If you decide NOT to sell...

I Hired a Friend as My Broker, Got Offers, Then Decided Not to Sell. What Now?

An anonymous realtor.com reader asks:

Not long ago, I hired a friend as the broker to sell my house. She did a great job getting it photographed and listed, arranging open houses, and handling potential buyers. I got multiple offers above asking price—then, before accepting any of them, decided not to sell after all. What do I do now?

This is a situation I know well. Back when I was a Chicago real estate broker, I was hired by friends to sell their home, a typical newer construction five-bedroom, 3.5-bathroom house in the Ukrainian Village neighborhood. I listed it for about $949,000. Several open houses and lots of showings later, a buyer made an offer, and we negotiated until we were $15,000 under list price. This was 2011—the bottom of the market, when few homes were selling and even fewer were attracting buyers who could, as these could, put 50% down. Yet my friends declined the offer, and canceled the listing.

This kind of thing happens all the time—and how it plays out depends on the nature of your contract with the broker, and your relationship with your agent. At the heart of the issue is the commission. Does a seller still owe a commission after canceling the listing? Sometimes, the answer is yes. Other times, well, let’s look at some clauses from an actual contract to get a sense:

Commission shall be paid at the time of closing of the sale of the property or, in the event a real estate agreement is entered into and Owner defaults, at the time of the default.

This is the wording from my Chicago listing agreement. If my clients had signed an offer then canceled, they would have owed me a commission. But they never entered into a contract with a buyer.

If, during the term of this Agreement, Broker obtains an offer to purchase the property at the marketing price, or if Owner enters into a agreement for the sale or exchange of the property at any price and upon terms to which Owner consents, Owner shall pay Broker a commission of 6% of the total purchase price of the sale…

So, if I’d gotten my clients an offer at or above asking, they would have owed me a commission. Alas, the best offer was $15,000 under. But the second part of that clause is where it gets sticky: While the owners have the right to change their minds and decide not to sell their house, they are still bound by the contract for its duration (12 months), even though I took the house off the market.

To make things even more complicated, every state has different listing agreement guidelines. While in Chicago the protection period can last up to a year, in other areas it might be as short as 60 to 90 days. It’s important to read the entire contract to know your rights and the contract terms.

And even though you might hire a friend as a broker, remember: This is a contract with intent to sell. Getting cold feet does not nullify it.

Still, even if your contract doesn’t require you to pay a commission on a home you’re no longer selling, your broker—your friend—is now not going to make thousands of dollars on the sale. That deserves at least a nice thank-you/I’m-sorry dinner out. You’re keeping the home—you should keep the friendship, too.

This was not exactly what my friends with the Ukrainian Village house did. First, they tried to sell again. Then, exactly a year after we signed our listing agreement, they relisted it with another agent (and paid my brokerage a cancellation fee of $350). And just as they canceled with me, they canceled with him.

Me, I missed out on two commissions. And worse, I lost two friends who distanced themselves after the transaction was canceled. So before you hire your friend as your agent, be sure to discuss not just what will happen when the house sells, but also what could happen if it doesn’t. And maybe you should make those reservations at Alinea today—it’ll work for commiseration or, we hope, celebration.

Shared from:  http://www.realtor.com/advice/sell/do-you-owe-a-commission-after-canceling-the-listing/

Working with a Real Estate Closing Team

Most sellers & buyers think of the agreement as the tricky part of the transaction & the closing as the part they can take pretty much for granted.  Agents know otherwise.  As as agent, your work isn't done & your payment teeters in the balance until you successfully complete this final, challenging part of the real estate transaction.

The closing involves an army of people, & a good closing team can help you increase your prosperity by letting you efficiently wind up one deal so you can move on to the next.

•      Work diligently during the weeks leading to the close to see that the loan, title work, & escrow or document preparation are handled by people on your own closing team.  Make it your objective to direct the business to companies & individuals you know will perform in a timely, professional manner.  Doing so assures your clients good service & fewer surprises & reduces the time you & your staff invest in closing the transaction.

The Loan Officer

The loan officer holds a front-line position on your closing team.  He or she secures the appraiser, verifies deposit of funds, verifies employment, & ideally, completes the loan package for the buyer within a few days of contract acceptance.

