MLS Listing Discrepancies - Pictures

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When looking at listings on the MLS, buyers often ask me why some listings have no pictures and others have eight pictures.

The answer to this question is that the listing agent is responsible for inputting the house’s details and pictures into the MLS.  Believe it or not, some agents don’t own or have access to a digital camera to take the pictures.  RMLS used to offer a service to agents without cameras where they would send a photographer out to take one picture of the front of the house and then put that picture online for the listing agent. However, that service was discontinued about a year or two ago when digital cameras became so widespread, common and affordable. In my opinion, the RMLS service wasn’t that great anyway because the photographer rarely got out of his/her car to take the photo and so most of the time, the picture wasn’t very complimentary or indicative of how the house really looked. In addition, many of the houses had so much landscaping in the front yard that the photos were basically pictures of trees or shrubs. And the pictures got even worse if they were taken in rainy or snowy weather!

I think the listing agent is doing a great disservice to the seller if all eight pictures, which is the maximum number allowed, aren’t submitted with the listing. And I find it even more egregious if pictures are submitted but were taken poorly (i.e., too dark to see the room, weird angles) or the pictures are of irrelevant items. One listing that I came across recently had all eight pictures, but five of those were close-ups of door knobs, wood flooring, staircase finials, etc. What’s the point in seeing the fine details of a house if the buyer can’t see what the rooms actually look like before physically touring the property?

Another reason that some agents don’t submit pictures with their listings, or input less than the eight allowed, is the mind-set that if they show buyers too many details or give too much information, the buyer has no reason to go look at the home. I think this reasoning is faulty because if good pictures are taken, they can encourage buyers to want to tour the home or get more information about it.

Buyers will always find eight pictures of all of my listings on the MLS and also on my web site, www.PointClickandPack.com. Anything less is unacceptable.

Real Estate Tax Deductions

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If you purchased or sold a home, or refinanced your home this past year, dig out a copy of your final settlement statement and give this document to your accountant or the person who helps with your taxes. Certain items on your closing statement might be tax deductible. Generally if you itemize your taxes, you can usually deduct mortgage interest which is secured by your primary home or second home and mortgages used to build or improve your primary or second home (commonly known as home equity lines of credit). In addition, check with your tax adviser to see if you can deduct:

* Pre-paid interest and points

* Late payment charges on mortgage payments

* Mortgage pre-payment penalties

* Moving expenses - if you moved because of a change in your employer’s location or because you started a new job

* Repairs to rental property

* Capital improvements - major home improvements done in order to prepare your home for sale

* Capital gains - If you sold your primary residence last year, you can exempt the first $250,000 of profit or $500,000 for married taxpayers filing jointly

My best wishes to you and your family in 2007. And, if you’re lucky enough to need another tax write-off, I would be happy to help you find the perfect investment property. Contact me today at phyllis@pointclickandpack.com.

Portland, Oregon - Lay of the Land

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Welcome to Portland, Oregon!
Whether you are new to the Portland area or a local resident, searching for a home can be a tedious task. With over 95 different neighborhoods in the Portland Metro area, deciding where to buy a home or how much a home is worth can be confusing. It is my goal to make your purchase as easy and enjoyable as possible. If you’re new to the area, let me be the first to welcome you to Portland. It will be my pleasure to assist you with all of your real estate needs!

To begin, let me give you a basic idea of the lay of the land. The Portland Metro area consists of 95 different neighborhoods. Most of these neighborhoods have their own park and/or shop and restaurant district. The neighborhoods are divided into 5 sections: North, Northeast, Southeast, Northwest and Southwest.

The east and west sides of the city are divided by the Willamette River. Once you’ve visited here, you’ll understand why one of Portland’s nicknames is the City of Bridges. Each time you cross a bridge, you’ve crossed into either the east side or the west side. The north and south sides of the city are divided by Burnside Street. Burnside is neither north nor south. You will either be on East Burnside or West Burnside depending upon which side of the Willamette you are standing.

As a rule, the east side of Portland is geographically fairly flat and the west side is hilly. The east side is also easier to navigate than the west side because it is mostly set up in a grid pattern. Imagine the Willamette River as being labeled “0 Street.” Almost all streets running parallel to the Willamette (and are thus going in the north/south direction) are numbered. So SE 50th Ave is 50 blocks east of the Willamette River (and also downtown Portland since the downtown district begins immediately on the west side of the river). When you hear neighborhoods being described as “close-in,” this means close-in to downtown Portland. Locals typically think of all homes located west of 82nd Ave as being close-in.

As previously mentioned, the west side is geographically more hilly. Streets tend to dead-end (sometimes for no apparent reason) or curve into other streets. The west side is much more difficult to learn because of these issues.

Real Estate – East Side vs West Side

Generally speaking, homes located on flat ground are usually less expensive than homes that are on hillsides. This means that the east side is typically more affordable than the west. Keep in mind though that there are some very pricey neighborhoods on the east side and some fairly affordable neighborhoods on the west despite the geographical factors.

The standard lot size on the east side is 50’ x 100’ or 5,000 sf rectangular lots. Lots on the west side are usually larger, around 6,000 – 8,000 sf, and tend to be irregularly shaped. The larger lot sizes on the west side contribute to the higher prices of homes in this area.

