HomeTraq University

Can you schedule a showing for a home in Pending status?  Does the Under Contract status mean that there is a chance the current offer on a home may fall through?  Will the seller consider a back up offer from you in the case that the current buyer is unable to sell their current home soon?  These are all fantastic questions and each property status requires these questions to be addressed in different possible ways.  Every professional industry has its own language, and real estate is no exception.  There are probably more terms and acronyms in the housing and mortgage businesses than most.  When you are viewing real estate properties online you undoubtedly will start noticing different property statuses and wonder what each one means.  While a local professional will always be the most beneficial to help navigate each situation, the following are the definitions of statuses according to the local MLS (multiple listing service) to give some ba...

When you speak to an agent at an open house, call an agent for more information about a house, or ask an agent to show you a home, you might be opening a can of worms for yourself if you don't intend to buy a home through any of these agents.  Don't make the mistake of leading an agent on, even unintentionally, because it can come back to bite you. The real estate agent and brokerage who have a home listed for sale represent the seller and that person's best interests.  The listing agent is contractually obligated to report to the seller all activity & material facts they learn about the local market and potential buyers.   Learn about the easiest, fastest way to tour a home quickly without having to find or commit to an agent.    While all  licensed real estate agent   agents have an ethical responsibility to be truthful and not mislead anyone they also aren't necessarily able to advocate for someone they are not representing.  ...

Many buyers wonder if the listing agent of a home they are interested in will show the home to them. The answer is "yes", as the listing agent is obligated to show his or her client’s home. A listing agent is hired by the seller to work 100% for the seller’s best interests.   Additionally some buyers wonder if they can save some money by going directly to that seller's agent to buy the home.   On the surface, the thought of cutting out the "middleman (a buyer's agent)" may sound like a way to save time and money.   While it may save time, the buyer will NOT save money on that specific purchase transaction.   What many potential buyers DO NOT realize is that  the buyer’s agent commission is determined by the seller.   The listing-side AND buyer-side commission i s set once a property is listed with an agent.  The seller negotiates the total commission they will pay for the home to be sold which includes the portion to be ...

"Procuring cause" is a real estate term which agents, brokers and sometimes buyers use to determine who will receive the commission on a house sale.    It is widely identified by the specific tasks performed by a real estate agent which lead to an accepted purchase contract and successful sale of real estate.   I n many cases, the "procuring cause" task could be identified as the first showing of a house by a real estate agent which a buyer purchases. "Procuring cause" could also be construed to mean the task of writing and negotiating the purchase offer.  Since there is no hard and fast rule as to what specifically triggers "procuring cause", its easy to  see how this situation can get tricky. Many buyers are not aware of what it means, and it is  a sensitive issue for many buyer’s real estate agents and their brokerages.   It comes into play many times when a buyer purchases a house toured with two different real estate agents. Mayb...

Just want to share a few quick  ALERT  tips which can make your home search much more powerful. All you have to do is login to  HomeScout   and the red arrows highlighted in the screenshots below will help you unlock  these  powerful features. Make sure to refine & save your Search Criteria and then enable New Listing and Open House notifications.  Refine & Save Click on "Filters" to refine the price range, area and home features you are interested in. Click "Save" to create unlimited custom searches. Get Notified Once you have saved a custom search, choose the  alerts  you wish to receive, including New Listing and Open House notifications. Open Houses A feature to use while driving around on weekends is to click the Open House button which reveals dates & times of upcoming open houses. If you are using Zillow, Realtor.com or anot...

Coming Soon listings continue to become more common as the local housing inventory tightens.  It causes concern among buyers, sellers and real estate professionals.  It has prompted real estate commissions across the country to issue guidance on the topic. Here’s what you need to know to keep informed and to understand all sides of the equation. What’s a Coming Soon listing? A Coming Soon listing refers to a property that is not available for showing or sale until a later date. “Coming Soon” can be a legitimate advertising technique, allowing the owners more time to complete repairs, pack, or otherwise prepare the property for showing or sale. A legitimate Coming Soon listing should truly be unavailable for purchase or showing. Should you be concerned about buying a Coming Soon listing? Listing agents can stir up pre-market excitement by listing a home as Coming Soon. The idea is since there are very few homes for sale, a new listing that is not yet a...