Asked by Ruthless, 60558 • Mon Nov 12, 2007
I learned that in California they don't use attorneys for everyday real estate transaction. In Illinois it is customary to use an attorney. When someone from CA read about getting a lawyer in IL, they thought that meant the situation had escalated to lawsuit level.
Some local Multiple Listing Services (MLS) use quarter fractions (.25) to describe bathrooms. All agents know what a quarter or three quarter bath is but most list only full or half in the MLS.
Some areas rely heavily on square footage numbers to determine value and other areas won't even tell you an approximate sq ft. And if all the homes in a neighborhood are 2000 sq ft except one is substantially larger or smaller, you cannot accurately calculate the value of the exception using the average sq ft figure.
Consumers now have the ability to do their own "Comparative Market Analysis" (CMA) but the experienced local Realtor is still needed to properly interpret the data.
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