What is the MLS?
Multiple Listing Service. It is a service provided by Real Estate Boards for its members. Real estate agents and brokers who are MLS members submit real estate listings and information to the MLS computer, where it is then available to all members. As a member and Associate Broker, Cleo uses the MLS for local, provincial and even nation-wide listings for her buyers and sellers.
What is the duration of an MLS agreement?
A minimum of 60 days. This length of time is set through a bylaw of the Real Estate Boards; the individual Broker has no control over this issue. You may negotiate an Exclusive Listing Agreement with an agent for a shorter length of time, but your listing will not be included in the MLS. And, something to think about: consider a longer term of 3-6 months and ask for a satisfaction guarantee from Cleo.
If I were selling my home, but also buying a new one through Cleo, does that make Cleo my buyer agent?
Yes, it does. As your buyer agent, Cleo would be sure to show you the homes that meet your requirements.
With Cleo as my buyer agent, am I limited to viewing only the homes listed by her company or all of the homes available in the area that match my requirements?
Cleo would show you ALL the listings on the Multiple Listing Service (MLS), not just her company's listings.
Does Cleo, as a buyer agent, make more money when a house listed with her own company is sold?
Usually, the commission offer is the same no matter which company has listed the selling property.
Should I list with the Realtor who sets the highest price for my home?
Not necessarily. Unfortunately, some agents use this tactic to acquire listings. The best way to set a price is to ask Cleo to provide you with a detailed Comparative Market Analysis (CMA) of your home. Then, with Cleo's assistance, YOU will be able to make an informed decision on the price you want for your home.
If I list at a high price, I can always lower it later, right?
Keep in mind that your home is only worth what a buyer wants to pay for it. The prime marketing period for a home is within the first few weeks of listing it. If your home is priced too high, the final selling price could turn out to be lower than what might have been received during those first crucial weeks.
Is it best to accept the first offer, or to wait for other offers to come in?
Cleo can help you with this decision. If it's the terms of the offer that don't meet your expectations, try and negotiate terms suitable to both you and the purchaser. The fact is, in real estate, the first offer is almost always the best offer.
So, I've listed my house. How long do I have to wait for a sale?
The sale of homes is affected by many factors: location, price, terms, conditions and, of course, the type of property.
When my home sells, does only the listing agent make money or do other realtors in the office make money on the listing, too?
No, earning privileges go only to the listing agent (and the broker), the only agent with a vested interest in selling your property. The real estate representative responsible for bringing in a buyer earns the "selling" portion of the commission. This person could be from any real estate company, including the listing broker.
What difference does a real estate company make to me, the homebuyer?
Actually, the difference to you, as the consumer, is minimal. It affects the real estate agents more in what they choose, prefer or require in order to provide their service offer. Have you based your home-purchasing decision on which real estate broker had the listing?
I want to buy a new home, but I need to sell my present home. What do I do?
A qualified real estate Associate broker, Cleo will help you list your home on the market. When submitting an offer on a new home, your offer becomes "contingent" on the sale of your current home. Keep in mind that a buyer whose home has already sold, or has accepted an offer, is in a better negotiating position that you are. Cleo can help you through all the necessary steps in this kind of buying situation.
I'm ready to make an offer on a home; how do I present it to the seller?
You don't. As your Realtor, Cleo will call the listing agent for the home you wish to make an offer on. An appointment will then be made with the two agents and the seller to present your offer. Cleo is included to not only clearly explain your offer's details, but to negotiate on your behalf.
My offer is lower than the asking price; what usually happens next?
The ideal scenario would be that the seller accepts your offer. However, the seller has the option of countering your offer, or rejecting it. Sometimes, there is another buyer who has submitted an offer for the same property. Although the seller considers all aspects of the offer, there is no doubt the best price and terms carry the most weight. When the real estate market is active, sellers usually receive the listed price for their homes. If the real estate market is hot, several buyers may all be interested in the same home, driving the price above the listed price. Cleo can hlep you put together the best possible offer, no matter what the current real estate market.
Does it cost me money to make an offer?
When you write the offer on the home you've chosen, you will be expected to include a money deposit. This amount varies with the different areas; however, in the Saugeen Shores and surrounding area, it is generally between $500 and $1000. The deposit is a sign of your good faith that you are seriously interested in buying the home.
Where does my deposit money go?
The money is deposited into a trust account of the listing real estate company. That deposit becomes a credit to the buyer, and is applied towards the purchase price.
Can I lose my deposit money?
Rarely does the buyer lose the deposit money. Most often, if the transaction falls apart, there are circumstances beyond the buyer's control that cause it to happen. However, if the buyer willfully decides that they no longer want to buy the house, and have no legal reason for rescinding their offer, they may lose the money deposit.
Is that all the money that's involved?
There may be other fees, including: appraisal, home inspection, fees relating to mortgages, taxes and other adjustments.
If I listed with Cleo, would other agents still bring their buyers to view my home?
Yes, as buyer agents for other people they would bring those clients whose specifications matched your home.
With Cleo as my listing sales rep, does she have the best chance to bring in the highest offer for my home?
To be honest, not always. The largest pool of buyers is largest outside of any real estate company, due to the Multiple Listing Service (MLS). The buyer who pays the most for your home could come from that pool, with an agent from another company.
When first listing my home, if an offer comes in for my home BEFORE it appears on the MLS, should I hold off in accepting it or wait until the other agents have time to contact their buyers?
If yours is a HOT property, or if it is a seller's market, it is probably a good idea to wait. Usually, though, it is best to act on an offer as soon as possible.
Is information on your listed homes given by you to buyers that may already have a Realtor?
Yes.
Do I need a Realtor from a large firm to make sure I have access to all available listings?
No, you don't. With the Multiple Listing Service, all listings are available to all realtors-locally, provincially and nationwide. Under MLS rules, new listings must be submitted immediately or sent back to the seller and the listing must be resigned. Realtors representing the sellers want their information "out there", available to all real estate agents. In this way, Realtors look out for the best interests of their client, the seller.
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