• Make sure that the loan officer on your team is a great salesperson backed by a highly organized team that's able to push transactions through to a seamless close.  A good loan officer can smooth out problems before you even hear about them, averting landmines & sparing you significant & time-consuming challenges.

Loan officers can add considerable value to your businesses even beyond the sales closing.  When you form a relationship with a loan officer, you can work in concert to land clients.  You can follow up on leads together, or you can refer clients to each other; ultimately, you both win more business as a result of the relationship.

The Home Inspector

The home inspector is hired to evaluate the condition of the property, spot current or potential defects, & give guidance regarding the proper remedies.

On your closing teams, you want a home inspector who can quickly produce an easy-to-read report written in everyday language.  If technical jargon is necessary, insist on plain-English translations.  Nothing concerns buyers more than problems they don't understand.

• Work with home inspectors who are thorough & who fully disclose all defects & items in need of repair without throwing gasoline on potential problems.  Beware the home inspector who's an alarmist, & instead look for someone who has a "just the facts, ma'am" approach.

The Appraiser

Because lending institutions often have the largest stake in a home - greater even than that of borrowers - they hire appraisers to determine the value of property.

• Most lenders have relationships with a number of appraisers.  Even appraiser follows a unique valuation approach &, as a result, each interprets the value of a home slightly differently.  If you're working a deal & having trouble getting the property to appraise out at the sales price, ask your mortgage originator if another appraiser may be called upon.

• Some appraisers have  low-cost, limited-level memberships in the local MLS & therefore don't receive lock box keys.  The membership saves them money but creates an inconvenience for agents on whom they have to rely for access to homes.  Follow the once dumb-twice stupid rule:  If you have to drive out to a home just to open a door for an appraiser or, worse yet, to stand around & wait until the job is done, make it a point to work with a different appraiser in the future!  You'll find plenty of great appraisers that don't waste your time opening doors.

The Escrow Closer

An escrow closer is a neutral third party who coordinates the preparation & signing of documents, holds & distributes funds, & records the documents & deeds involved in a transaction.  Some states are non-escrow states, which means the real estate company provides these services, or in some states, an attorney prepares all the legal documents.  Check with your broker to clarify the standard operating procedure in your area.

A good escrow officer keeps the transaction on track for an on-time closing.  He or she also provides a second point of reassurance for your client by doing the following:

• Staying in close communication with you & the client throughout the weeks leading up to closing.
• Sharing updates that confirm things are going well.
• Underscoring what a great agent you are & how lucky the client is to be working with you.

The escrow company can also be associated with the title company, which researches the home's previous owners & encumbrances on the property.  Most lenders require title searches to ensure that titles are clear before they issue loans for properties.  Lenders are in what's called first position, meaning that they take control if buyers default on loans.

Shared from:  http://www.dummies.com/how-to/content/working-with-a-real-estate-closing-team.html

Documents!

At last, most likely several weeks after your offer to buy a home was accepted by the seller, you are preparing for the closing day. This involves you paying for the property, the lender (assuming you have one) funding your loan for a portion of that payment, and the seller transferring title — all of which are further described in the article, “Home Buyers: What Happens at the Closing.” But the most time-consuming part of the closing involves your reviewing and/or signing the various documents required to bring this about.

This article will describe those documents and provide tips on what you should look for -- or watch out for -- in your review.

Real Estate Transfer Documents

Most of the documents related to transfer of ownership of the property must be signed by the seller and delivered to you, the buyer. It’s important to review these for accuracy and completeness. With many state and local variations, the main purchase documents in your home purchase are likely to include:

