Surfing for Homes

Before you were surfing for homes on computers, brokers kept track of their listings by card catalogues. As a matter of fact, these old cards were displayed at the old Rockville office of Metropolitan Regional Information Systems, Inc. (MRIS), (the old multiple list service).

During that time before the MLS, brokers were not required to share information and listings with other brokers. This proprietary system allowed the broker to maintain the buyers that came to seek information on homes for sale.

Looking back, home buying was not complicated. Home buyers would go to the local real estate office and see what homes were available. Homes for sale and other information were limited to what your Realtor knew. Most likely, the only homes your Realtor showed you were homes that were listed by that real estate firm. Needless to say, the real estate industry has come a long way since then.

Since the advent of the multiple list service, technology has made a huge impact on the real estate industry. Presently, surfing for homes has never been easier. Home buyers can look for homes on the internet and get listings via email and cell phones. As a matter of fact, if you go onto the internet, you will have hundreds of Realtors (including myself) as well as Real Estate Companies offer to send you home listings.

With all of this information flying around, what’s the most reliable and accurate information available?

The most reliable and accurate information available for Realtor listed homes is through MRIS. Unfortunately, if you are not a real estate professional, you can not have a membership to peruse the database. The good news is, however, that all the other databases and online searches of Realtor listed homes are fed by the MRIS. The quality of the information depends on the website’s ability to update their information from MRIS and how it disseminated.

There are a few popular internet searches that offer free searching without offering information. If you choose additional information or services from these sites, you must fill out an information page giving at least a name and email address. Although you get to search on your own, the sites do promote realtors and other real estate professionals.

Older style internet home search services forward your information to a local Realtor who will send you the information you seek. All these sites are useful and you can get the information you desire as long as your search criteria is specific enough. Unfortunately, if your search criteria are too specific, you will miss seeing homes that you may actually consider buying.

There are many alternative sites tthat allow surfing for homes too (such as craigslist.org). These sites allow specifc posts by brokers and FSBO’s.

Having all the technology and information available online is useful, however there are drawbacks. The main drawback is that most of the information is limited and you must contact someone for additional information. No matter what manner of internet home searching you choose, you will be more informed than not having done the search at all.

By Dan Krell
Copyright © 2016

A Final Walk Through Is Not Always A Walk in the Park

So your home inspection went well. The pest inspection came out all right. Everything is a go with your financing, and the title is clear. Settlement is two weeks away, are you excited about your home purchase? You should be-congratulations! Although everything looks perfect, don’t take your final walk through lightly.

As a home buyer, you have the right to inspect your purchase prior to settlement. As a matter of fact, both the Maryland Association of Realtors (MAR) contract and the Greater Capital Association of Realtors (GCAAR) regional contract have clauses that state your right as a homebuyer to receive the home in the same condition as the day you contracted to purchase the home.

Each clause, although worded slightly differently, states that the home will be delivered to the home buyer free of debris and that all mechanicals, cooling, heating, plumbing, electrical systems, and smoke detectors to be in operating order at time of possession (usually settlement). The MAR contract states that the home buyer can inspect the property up to five days prior to settlement. Both contracts’ make allowances for additional provisions which include home and environmental inspections.

Ok, so there are provisions for the final walk through in my contract, but what is the purpose of having a final walk through and what should I be looking for? The general reasons for having a final walking through is to ensure (among other things) that the home has not been damaged between contract ratification and settlement, that all the seller’s possessions and all trash are removed, items to remain are actually in the home, all mechanical systems and appliances are operational, and that all repairs listed from your home inspection were completed.

Your Realtor should provide you with a checklist of items to be checked by both of you during the final walk through. Generally, you should be looking for cosmetic and structural changes to the home which include damage to walls, staircases, and doors that occurred during the seller’s move prior to settlement; any items that should have been removed by the seller but left behind; and any item that was removed by the seller but should have remained in the home. Additionally, you should check the operation of appliances, air conditioning or heating (depending on the time of year), and any electrical devices including smoke detectors. Finally, you should check that the seller has completed all repairs as agreed in the home inspection addendum.

A Final Walk Through Is Not Always A Walk in the Park

Having a final walk through is just as important when you are purchasing a new home as when purchasing an older home. The builder will schedule a final walk through with you and your Realtor. When having your final walk through on a new home, the builder will check that all the mechanicals, heating, cooling, appliances are operational. Additionally, they will check that any customization that you ordered is correct. You should point out any cosmetic defects, such as dings in the wall, unevenness in paint colors, or any thing else that is not satisfactory. The builder is usually happy to repair or replace items until satisfactory.

If while conducting your final walk through you notice a problem with the dishwasher, what can you do about it? Occasionally, when conducting a final walk through, there are some problems. For example, it is not uncommon for the air conditioning to fail in the summer, or one item from the home inspection addendum was not repaired. If that happens, you have a couple of options. Your first option is to ask the seller for a monetary credit at settlement so you can make the repairs after settlement. Your other option is to delay settlement until the seller makes the necessary repairs.

Homebuying tips for First Time Homebuyers

Every homebuyer needs information and support to help them maneuver through the sometimes confusing and often overwhelming home buying process. Even for veteran home owners, who are moving up to a larger home, the process can be perplexing and overwhelming. If you are a first time homebuyer.  However, you will definitely need specific information to help you through the wonderful experience that is home buying. Here are a few tips for first time homebuyers.

One of the most important tips for first time homebuyers is to look to the professionals who assist you through the process. Choosing the right professionals whom you can trust is important. Your lender, Realtor, home inspector and title company can make the difference between having a great first time home buying experience and a regretful experience.

The very first thing that you should do is consult with a lender to get pre-qualified so as to know how much home you can purchase. In order to do that, you need to find a lender. From the outside, choosing a lender might seem as simple as looking at the rates in the paper to see who will give you the best interest rate. However, it is not that simple. The rates and ads that appear in the paper are usually teasers to get you to call. I have found that many buyers that I have worked with either have used their local banks or have developed a relationship with a loan officer from a local mortgage company. Using your local bank or credit union can be good because they know you and want to make you happy to keep your business. Who ever you chose, make sure they can deliver what they promise.

I have found that many homebuyers do not put much thought into the Realtor that helps them purchase their home. Some of the ways that homebuyers have found their realtor include referral, internet, and open houses. Many Realtors have a strong referral base of past clients and friends where many homebuyer referrals originate. The referral is a wonderful way to find a Realtor because the person that referred you obviously trusts the Realtor to help you with your major purchase. Make certain the Realtor you chose can give you the time you need, as a first time homebuyer, to help you understand the process and make the right decisions.

Two of the lesser considered professionals that play a role in your home buying experience are the home inspector and the title company (or attorney). Choosing competent home inspector is important to the quality of your home inspection. In choosing a home inspector, you should interview them to understand their philosophy in conducting the home inspection and what kinds of defects are important to address. In searching for a home inspector, one good place to start is the American Society of Home Inspectors (www.ashi.org).

Choosing a title company or title attorney can be a bit more confusing because title work and title insurance seems very straight forward. You should interview a few title companies or attorneys before you choose so you can get an idea how they will conduct your settlement. Again, the title company or attorney should give you enough time so as you can understand the legal issues that surround your home purchase.

If you are uncertain where to begin in choosing the right professionals to help you in your purchase, you might consider attending first time home buyer classes. One place to start is the Housing & Communities Initiatives, Inc. (www.hcii.org), a local non-profit organization.

As a first time homebuyer, you will require additional time and support from the professionals who will help you buy your first home. Referrals and interviewing is the good way to start to develop the necessary relationship to build your trust.

By Dan Krell.
Copyright © 2005.