The Golf Coast Standard

Archive for the 'Realtor ABC's' Category

Real Estate Taxes in Darien,CT Among the Lowest….

One of the most important things to consider when buying a home here in Darien or elsewhere is the  amount of real estate property taxes you will pay.

Real estate propertry taxes are expressed in something called a mill rate.The mil rate is equivalent to dollars of tax per thousand dollars of assessed value of a home and land. (Assessed value is a lesson for another day).As you’ll see below the rate can vary within a town depending on whether your home is on a septic system or using town sewers. Read the rest of this entry »

How Do Realtors Price Your Home for Sale…Darien Real Estate

Its spring and a great one at that if you are a Darien CT Realtor.The market has blossomed  along with the trees and homes are moving nearly as fast as they come on the market…..IF THEY ARE PRICED CORRECTLY.

So if you are thinking of selling your home  you might be wondering just how Realtors come up with home prices in a place like Darien.You’ve probably heard this before but it is part science,part art ,and part market experience and knowledge. Read the rest of this entry »

Eeeny Meeny Miney Mo….Which Darien Realtor Can Help Me Score?Darien Homes

I had a discussion with a fellow  Darien Realtor yesterday which has prompted this post. She was telling me how she was showing homes to a client who let it be known that he was, in fact, using several Realtors at once.

Now there are those who do this because they’ve never bought a home or don’t understand the protocol.  Then there are those that feel that they will see different listings with different brokers or somehow get a “leg up” in the process.

Let me explain why this will inevitably backfire.First,almost all listings these days are “multiple listed”.That is to say,they are available  to agents via computer databases that we all share. Gone are the days where agents held onto “pocket listings” or didn’t make all information available to the general public.(If you have a home listed with an agent who is still doing this….run…do not walk…in the other direction.) The point is that the Internet has made this practice obsolete and you therefore, will gain nothing on this front.

Second,a really good agent will want to get to know you, what you like or don’t like in a home,neighborhood or town.They will want to know about your commute, your children and other information that will help them to find your next home. If you are hopscotching between agents, they are ALL JUST SHOWING HOUSES and you will inevitably “drag out” your search process and wind up being confused.

Third, and listen up here….if it becomes known that you are utilizing the services of multiple agents,even for a day, an agent may be disinclined to invest the time it takes to educate you and find you the best deal.

This is where trust comes in. All good business arrangements, big or small, with a  written contract or without, are  based on trust . The first one to breach that trust loses!

When looking for a home,find an agent you like and stick with them. It will pay off  in the long run.Trust me.

“C” is for contingency….

 According to a Realtor textbook, “Real Estate Fundamentals”,the term “contingency” refers to:

“A provision in a contract that requires a certain act be done or a certain event to occur before a contract is binding.”

The most familiar contingency is a “mortgage contingency” where a prospective buyer and seller agree not to proceed with a sale until a buyers’ mortgage is confirmed.Other examples of contingencies include, inspections or specified repairs to the property.

A is for “as is….”

Ever hear an agent tell you a home is being sold “as is”. What exactly does that mean and what are the implications for you as a buyer?

                                                                        

“As is”,  means without guarantee as to condition, (as in a sale ,not the condition of the property)               

 

A property therefore is being sold as it appears, including  obvious or seen defects,or defects uncovered by an inspection. So,if a home is being offered “as is” and  roof is  obviously in poor shape or there is water in the basement…..caveat emptor…BUYER BEWARE.

However,the” as is’ rule may not apply to” latent defects. “A latent defect is one known to the seller but not the buyer and is not discoverable by ordinary inspection.So for example if the homeowner built the house and knows  he did not install the floors properly this could be a latent defect.

When buying a home in the state of CT condition disclosures are the law  and no buyer should enter into a contract without them.