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Articles Tagged "Selling"

Revolutionary Real Estate Home

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August
29

Are you thinking about selling your home on your own?   Below are 5 good reasons from the KCM Blog NOT to sell on your own.  We know it comes down to value & protection.  A Lawyers Realty agent will guide you through the complicated process and use all the tools available today to find most qualified buyers in the shortest amount of time in order to get the best market price for your home!

Here are five of our reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO.

  • The buyer who wants the best deal possible
  • The buyer's agent who solely represents the best interest of the buyer
  • The buyer's attorney (in some parts of the country)
  • The home inspection companies which work for the buyer and will almost always find some problems with the house
  • The appraiser if there is a question of value
  • Your bank in the case of a short sale

2. Exposure to Prospective Purchasers

Recent studies have shown that 92% of buyers search online for a home. That is in comparison to only 28% looking at print newspaper ads. Most real estate agents have an extensive internet strategy to promote the sale of your home. Do you?

3.  Actual Results also come from the Internet

Where do buyers find the home they actually purchased?

  • 43% on the internet
  • 9% from a yard sign
  • 1% from newspapers

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real commission. The seller and buyer can't both save the same commission.

Studies have shown that the typical house sold by the homeowner sells for $184,000 while the typical house sold by an agent sells for $230,000.   This doesn't mean that an agent can get $46,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.

Contact a Lawyers Realty Agent today!

May
14

Come and explore this modern 4,696 Sq. Ft. home nestled in a 5+ acre wooded lot in Upper Allen Township, Mechanicsburg School District. Many elements in this open concept design are perfectly suited for entertaining or just quiet relaxation. Offered at $750,000. OPEN HOUSE, May 18 from 1-3PM, Hosted by Scott Liebel 717-773-5067

March
2

As a seller you are going to incur the cost of preparing a deed to transfer your property to the new owners.  At Lawyers Realty, this comes at no extra cost.  In a typical real estate transaction a fee of about $150-$200 would appear on the settlement sheet as a charge to you for preparing the deed. 

Getting the deed ready is a detailed process.  It includes checking the accuracy of the legal description, plotting boundaries, as well as the determining the chain of title and if there any encumbrances (easements, liens etc.).  In Pennsylvania most deeds are "Special Warranty" Deeds that insure the owner for good clear title (right to ownership) back to the date of purchase.   Deeds that are "General Warranty" cover the entire chain of title going back through time – these are rare as title companies typically do not want to insure them.

Lawyers Realty also does a title search for the Seller's property as soon as it is listed to avoid any surprises that otherwise would have come up closer to settlement.  If you are thinking about selling your home, talk to one of our real estate professionals today about how the Lawyers Realty difference can save you in time, money and peace of mind!

February
13

The internet continues to grow as the primary resource for home buyers.  According to The Digital House Hunt: Consumer and Market Trends in Real Estate the internet is a primary research tool for 90% of home buyers.  The study also found that real estate Google searches have increased 253% over the past four years.  Internet home searchers are also going mobile in large numbers.  

What does this mean if I'm selling my home?  Exposure on the internet is key, including appearance in pictures and virtual tours (attracting buyers to look at your home in person).  Lawyers Realty is exceptionally positioned for the internet age buyer - our website features our listings as well as those across Central Pennsylvania.  Our mobile site will also allow buyers to find the information they need where they need it.

Contact a Lawyers Realty Agent today to talk about the importance of the internet in buying or selling your home (717) 364-3000.    

February
7

 Elizabeth Statler just listed this adorable & picture perfect 3 Bedroom ranch for $153,500 at 1297 Kelton Rd, Camp Hill.  Many features to love in this home including gleeming hardwood floors, gas heat, central A/C, gas fireplace, new roof, fabulous new paver patio and spacious basement. Seller is being transferred and has added many improvements in short ownership. 

October
3

As REALTORS, how many times do we hear this? 

Potential Seller's thought process: "We will wait until spring to put our house on the market when buyers are buying and the flowers are blooming."

REALTOR'S thought process:  "Why wait for spring?  Buyers don't suddenly stop buying October thru March. There are buyers that are transferring due to their job; buyers who are renting and their lease is up; and buyers that have been searching for that just right home and it may be your home that they have been waiting for."    

 So if you are one of the fewer sellers who happens to have their home on the market, priced right and in showing condition, then chances are greater that your house may receive a contract at this time of the year.

It is as simple as Supply and Demand.  Supply will be lower, but there will still be a demand. And besides, don't homes feel so much cozier and welcoming in the fall and throughout the Holidays? 