• The deed. This document transfers the property from the seller to the buyer. State law dictates its form and language, but you can choose the form of ownership in which you take title: individually, in trust, in joint tenancy or in other tenancies. The deed is given to the county recorder of deeds to record, and made public. Recording your deed puts you in the property’s chain of title so that anyone looking at the county records can see that you took your title from the prior rightful owner, and therefore, own the property.
• The bill of sale. This transfers all of the personal property that is being sold along with the house, such as furnaces, air conditioners, appliances, light fixtures, window treatments, security systems, antenna, or cable or dish TV equipment, from the seller to the buyer. The document will typically list the property to be transferred, or refer to the contract that lists the personal property.
• The affidavit of title or seller’s affidavit. Although the actual name of this document varies by state, it is a sworn, notarized statement by the seller confirming ownership of the property and describing any known title defects such as leases, liens, or work on the property that could potentially create liens, boundary line disputes, or outstanding contracts for the sale of the property.
• Transfer tax declarations. Many states, counties, and municipal governments charge real property transfer taxes and require the buyer and seller to sign declarations disclosing the purchase price and calculating the tax.
• Buyer/seller settlement statement. This document shows all of the monetary transfers between the seller and buyer, including the purchase price, down payment amount, payment of brokers’ commissions, attorney fees, escrowee fees, surveyor’s fees, title insurance fees, county recorders fees for the recording of the deed and mortgage, transfer tax payments, credits for tax payments, and agreed repair credits. This information is used by the escrowee to prepare the HUD-1. Both the buyer and seller will sign this document.
• HUD-1. The HUD-1 is the universal settlement statement that shows all of the money transfers by and among all of the parties to the closing. It is required to be used for all closings involving a federally insured lender by the Real Estate Settlement Procedures Act (“RESPA”). (See 12 U.S.C. §§ 2601–2617.)

Home Loan Documents

The loan documents are prepared by your lender or a servicing agent for your lender. How many documents you have to sign and what’s in them will depend on the lender and the type of loan you chose. The typical loan documents are:

• The note. This provides evidence of your debt to the lender, a description of the loan terms, and a means for the lender to transfer or collect the debt. It will state the amount of the debt, the initial interest rate, the terms of any interest rate changes, and the time and place that you must repay what you owe. The note has value in and of itself, just like a check or money order. If your lender sells your loan (as is common), it will physically give the note to the loan purchaser.
• The mortgage. The mortgage is your agreement to put up the property as collateral for the loan. It is recorded, along with the deed, in the county recorder’s office, and becomes a lien against the property — meaning that the lender owns an interest in your property up to the amount outstanding on the loan at any given time. In literal terms, the lender can foreclose upon and sell the property if you fail to repay the loan or otherwise comply with its terms.
• Loan application. You completed a loan application form when you first applied for the loan. The lender will type a new form with the information that you gave in the original application for the closing, and ask you to review it for accuracy and sign it. If your financial position has changed since your original application -- for example, you have lost your job or taken on another credit card or debt -- you must inform the lender before signing.
• Truth-In-Lending Disclosure (“TILA”).Required by the Truth-In-Lending Act, (15 U.S.C.A. § 1601 et seq.) and "Regulation Z” (12 CFR Part 226), this is a standardized explanation of the financial terms of your loan. Key information disclosed within includes:
  • The annual percentage rate (“APR”). The APR is always higher than the interest rate because it is calculated by combining the amount of interest to be paid over the life of the loan with the prepaid finance charges computed as an annual rate.
  • Finance charges. These are the sum total of any and all charges for the loan, including all interest to be paid over the life of the loan, mortgage insurance premiums, and prepaid finance charges.
  • Amount financed. This is intended to disclose the economic benefit of the loan. It is calculated as the principal amount of the loan minus most of the charges being paid out of loan proceeds such as points and certain closing fees, as shown in your Good Faith Estimate of Closing Costs (described in greater detail below).
  • Total payments. This is the amount of money that you will pay at the end of the loan term if you make every payment on time for the entire life of the loan.

Various other disclosures and agreements may be included in the loan package. In the compliance agreement, you agree to cooperate if the lender needs to fix any mistakes in the loan documents. IRS forms W-9 and 4506 allow your lender to report your mortgage interest and obtain copies of your tax returns. Servicing disclosures tell you if the lender is going to use a servicer to collect your payments, or whether the lender intends to sell your loan to another lender or an investor, and where to send your payments. Tax and insurance escrow forms allow the lender to charge and hold fund to pay real property taxes and insurance premiums on your behalf.

The lender may also ask you to sign affidavits certifying that you are going to occupy the home as your primary residence, and confirming your legal name and any other name you may use on accounts and legal documents.

Real Estate Title Documents

Just when you think you are finished reviewing and signing documents, the title company and escrowee will give you their documents.

