Mary Margaret Gates

Hello George,
Both Cindy and Vicky are giving good answers to your questions and good advice about how to make a house attractive to a buyer. Simply having your house show up as a new listing won't increase the buyer interest in your unless you have the right price for an attractive house. (While the attraction may come from a low price, you may wind up competing with short sales or foreclosures. )

Realtors will look to see what's new on the market but will remember -or look up- a house has been lingering on the market. Something needs to change to make it "fresh", and that may be a big price change or a big appearance change.

Houses are selling quickly in Burke if they are priced it right for the location and the condition of the house, and are visible on the internet and in the neighborhood through agressive marketing. A seller should make sure there is a lot of curb appeal to make potential buyers to want to come inside for a further look. If you need help with getting the house to look good inside and out, ask your agent for suggestions as to how to make it happen.

Finally, most buyers want to see lots of nice interior and exterior pictures on the internet before they get in the car. And don't overlook the power of neighbors talking about your house to friends who may want to move into the neighborhood, too.

By the way, my office is in Burke, I sell in Burke, and be reached at 703-503-4387. - Wed Aug 13 2008, 10:03

Hi Scott,

I read through all of your questions and my impression is that you need a more experienced agent who can aggressively track down your options for buying this house. It doesn't sound like the house is currently on the market, though.

You say you did not sign a Buyer's agency agreement, so in reality, you are not obligated to purchase through this agent. I hope she appreciates your loyalty. What you might consider is asking the agent to refer you to someone else in her agency who has more experience with the type of transaction you are trying to do. She would refer you for a referral fee which is a percentage of the buyer agent's commission paid by the agent, not you. This is generally a win-win situation since the experienced agent gets business she/he did not have and the referring agent still "takes care" of you by getting someone else to represent you.

To answer your questions about listing history, your agent should be able to look in the MLS and find it out, even though the house is not currently listed. She an also get you public record info such as assessments and taxes. While she is there, she can get you comparable sales in the neighborhood. Last year's information is probably too old, but it will give you local sales trends.

You may have a pre-approval from a bank, but from reading your questions, it sounds like you might need to get that detail done sooner rather than later. A pre-approval letter from a lender (ask your agent for a referral to a knowledgeable local lender) will assure the seller that you are qualified to borrow and the lender is willing to lend you the amount needed to purchase a house at that price. You do no have to have a specific house in mind. That is one of the first steps I take when working with a buyer. Imagine your disappointment if you found the right house but you didn't qualify for a loan at that price.

If the house is to be auctioned, is it an auction on the courthouse steps or a real estate auction? There are a couple of real estate auction houses in Tulsa (I looked them up on the internet) who could give you particulars about real estate auctions. With a courthouse steps auction, sometimes the only one who shows up is the auctioneer. Since someone ordered the auction, there is usually a minimum price that will be accepted.

Finally, as you have experienced, a short sale requires a lot of patience and persistance. A foreclosure is actually easier because the bank has repossessed the house and will be selling the house with a clear and marketable title. All the liens are cleared. The bank will want a certain minimum price to cut it's losses and will want to sell the house to get it off it's books. By the way, you can get a home inspection for information purposes to find out if repairs are needed and if it is still a reasonable purchase for you. Ask your agent (probably the new one) for her thoughts on this.

Best wishes. - Sun Jul 20 2008, 13:29

Possession on closing makesmore sense. It's too bad the abbreviation created confusion. And it does not mean that it's a short sale. - Sun Jul 13 2008, 07:55

Clarification: This refers to the question I answered from Dave V, about the POC items you pay before closing. Generally speaking, the POC items ARE deducted from the appropriate buyer's or sellers side at closing provided that they are submitted to the settlement company and are part of the contract process. I am not an attorney and this should not be construed as legal advice. It is important that you check with your agent or an attorney for contract advice. - Sat Jul 12 2008, 20:44

Generally, the POC is an abbreviation for Paid Outside of Closing. It refers to fees that a purchaser or seller may pay before closing and may be such items as a Home Inspection, or a Pest or Wood Boring Pest Inspection or more. Since these items are paid before closing they are not deducted from the proceeds at settlement. All fees paid POC or at closing will appear on the HUD 1 statement that the buyer and seller receive and sign as part of the closing or settlement process. Please check with your agent or settlement attorney for fees in your area. - Sat Jul 12 2008, 20:34

Hello Cheryl,

If you are selling through an agent and there is an electronic lockbox on your house, your agent should be able to tell you on a daily basis. There should be several methods of getting that information. It the lockbox is not electronic, ask the agent how he or she knows who has been there.

Good luck. - Sat Jul 12 2008, 21:17

Before she became a client, one of my now clients did that with a house that was a bit run down. She didn't think she would get a "great" price because of the condition, so she accepted a very low offer from a company that bought houses for cash. She was never given comps and never got much informaiton. She didn't want the hassle of fixing up the house prior to the sale. She was pretty upset when she found out that the company turned right around and resold the house- yep- at a much greater price.

So, if you're buying that company's offer, beware. - Fri Jul 11 2008, 10:34