The DownbeachBUZZ Real Estate webcast with Sherry Lillienfeld of EXP Realty and Paul Zgalich of Rate.com
News, events and real estate from Ventnor, Margate, Longport, Lower Chelsea and sometimes Brigantine.
What’s the downside of listing a property too high? It’s not selling. The home gets stigmatized. What’s wrong with this house? What’s the problem? So it sits on the market longer. Then you drop the price. Some take it off market, then relist it. The ‘days on market’ number starts all over again, from 1 day on market.
If you’re working as a buyer’s agent, check the history of a home. I let my buyers know. I give them the whole pricing history so they can make an educated decision.
Sherry Lilienfeld of Exp Realty talks about lagging real estate data.
The public doesn’t see the ‘solds’ right away unless you get a report from your realtor.
The county can lag about three to six months after that. They’re they’re kinda slow about updating public records.
Caution: Zillow and Dual Agency.
Why so important to have a buyer’s representative on your side? Hire experienced real estate professional, otherwise Zillow and sellers agent could lead you into a potentially bad deal.
Zillow gets much of their data from the MLS, Multiple Listing Service, and the public record.
Data can be sketchy in the condo buildings. Sometimes jumbled up from unit to unit. Condo data; you must verify.
The Realtor working with a buyer’s agency agreement or listing agreement, has a fiduciary responsibility to the buyer, and only the buyer.
Condos along Downbeach coast and Absecon Island. Sometimes, critical data not easily available. Homeowners Association or condo fees not always listed, in the listing. Upcoming assessments too.
When we list a condo in the MLS, we’re required to list the HOA fee, parking fees, assessments for special projects.
Assessments are costs above and beyond your typical monthly or quarterly fees to the condo association or HOA.
Sometimes the numbers in the MLS are old. or if the listing gets old
First thing you ask as a buyer: are there any current assessments or planned assessments?
DownbeachBuzz Real Estate Webcast.
Dear Sherry, how do you make sure you’re disclosing stuff to buyers. Is there gonna be a pickleball court built next door to me to drive me nuts? Is there a short term rental party house anywhere in the area? How do you deal with those things?
Realtors are expected to know what’s going on in the community. If a pickleball court was being built right behind you, and you didn’t tell them, you can get sued. Realtors are supposed to know. Your job is to know these things. In the contract, buyers need should exercise due diligence…but, the reality is it’s gonna come back to the Realtor.
I want buy into a particular neighborhood. Are there any short term rental issues I need to be aware of? Which houses are renting short term? Current enforcement is spotty at best. How do you protect yourself as an agent?
Every municipality is different, but we’re in a vacation community…and there are rentals…and there will be rentals. And the short term rental ordinances are in transition.
I’d like to buy this house. I wanna know if there’s a commercial property next door. Short term rentals are legally considered commercial. Do your research on mercantile license pulls. A mercantile license is for commercial properties, like short-term rentals.
Spend time at city hall asking questions, even about an oil tank you’re supposed to find in the tax records.
An oil tank on a property. Even if you’re told by the sellers there’s no oil tank, there never was an oil tank, always go and check the tax records. Many times it’ll tell you if there ever was an oil tank.
I can’t imagine going into the largest investment of your life without representation that’s only focused on you the buyer…
Very important buyer’s agency a lot of people don’t don’t get it like when an agent is
A dual agent. Can’t represent either side as effectively as they could if they were just a listing agent. You are very limited on what you can say to either party…That’s crazy
Dual agency. Some states have heavy restrictions. In other states, dual agency is illegal.
Every state is different when it comes to one individual brokerage or one individual agent representing both sides of a deal.
In some states they call dual agency ‘limited agency’. And that actually makes more sense because you are limited in your representation.
Reach out to RealtySherri at gmail .com Get her latest reports. Get educated about the local real estate market.
There’s a new author in town. She’s Punderful Pam Shuster Lederrer. A suburban Philly entrepreneur who spends her summer in Ventnor, often to be found on the pickleball courts.
Check out Punderful Pam’s new children’s book; A ‘Pun’derful Life. A great collection of puns available for pre-order on Amazon.
Just sold my Margate property. My listing agent also represented the buyer. What a disaster, especially after she was offered their property to list.
Thank you for trying to educate people. The (Real Estate Agent) should be sued from all ends. She was so wrong in many parts of the sale. Not sure how these people sleep at night but in her case she has no other options to make money.
She literally let the buyer not pay the deposit for an extra week and never even told me. And that was just part of the insanity..