The main title document is the title insurance commitment (the “Commitment”) showing the party in title (who owns the house), hopefully the seller. It will also show all of the liens or other clouds on title. If you have one, your attorney will review the Commitment to make sure that title is in the condition promised in the contract and otherwise acceptable under local law and custom. If you are relying on an escrow company, it will review the Commitment to make sure title complies with the conditions stated in the escrow instructions created to satisfy the lender’s requirements. If title is not acceptable, the seller may have to pay off additional liens, or obtain additional signatures. Unexpected title issues could halt or delay your closing.

CAUTION: Some title issues can be very complex. If your seller does not have an attorney, or if local custom dictates, you may have to do more to ensure title will be good in time for the closing. If neither party has an attorney, you may wish to contact the title company well prior to the closing to obtain the Commitment, and review it with a title underwriter.

The title company will ask you to sign its customary closing documents. This will include an ALTA statement, which is a one-page affidavit very similar to the seller’s affidavit of title; a judgment affidavit, where you list your recent judgments, divorces, or bankruptcies; a compliance agreement, in which you agree to cooperate with the title company to correct any closing mistakes; and a disbursement agreement, allowing the title company, as escrowee, to disburse the loan proceeds. There may be additional disclosures informing you that an attorney is involved in the transaction, or that the lender has an affiliated businesses arrangement with the title company, or that the loan title insurance policy will not cover your interest as the buyer.

Reposted from:  http://www.nolo.com/legal-encyclopedia/home-buyers-what-documents-expect-your-close-escrow.html

10 Questions You Should Ask Mortgage Lenders

1.  What’s the interest rate?

Right off the bat, you should ask your lender for a direct interest rate quote 

as well as the corresponding annual percentage rate (APR) for the loan. Since 

the APR accounts for fees and other loan-related charges, it gives you an 

apples-to-apples comparison among lenders. Don’t be afraid to shop around 

until you find one you’re comfortable with.

2.  How many points does that include?

A point is a fee paid to the lender at closing in exchange for a reduced 
interest rate. (1 point = 1% of your total mortgage amount.) Be sure to ask 
your lender how many points are included in the quoted interest rate and 
what the benefits might be to buying more or fewer points.

3.  How many points does that include?

A point is a fee paid to the lender at closing in exchange for a reduced 
interest rate. (1 point = 1% of your total mortgage amount.) Be sure to ask 
your lender how many points are included in the quoted interest rate and 
what the benefits might be to buying more or fewer points.

4.  When can I lock down the interest rate?

Interest rates always fluctuate. Sometimes locking in a low rate can really 
pay off. Ask your lender when you can lock down a particular rate, and for 
how long. Keep in mind, lenders will usually offer lower interest rates for shorter-term locks and higher interest rates for longer-term locks.

5.  What are my estimated closing costs?

Remember to factor in the various costs and fees associated with buying a 
home. Particularly closing costs. Closing costs include loan-origination fees, 
appraisal fees and attorney fees (if any), to name a few. Ask your lender to estimate what your closing costs might be so you can budget accordingly.

6.  Are there any other costs or fees I should know about?

Be sure to ask your lender for a detailed list of all the costs and fees you 
might encounter during the homebuying process. The more information 
you can collect up front, the more prepared you’ll be should you run into any unexpected expenses along the way.

7.  What’s the difference between a fixed-rate and an adjustable-rate mortgage?

A fixed-rate mortgage keeps the same interest rate for the life of the loan, 
typically 15- or 30-year terms. This keeps your monthly payment for principal 
and interest steady and predictable over time. Adjustable-rate mortgages, or 
ARMs, have interest rates that change based on the market, so your payment 
will go up and down. Most ARMs are based on a 30-year term and typically 
start with an initial fixed interest rate for a specific period of time, usually 5, 7 or 10 years.

8.  Are there any special requirements I should be aware of?

There are all sorts of qualification guidelines for homebuyers applying 
for a mortgage. Typical requirements relate to income level compared 
to debt, employment status and credit history. But, if you’re a military 
veteran or first-time homebuyer, you may also be eligible for special 
government-sponsored mortgage programs. Talk to your lender to see 
what you might qualify for.

