An Annapolis Realtor only Cooperates with Other Brokers in the Client’s Best Interest

February 3, 2012 By Maryland Real Estate Leave a Comment

Many home sellers don’t think there’s any difference between a REALTOR and a real estate agent. There’s actually quite a big difference because a REALTOR is a real estate agent who ascribes to the National Association of REALTORS Code of Ethics and Standards of Practice. The codes and standards of practice provide a framework for the REALTOR and there are 9 Articles in Duties to Clients and Customers.

Article 3 of the Code of Ethics states:

“REALTORS shall cooperate with other brokers except when cooperation is not in the client’s best interest.”

The real estate world is a complex interlocking network, and it’s quite common for real estate agents to cooperate with other brokers. The Standards of Practice in Article 3 lays out clear guidelines in terms of compensation, sharing of information, and the duty of cooperation. The REALTOR, acting as exclusive broker or agent of the landlord or home owner, has the responsibility to communicate the terms and conditions in regards to the cooperation. While the REALTOR has an obligation to cooperate, the REALTOR is not obliged to share fees, commission or any compensation with the other broker. Before any cooperation, the matter of compensation should be settled.

As you can see, REALTORS are held to a high level of ethics and they try their best to uphold the interests of their clients. If you are looking for a top Annapolis REALTOR, give John Day a call today.

 

Filed Under Real Estate Terms Tagged With Real Estate Terms

Avoiding Foreclosure in Maryland Real Estate Part 2

February 1, 2012 By Maryland Real Estate Leave a Comment

Moving on from Part 1 of our tips to avoid foreclosure, here are some other points to consider.   

Mortgage Rights

It’s a mistake to think that all loan documents are the same. If you can’t make your payments, you should find out what actions may be taken by the lenders as stipulated by the contract. Then, make a trip to the local Housing Office to find out about your state’s foreclosure laws and timeframes.

Talk to a Housing Counselor

Try to locate a HUD-approved housing counselor and make an appointment as soon as possible. From the housing counselor, you will get some idea about options and laws, and you may also request for representation in negotiations with the lender.

Financial Management

When you are facing problems with housing loan repayment, it’s time to revamp your spending philosophy. What are your top priorities? Do your best to cut down on expenses that are optional like club memberships, movies, holidays, cable TV, and the like. A little snip here, and a little snip there, and you may be surprised to find… you can make the payment!

Foreclosure Prevention Companies

Don’t rely on these companies to solve your foreclosure problems. If you are facing foreclosure in Anne Arundel real estate, you can get all the help from your local Housing Office, free of charge. It makes little financial sense because some of these companies may charge a fee amounting to a few months’ mortgage payment.

Filed Under Real Estate Finance Tagged With Real Estate Finance

Avoiding Foreclosure in Maryland Real Estate Part 1

January 30, 2012 By Maryland Real Estate Leave a Comment

According to a Reuters report, more than 1 million homes had been seized by lenders in 2010, marking a record annual high in the United States. For 2012, some economists are predicting a surge of foreclosures so now’s a good time to look at some ways to avoid foreclosure.

Confronting the Problem

Home owners who are falling behind in mortgage payments are usually facing a load of other problems, and the thought that they may lose their homes can be even more unsettling. Yet, there’s no time for procrastination or complacency. Acknowledge the problem so you can go about solving it.

Contacting Your Lender

It can be difficult for some people to go to their lenders, and admit that they are having financial problems. Well, it’s nothing to be ashamed about because the lenders already know and more likely than not, they are waiting to hear from you. Contact them as soon as possible, and find out about the available options to save your home.

Mail from Lender

Some people have it a habit to ignore mail from the lender because they treat it as bad news. If you continue to ignore the initial notices about options to prevent foreclosure, you may receive notices of pending legal action. It’s your responsibility to read and respond to your lender’s mail.

In the next post, we will look at more tips to avoid foreclosure in Annapolis real estate.

Filed Under Real Estate Finance Tagged With Real Estate Finance

Researching Dunkirk Real Estate

January 27, 2012 By Maryland Real Estate Leave a Comment

Before you buy or rent a house, it’s always a good idea to do some research on the neighborhood. Nowadays, many people surf the Internet for all kinds of information, and the Washington Post provides an online Neighborhood Guide so you can learn more about various locations in Maryland.

Let’s use this Neighborhood Guide to take a look at Dunkirk real estate. In the Overview page, you will find relevant information on Dunkirk demographics, real estate, transportation, and nearby neighborhoods. According to the data, the average home sold price in Dunkirk is $297,064 and the average monthly rent for a 1-Bed, 1-bath home is $1,330. In the Real Estate section, you will find that 94 percent of Dunkirk homes are occupied by owners, and the annual residential turnover rate is 10 percent. The population of Dunkirk is 2,645, and the population change is 10 percent since 2000. Other helpful statistics include median annual household income ($120,584), median age of residents (43), average commute time (38.7 minutes), and distance to nearest airport (22 miles). In the Neighborhood Guide, you will also have access to information about schools, crime, homes, and places nearby. It’s very easy to use these pages because they have Google Maps that allow you to see the location and address of various places. For instance, you can do some research on libraries, museums, grocery and drug stores, restaurants, places of worship, movie theaters, and hospitals in the Places Nearby page.

Filed Under Buyers Tagged With Buyers

Maryland Real Estate Home Improvement Tips Part 2

January 25, 2012 By Maryland Real Estate Leave a Comment

In Part 1 of the Home Improvement Tips, we touched on the Budget and Hiring a Contractor. Today, we will look at some common home improvement mistakes that are to be avoided.

Self-Expression

Many home owners have a creative streak and they think of their home as the perfect canvas where they can “paint” their masterpiece. While it’s always good to express yourself, it doesn’t make much financial sense to make a highly personal imprint on your home. What’s “perfect” for one person may not be quite so acceptable to another person. In this sense, it’s best to opt for a less personal touch.

Out of Character

Sometimes, home owners may also get too carried away in their home improvement venture that they end up creating a monstrosity of a home. Do you really need to build that mini-golf course or tennis court? On another level, the home owner may build a space age house in the middle of a mature neighborhood with quaint, quiet houses. Is it appropriate to have such additions or renovations?  

Impactful Improvements

When you are making home improvements, think about how the renovations and remodeling will enhance the appearance of the house. For instance, a potential buyer will likely be more impressed by a new coat of paint than the radiant floor heating system.

Follow these simple home improvement tips to boost the value of your home in Dunkirk real estate, and most importantly, be disciplined in your project.

 

Filed Under Home Maintenance Tips Tagged With Home Maintenance Tips
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