The real estate market may have cooled considerably, but not real estate television. House-flipping and home-renovation programs are still big hits on cable. While for-sale signs sprout on lawns across the country, TV programmers are like developers who plow ahead with new housing projects anyway.

New seasons of the A&E network’s “Flip This House” — one of a troika with TLC’s “Flip that House” and Bravo’s “Flipping Out” are premiering. HGTV had its highest prime-time ratings ever in January. Nine of its top 10 series deal with the housing market, including “House Hunters,” “My First Place,” “Hidden Potential,” “Buy Me” and “Design to Sell.” The network did a special theme day Feb. 29: “taking the big leap,” or investing in that first house.

read more | digg story

Source: Real Estate

When you finally decide on a realtor, you’ll be required to sign a “Listing Agreement.”

Make sure you fully understand the ramifications of this innocuous piece of paper. It ties your hands in a way that can affect you profoundly.

The way the Real Estate Industry has set things up, the Listing Agreement is basically an “exclusivity contract.” Once signed and in effect, it denies you the right to a second opinion. The Exclusive Listing Agreement” executed between your agent, his or her agency, and you states, in so many words, that no other real estate agent is allowed to interfere in any way with the progress of your sale.

In other words, any other realtor who approaches you with an offer to sell your home is in breach of the Code Of Ethics established by the N.A.R. (National Association of Realtors). By extension, if you approach any other realtor with questions or for advice regarding your property, you are not only putting that realtor’s standing in jeopardy, but you are in breach of your Exclusive Listing Agreement.

That could jeopardize any transaction involving you, your realtor or your property.

The Listing Agreement is a contract between you, your specific agent, any agency he or she works for or with (Century21, ERA, Coldwell-Banker, etc.) and the governing agency in your state, as well as the agency or agencies (federal, state and/or local) that govern them.

It works this way: In California, for example, the governing agency is the C.A.R. (California Associan of Realtors). It is a sanctioned branch of the N.A.R. mentioned above.

In other words, when you sign what appears to be a simple agreement between you and that sweet realtor sitting across the table, whom you like so much, you’re actually entering into an agreement with one of the most powerful and influential bodies in the United States.

Think about it. Donald Trump can’t sell property without entering into such an agreement. If he acts in a way that can be even remotely interpreted as a breach of that agreement, it makes national morning headlines. Donald Trump can afford to make a mistake.

You can’t.

This is one of the reasons why it is so important to choose your realtor with extreme caution. You will be entering into an agreement that will tie you, lock you, into that agent for the duration of that agreement.

Now, the Exclusive Listing Agreement can be stated to exist for an arbitrary period of time. You and your agent will decide its duration. It could be for 30, 60, 90 days, on average. Your agent will probably determine how long it will take, in his or her opinion, to successfully sell your house. He or she will suggest that the agreement extend for at least that period of time.

Now, here’s where it gets tricky. You can cancel the agreement at any time. It’s your right and prerogative. However, wording in the agreement states, in so many words (at least in California) that, if you terminate the agreement voluntarily, you will still owe your realtor his or her full commission IF a sale occurs within 30 days after termination, and the buyer is someone who viewed the house while the agreement was still in effect.

If you do cancel an ELA with an agent, and hire another, an ethical agent will usually tell you to take the house off the market for 30 days. Once that time has passed, the new agent can list your house without any encumberances involving your previous agent.

The question is whether you can afford to take your house off the market. In a Seller’s Market, when housing values are up, you might. In a Buyer’s Market, when the value of your home is depreciating, you might not.

So, selecting the right agent, and committing to a contract, becomes one of the most critical aspects of putting your home on the market. The Exclusive Listing Agreement should never be taken lightly, and should never be extended arbritrarily beyone 30 days to start. Much depends on how much you trust your chosen realtor’s abilities and accumen, tempered by how long you can afford to have your home off the market should your realtor let your down.

Source: agreement

The National Association Of REALTORS (N.A.R.) imposes a strict Code Of Ethics and Standard Of Practice on member real estate agents and brokers. It’s important to know, however, that not all realtors are members of the N.A.R.

The N.A.R. is a voluntary membership organization, and most reputable realtors are members. Members are identifiable by the REALTOR service mark, as illustrated here.

Any licensed real estate agent or broker can join, though. N.A.R. membership does not, in and of itself, guarantee that you are dealing with an honest, ethical agent. It does, however, help in selecting a realtor, and may be of assistance should problems arise before, during or after the transaction.

Most reputable real estate agencies require N.A.R. membership of their agents, brokers and sales assistants.

You can review the N.A.R. Code Of Ethics and Standard Of Practice HERE.

Source: association