9.  Can you estimate when the closing will be?

A lot of factors help determine when your exact closing date will be—many 
of which are completely out of your control. Ask your lender for a ballpark 
estimate of when you might expect to close. That way you’ll at least have a 
rough idea of the timetable you’re working with.

10.  Is there anything that could cause a delay?

The best way to avoid delays in your closing is to stay in touch with 
your lender and always provide the most up-to-date and accurate 
documentation in a timely fashion.

Reposted from:  https://www.bettermoneyhabits.com/assets/images/v.2.0/tiles/infographics/pdf/10-questions-to-ask-mortgage-lender.pdf

What To Expect After Listing Your House

Selling a house can be a lot like remodeling: It takes longer, costs more and is more emotionally draining than you thought it would be, but in the end it was worth doing. Unless you’re the rare home owner who gets multiple offers above the asking price days after listing, the sales process can be emotionally challenging.

Prepare yourself by reviewing what happens once you sign a listing agreement. Generally, you can expect a three-step process: Getting the house ready, showing it off and responding to the marketplace.

Listings, Lockbox, and Signs
Probably the first thing your agent will do is place your home in the local Multiple Listing Service (MLS). This notifies all other agents in the area that your home is for sale. Your house will also likely appear here at realtor.com.

Soon, a for-sale sign will appear in the yard and a lockbox will be attached to your house, most likely on the front door. The lockbox allows local agents access to the house when you aren’t there.

That may seem unsettling, but it’s important to allow agents to show your home when you are away, especially in a slower market. If you don’t have a lockbox, many agents will put you at the bottom of their client’s list of homes to see, because it’s a headache to track down your agent, who must contact you to find out when you’ll be available, which may not fit into the buyers’ schedule. Plus, unless you’re in a hot sellers’ market, there will be plenty of other houses to see.

Open House
Your agent will want to hold a couple of open houses as soon as possible, which is why you shouldn’t list your house until it’s ready for showing. This means you’ll probably be swamped with last-minute touch-ups and clean-ups to get the house ready.

The agent will likely have a brokers’ open house during the work week, so that area agents with clients looking to buy can see the property. Next will be a public open house, traditionally held on a Sunday.

It is best if you are not present during open houses, because buyers want the freedom to look in closets and make comments. If you are home when potential buyers come for a viewing, try to step outside while they tour your house.

Whether you have additional open houses is up to you and your agent. Many sellers incorrectly think that multiple open houses are needed to sell a house. In fact, few homes are sold at open houses, but there are many good reasons to have one for the public and another for agents.

Traffic Patterns
You should get the most traffic in the first two to three weeks after your house is listed. Anyone looking for a house like yours will want to see it. Don’t fret when the traffic dies down.

The average days on market (DOM) can be 60-90 days in a normal cycle, depending on the area of the country. In a slower market, buyers can take their time and usually do. If you have buyers come back a second or third time, it usually means they are seriously considering your home, and you’ll want your agent to keep in contact with their agent. Any offers — even one you consider lowball — is a chance to begin negotiating, which often leads to a sale.

Neat Freak
Keeping your house in tip-top shape, especially if you have kids and pets, is one of the more difficult parts of selling your home. But remember: Buyers will walk into your house and try to picture living there. Most people don’t have the vision to look past toys scattered throughout the house, dishes in the sink or pet food spilled on the floor. It doesn’t matter that they probably live the same way.

Changing Course
Sellers usually hit the wall at about six weeks. The initial excitement of listing has waned, you’re tired of keeping the house looking like a model home, and you are irritated at yet another looky-loo coming through the front door.

Unless you are in a very difficult market, if you have not had serious interest in six weeks, it’s time to meet with your agent to discuss sales strategy. Markets can change quickly, so you need to consider price and any physical changes or improvements that could enhance the home. This doesn’t mean you have to remodel the kitchen, but maybe cleaning out the garage or repainting the pink bedroom walls can make a difference.

Knowing what to expect when your house goes up for sale can be half the battle of getting through the transaction. Be prepared, especially for changes in the marketplace, and you can avoid home-sale stress.

