closely. Are they appeasing you, or are they heartfelt.
One of the most important things you should look for in an agent is that they will work for your interest, not theirs. It is your real estate… they are facilitating your transaction. Some let their preferences, or needs, get in the way of the customers’ which can cause you to miss your ideal opportunity. Don’t be a victim to a self-serving incompetent agent – it’s your money on the line! We’re proud of our work and Our References. The other good agents are as well. Find the good ones – you deserve it.
Real estate is truly a people business. The real estate itself is what it is, but the people involved make the difference in the success of the transaction, Buyers, Sellers, and Agents. Evaluate the people you are dealing with so your best deal is made for you and your family. When it comes to choosing professionals to assist you with your real estate needs … Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. carsonvalleyland@hotmail.com, www.carsonvalleyland.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com
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