If you are thinking about listing your home, call a Lawyers Realty REALTOR to put a TEAM on your side (717) 364-3000. www.lawyersrealtypa.com

July
10

Consumer NoticeHave you attended an open house and innocently discussed your current situation with the hosting agent when you were told to STOP, and a green paper was being put in front of you to sign? 

This green paper is known as The Consumer Notice, and it must be presented by any licensed PA Real Estate Professional before they can have any discussion on your needs and motivations for seeking real estate services.  It is NOT A CONTRACT, but an affirmation that you, the consumer, have been advised of your rights.   

The Consumer Notice serves as notice of your rights and business relationships that exist in a real estate transaction.

  • Seller Agent: the licensee works only for the seller/landlord
  • Buyer Agent: the licensee works only for buyer/tenant
  • Dual Agent:  the licensee works for both seller/landlord or buyer/tenant
  • Designated Agent: the broker may designate one or more licensees from the agency to represent the consumer. This occurs, for example, when your real estate agent and the other party's real estate agent work for the same company or office.
  • Transaction licensee: Licensee performs real estate services without having any relationship to the consumer.

By signing The Consumer Notice, you and the agent have NOT entered into a binding contract, but simply acknowledged you received information pertaining to your rights in representation in a real estate transaction. For example, if you're a buyer attending an open house, the agent hosting the open house may identify themselves as the seller's agent and their duty is to their client – the seller.

This agent has a fiduciary relationship with the seller and you should to be careful what information you disclose to that agent in what may seem like casual conversation. If you end up pursuing a purchase of that home, you may be sorry you disclosed certain information. This is where you have the right to know that you may want to consider a Buyer's Agent to represent your interests. 

The next time a Consumer Notice is presented to you, read it carefully and afterwards don't be afraid to sign, it is there for your protection.  

A copy of the Pennsylvania "Consumer Notice" is available at any real estate brokerage office or from any licensee. To obtain a copy of the "Consumer Notice" or to gain more information about agency relationships in Pennsylvania, feel free to contact us at 717-364-3000.

For further information about real estate laws and consumer education in the Commonwealth of Pennsylvania, visit the Pennsylvania Association of REALTORS.

May
2

Mark Duffie

Navigating the "Minefield" of Real Estate, an Interview with Mark Duffie.  Mark, Broker and Lawyer for Lawyers Realty, took a few moments to talk about his experience as a real estate attorney and the complicated challenges that can arise in buying or selling real estate.

What is it that appeals to you about the law, especially as it pertains to real estate?

With respect to the practice of law in general, the sense of problem solving and assisting others with legal matters is what drives me.

What do you enjoy the most about your job?

The sense of accomplishment is rewarding especially when it is done on someone's behalf.  In the real estate field, you become a facilitator of transactions.  The structuring of the deal and the documentation often make or break the deal.

What do you like the most about working with the law and real estate?

Real estate really provides an opportunity for attorneys to become very creative to meet the demands of the client.  The challenges involved with every transaction are unique as are the solutions.   The closing on a complicated well-structured deal is what we real estate attorneys work for.  That is what makes real estate law so rewarding.

What are some of the legal "pickles" buyers and sellers get into by not having a lawyer involved in the real estate transaction?

Legal pickles.  That is an open can of worms.  Most real estate agents and clients are not educated on fundamental contractual principles including breach and remedies.

Buyers and sellers enter into agreements often times not knowing the implications given the circumstances.   When the transaction warrants, standard agreements need to be amended.  That is often times when the "pickles" occur. 

When a buyer acquires property, they do not just acquire bricks and sticks.  They acquire a bundle of legal rights of which they must become aware.  They need to be educated on restrictions, easements, clean and green as well as other acquired rights. 

The problems arise when these agreements are improperly drafted and these rights are not reviewed or improperly reviewed.   Specifically, I have seen sellers try to sell a property that was already subject to an option or buyers attempting to buy a property under a fictitious name.

If you had to describe the real estate transaction in one word or one phrase, what would that word or phrase be?

Minefield!

Mark DuffieMark C. Duffie is an attorney and Broker for Lawyers Realty, LLC.  Mark focuses the majority of his legal practice in both residential and commercial real estate transactions. He received his Bachelor of Arts in Economics from the University of Pennsylvania and his Juris Doctorate from the University of Akron.  He also currently serves on the Board of Directors of the West Shore Chamber of Commerce and the Mechanicsburg Area High School Alumni Association.  Mark lives in Lewisberry with his wife and two children.

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