Reposted from:  http://www.realtor.com/advice/what-to-expect-after-listing-your-house/

Choosing Your Real Estate Agent

We stand behind our reputation as being experienced & dedicated real estate agents that work for YOU.  It doesn't hurt to know what qualities to look for, though, in a real estate agent.  After you brush up on what to look for, please contact us to help you buy or sell your home!  (727) 464-2316

The quality of real estate agents varies dramatically, from fabulous to frightful. To find an agent who rates at the fabulous end of the scale, look for one who is:

• a person of integrity
• in the full-time business of real estate -- you don't want a dabbler
• experienced with the types of services you need
• knowledgeable about the area where you want to live
• well-connected to other professionals in the real estate and related fields
• highly regarded by other agents (who might otherwise recommend that the seller reject your offer because your agent is too hard to work with)
• sophisticated in business matters
• tuned in to your tastes and needs
• licensed by your state, meaning the agent has met minimum levels of education, training, and testing. You'll get someone with even more education if you hire a "broker" (someone with the power to oversee ordinary agents).
• a member of a trade association such as the National Association of Realtors (NAR), meaning the agent is privy to listings, market information, and other data that nonmembers must struggle to obtain, and
• at the upper end of the scale, a recipient of additional credentials (look for initials on their business cards -- for example, NAR offers such credentials as a "GRI" (Graduate Realtors Institute) or the even more advanced "CRS" (Certified Residential Specialist).) You won't find too many agents with such credentials!

Get Referrals

For recommendations, go to friends, family, and coworkers -- particularly those who've recently bought or sold a home. Run the prospective agents' names past other agents, such as those you meet at open houses, to see what kind of reaction you get. Once you've got a short list of promising real estate agents, let each know you want to interview him or her for around 30 to 45 minutes, preferably in person. You'll be testing not only the agent's knowledge, but his or her cooperativeness and punctuality.

Ask Questions

Below are some questions you can ask a real estate agent to determine whether the agent's experience and success rate are suited to your needs. Also add your own questions. For example, if you're looking for help buying a foreclosure, or a newly built house in a development or a condo, you'll want to make sure your agent has experience with such properties.

• How many homes have you found for buyers in the last year? Ask for the addresses of these recent transactions, and find out the selling prices. This will help you see whether the agent truly works with clients similar to you and how successful the agent has been.
• How can you help me afford the home I want? Ask the agent what type of home you can expect for the amount you've budgeted and for suggestions on special and new mortgage loan programs and recommended mortgage brokers. Also ask about recent insurance and tax changes.
• How will you communicate with me? Will the agent call you or use email? How often will you hear from him or her? Once a week is a minimum in a stable market, but daily check-ins could be necessary in a hot market. And how quickly can he or she respond to calls and questions from you? If you're eager to get in and see a house, you may not want to wait a day.
• How do you organize your work? Ask to see logs, checklists, worksheets, and other tools or documents the agent uses to keep track of the various details -- from the house search and financing through negotiating an offer and closing the deal.
• How will your commission be paid? If the agent will be representing you exclusively, ask whether he or she expects you to pay the commission instead of the seller. (This is rare; you don't have to agree to this in order to have an agent represent you exclusively.)
• Who are some past clients I can call as references for you? If you think you might hire this agent, be sure to follow through with these calls!

During the interview, ask the agent questions from the list above. Consider how well the agent listens to your concerns and answers your questions clearly and directly. Only agree to hire an agent after you've found one you're enthusiastic about. Then, commit your agreement to writing, and play fair by not signing up additional agents to help you.

For more on finding and choosing the best agent, including checklists of interview questions you can print out from a CD-ROM, see the book Nolo's Essential Guide to Buying Your First Home, by Ilona Bray, Alayna Schroeder, and Marcia Stewart.

by: Ilona Bray, J.D.

Reposted from:  http://www.nolo.com/legal-encyclopedia/choosing-real-estate-agent-29645.html

Real Estate Lingo DECODED

Homebuyers are bombarded with all sorts of marketing lingo. Often, sellers and their agents use artfully crafted phrases to catch your eye, lure you into the home, and perhaps deflect attention from the true nature of the property.

When searching for a home, you might save yourself some unnecessary trips or disappointments if you learn tocut through the marketing language and see the home for what it really is. This is easier if you know ahead of time what some phrases might actually mean, and what steps to take to find out the true nature and condition of the home.

