From: keving@corin.ultra.com (Kevin W. Gurney)
Subject: Re: REALTOR WARNING - SANTA CRUZ MOUNTAINS
Reply-To: keving@corin.ultra.com (Kevin W. Gurney)
Organization: Ultra Network Technologies, Inc.
Distribution: ba
Date: Thu, 20 Aug 92 20:22:05 GMT

In article <holly.171@mailhub.scf.lmsc.lockheed.com>, holly@mailhub.scf.lmsc.lockheed.com (Holly Wise) writes:
|> In article <holly.166@mailhub.scf.lmsc.lockheed.com> holly@mailhub.scf.lmsc.lockheed.com (Holly Wise) writes:
|> 
|> 
|> >A word of caution to potential buyers in Santa Cruz Mountains.
|> 
|> >TWO WORST REALTORS:  KATE AND KEVIN MURPHY AT ERA OFFICE IN BOULDER CREEK.
|> 
|> >If you want to get screwed, just use them.
|> 
|> >-----
|> >holly@mailhub.scf.lmsc.lockheed.com
|> 

[ the whole sordid tale deleted ]

In the interests of profiting from another's mistakes, I offer the following
helpful hints.  You are more than welcome to agree, disagree, amend, or 
augment as you see fit:

1. If you don't want to sell your house, tell any realtors you meet that
you don't want to sell your house.  Tell them your looking for decorating
ideas, or that you're just naturally curious, or whatever works.  If you do 
want to sell your house, go find a realtor.  If you're not sure what you
want to do, don't go looking at houses until you've made up your mind.

Unless you are incredibly wealthy, real estate is *not* the place to make 
snap purchases.  Try VCRs, big-screen TVs, or hanging out at Tower Records 
until your VISA cries "Uncle!" instead.

2. Never, never, never let someone list your house without interviewing
at least 3 agents.  By "interview", I mean meet them in person, have them
give you a market evaluation of your house, ask them how they would market
your house, ask for and follow up on references from some of their most
recent clients, ask them how long have they been selling in the area, etc.  

You're trusting someone with what, for most people, is the vast majority of 
their monetary worth.  To sign up with the first guy/gal who comes along 
without a very good idea of what they're going to do for you is dumb.

3. Everyone thinks that their house should have a higher asking price, so
it's natural to think that your agent has undervalued your house.  I would
have to agree with Holly however that a sale in two days, in this market,
probably points to a too-low selling price.  Why would a realtor do this?
Well, if you're trying to sell your house because you've already purchased
another one, it's highly likely that your agent takes that to mean that
you really need to sell quickly.  Of course, nothing should be assumed
between you and your realtor.  He/She should explain in detail how they
arrived at the asking price.  You should agree to it, change it, or get a
new agent.  It's your house; they're just providing the benefit of their 
experience.

4.  If you're buying a house, always have inspections done.  At a minimum,
your lender will require a termite inspection.  Other kinds of inspections
you can get include:
  - general house inspection
  - appliance inspection
  - radon testing
  - chimney inspection and cleaning
  - roof inspection
  - geological inspection
  - pool/spa/sauna inspection

I had a couple of these done when I bought my house, mostly for "peace of
mind" rather than because I thought something might be wrong.  I think I
paid something like $600 total for my four inspections.  Peanuts compared
to the purchase price.

Once you get the inspections back, read them thoroughly and ask lots of
questions of your agent.  "It says here that the garage door is about to
fall off.  I want the seller to replace it with a new one."  That sort of
information becomes a part of the negotiations.  If you don't tell your
agent what you want fixed/replaced, it's not going to happen.

5. The way most offers are written, either party can back out for "good
cause", which can range from the roof needing replacing and the seller not
wanting to pay for it, to you not being able to get a loan or being able to
sell your old house.  In most cases, you can get out without loosing 
anything.  In some cases, you can loose your deposit and/or inspection fees.  

If you want to back out, do it.  It's a much cheaper way to get someone
off your back than to go through with the deal, as Holly has no doubt
found out.

6. At all times, keep the nature of the relationship between you and both
realtors in mind.  No one gets paid unless the house sells, so both the
buyer's and seller's agent are going to want to close the deal.  However,
unless the buyer's agent is completely stupid they're going to look out for
your interests somewhat.  They want you to go through with the deal, be
happy about it, and refer them to your friends, family, and co-workers.  
They definitely do NOT want you to tell people to avoid them.  However,
your agent can not and will not make decisions for you.  If they try to 
read your mind and take actions for you, drop them like a hot potato.  If 
they yell at you, have nothing more to do with them and report them to 
the head of their office and the local real estate board.


And finally, let me give a positive recommendation for a realtor.  If you're
thinking of moving to Pleasanton. give Janet Cristiano a call.  She works
at Harris Real Estate and her number is (510) 463-6112.  

Janet was the fourth or fifth agent I worked with trying to find a house in 
the Bay Area, and she was the best.  Very professional,  completely willing 
to explain (and explain and explain...) the details to a first time buyer 
like myself.  

As we looked at houses, she asked me for lots of feedback on what I was seeing 
so she could get an idea of my tastes & desires to avoid wasting my time and
her time with stuff I wouldn't like.  However, she never tried to make 
decisions for me, or play the "I've been doing this for 10,000 years and I
know what's best for you" crap that some agents can pull.

Tell her I gave you her number.

-- 

-----
"I *would* help you move, but my religion prohibits me from touching cardboard
 boxes on that day."
    - From '101 Great Excuses to Avoid Helping a Friend Move'

Kevin Gurney
(keving@ultra.com)
Newsgroups: ba.market.housing