Common Lingo in Home Marketing

Casting home features in a positive light is not illegal or unethical -- as long as it is not purposely deceptive. Here are some common euphemisms used in home marketing and how to determine their true meaning.

As-is. This might mean the seller isn't willing to perform repairs or upgrades, but you might still be able to negotiate a price reduction based on defects or other items found during an inspection. A home inspection will give you the true meaning of "as-is."

Fixer-upper. This could be a home in major disrepair, one that hasn't been lived in for a decade, a 100-year old house, or all of the above. A home inspection can reveal what needs fixing up.

Cozy bedrooms. This often means there is room only for a twin bed and a very small dresser. Bring a tape measure.

FROG. This term, found in listings from the south and southwest, means a Family Room Over the Garage or a bonus room. Be sure the room, if added on or built later, was done so with a proper permit and current building codes.

Easy access to everywhere. This might mean the property backs up to an expressway. Check a map.

Galley kitchen. This often signifies a hallway with cupboards and appliances so narrow that two people would have trouble passing each other in it. 

Light and bright. This might mean everything is clinically white -- tile, paint, even flooring. Be prepared to add redecorating costs to the purchase price.

Mature landscaping. This house might come with 50-year-old trees in need of pruning. Consider the cost of manicuring the landscape.

Very bright sunny home. This might mean there is no shading from trees. Visit the home to check the landscaping.

Walk to schools, shopping, and entertainment. This is sometimes used to describe a property in a largely retail or commercial district. Check a satellite map for building types.

Water view. This phrase is used even when it's necessary to stand on the roof with binoculars or lean from a balcony to see the water.

Put Marketing Language Into Context

Buyers who are attracted to properties because of marketing language should determine if the words actually describe the home or are just window dressing. To put the marketing lingo into context, do the following:

• Determine if property descriptions are indicators of actual added value or just terminology used to get you into the home.
• Don't let listing information distract you from another problem in the home. For example, while you are looking at that "great lake view," don't miss window framing that is out of plumb.
• If the listing misrepresents a feature of the home, consider using it as a point of negotiation. For example, if a roof is described as "like new" but an inspection determines it's actually 15 or 20 years old, ask for a commensurate price reduction.
• Compare homes. One "new kitchen" could include a remodel job with new appliances, while another might only have new cabinet facings, painting, and fixtures.

http://www.nolo.com/legal-encyclopedia/decoding-home-sale-marketing-lingo-30001.html

Protect Your Home Year-Round with These 8 Maintenance Tips

It's always beneficial to keep your home in great shape.  Courtesy peggyk65@verizon.net, here are 8 sage pieces of advice to keep your house tip-top, all year long!

Whether you're a new homeowner or an experienced do-it-yourself-er around the house, these handy tips will help protect your investment year-round.

1.  Safety First - Replace the batteries in all smoke and carbon monoxide detectors.  It's also a good time to make sure that any fire extinguishers in your home are in working order.

2.  Look up - Inspect your attic and roof for leaks, missing shingles and ventilation issues.  It's also a good idea to check on the chimney, as well as attic fans and vents.

3.  In the bathroom - Inspect grout and caulk around bathtubs, sinks and showers.  Get rid of cracked grout and replace missing grout.  seal tile grout.  Discolored and mildewed caulk should be cleaned and might need to be replaced with new caulk.

4.  In the kitchen - Clean appliances, including refrigerator coils and underneath the range hood.  Remove and clean or replace range hood filters.  Clean faucet aerators and replace washers as necessary.  Don't forget the drain!

5.  Keep the weather out - Inspect doors and windows for drafts and replace/install weather stripping where needed.

6.  Bug out - Inspect your home for signs of termites such as tunnels or buckling wood, swollen floors and ceilings.  Termite damage can look similar to water damage.  Call an exterminator if you think you've got termites.

7.  Clean it out - Flushing mineral deposits out of your hot water heater can extend the life of this important appliance.

8.  Don't forget - Did you know your garage door needs cleaning, inspection and lubrication of its springs at least once a year?

All of those tips are important & informative.  I know I didn't know the bit about the garage door maintenance!  We here at The Griffith Group certainly hope these helpful hints have been beneficial to you!