The east side was primarily built from 1910 – 1940’s and home styles tend to include Bungalows, Cape Cods, Old-Portlands (covered front porch and steps leading upstairs that are visible as soon as you enter), Victorians and Traditionals. The west side (other than downtown Portland) was developed in the late 1940’s – 1980’s. Home styles tend to consist of the Ranch, Dayranch (looks like a ranch from the front but sits on a hillside, so from the back, it looks like a 2-story), Split-level and Contemporary. North Portland was the site of the first development and has the smallest and oldest homes. Home styles are similar to those mentioned for east side properties. Due to their small size and age/condition, real estate is typically most affordable here. North Portland is currently experiencing a great deal of gentrification and revitalization and many investors see this area as prime property for flips (purchasing fixer-uppers, renovating them and then reselling for a profit).

Almost all of Metro Portland has an urban feel to it with the exception of some neighborhoods in SW. Most neighborhoods on the east side have sidewalks throughout and are very pedestrian and bike-friendly. Many of the neighborhoods on the west side lack sidewalks and tend to be a bit more difficult for pedestrians and bike riders because of the hills and traffic patterns. Despite these factors, many SW neighborhoods have a somewhat more suburban feel to them.

If suburban living appeals to you, this can be found in the immediate outlying cities of Beaverton, Tigard, Tualatin, Hillsboro, Sherwood, Lake Oswego, West Linn, Wilsonville and Gresham. I would be happy to help you find property in all of those cities if they would fit your needs better than Metro Portland and I can provide you with more details of those cities should you choose to want that information.

Shops and Restaurants and Arts District

Metro Portland consists of mostly mom & pop shops and restaurants. People who live in the close-in neighborhoods tend to gravitate towards local businesses and artists. There are some pockets of corporate big-box retailers and fast-food restaurants, but these areas are few and far between. There are 2 shopping malls located close-in. Pioneer Place Mall is in the heart of downtown Portland, and Lloyd Center is just east of the Willamette River. Lloyd Center has a large ice-skating rink as its center court. The department stores at these malls are Meier & Frank, Sears, Nordstrom and Saks Fifth Ave. The suburban outlying cities mostly consist of corporate retailers and restaurants and have very few locally owned businesses or artist galleries.

The majority of our fine arts district, including the Oregon Symphony and the Center for the Arts, is in downtown Portland. Most rock concerts and our NBA basketball team, the Portland Trailblazers, play at the Rose Quarter stadium, which is located in the Lloyd Center district just east of downtown Portland.

Again, I appreciate the opportunity to work with you on your home purchase. Please let me know how I can best assist with all of your real estate needs!

Fee For Service Real Estate in Portland, Oregon

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What is fee-for-service real estate?

Fee-for-service packages allow the seller to only pay for the real estate services they need and thus, the seller saves money on the real estate commission paid to the listing agent.  The buyer’s agent must be compensated separately and this commission is indicated in the MLS (multiple listing service).  I offer about 6 different fee-for-service packages and full details of each package can be found on my web site, www.PointClickandPack.com.  Click on the Fee for Service link on the Home page.  My least expensive package is a $550 flat fee MLS listing only.  This package includes an MLS listing with 8 pictures of the house and room measurements along with exposure on all of the following web sites, the public’s version of the MLS, www.RMLS.com, www.Realtor.com, www.houseandhome.msn.com, www.REMAX.com, and my web site, www.PointClickandPack.com.  Sellers also get a RE/MAX yard sign and flyer box. (Add $40.00 for a custom color flyer template).With my flat fee package, the seller is listed as a limited representation agreement in the MLS.  This designation tells other Realtors that the sellers have paid for an MLS listing but will be representing themselves in the negotiation of all offers.

At closing, the seller pays the buyer agent’s commission (typically 2.7% of the sales price) plus a $300.00 processing fee to my brokerage.  The processing fee covers my and my broker’s review of all documents, (which must be submitted to me within three business days of the seller’s receipt), changing the status of the listing in the MLS and the requirement for me to hold the file for six years after the transaction closes.

If I have a buyer for a home listed with me under my flat fee package, I would represent both parties as a dual agent and will take care of all paperwork involved in the transaction. The commission paid to me would be equal to what the seller agreed to pay in the MLS to the selling Realtor (again, 2.7% of the sales price is most common) plus the initial flat fee investment. However, the seller would NOT pay the additional $300.00 processing fee if I’m acting as a dual agent in the transaction because I have to do the paperwork anyway on the buyer’s behalf.  

Having an MLS listing allows over 6,000 Realtors in the Metro Portland area to find a home online easily and to share it with the buyers they are exclusively working with.  Most Realtors work with approximately 5 – 10 buyers at a time.  As a for-sale-by-owner, (FSBO) the Realtor market and the buyers working with those Realtors are the primary markets sellers are missing.  Because the listing will not appear on the public web sites,  FSBO’s must rely only on buyers or Realtors physically driving by their house and seeing the yard sign or seeing an ad in the newspaper to find out that their home is for sale.  These avenues for selling are usually not efficient for finding buyers quickly. As a bonus benefit to listing with a Realtor, most sellers can deduct real estate commissions on their taxes as a cost of selling their home.  Sellers should check with their CPA or tax advisor to see if those deductions apply to their situations.Please feel free to call me directly for more details about this package or any of my other fee-for-service packages.  I look forward to assisting with your sale.  You can reach me at 503-421-2407.

Consider a Buyer’s / Seller’s Agent…

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Low interest rates and higher inventories of homes for sale have turned many locales into buyer’s markets. But rather than rush into the complex process alone, house-hunters should consider hiring their own agent. Buyers should take the time to find a Realtor who will provide them with the level of representation they desire.

I am an Accredited Buyer’s Representative and am a member of the Real Estate Buyers Agent Council, (REBAC). As such, I have extensive training and education when working with buyers and provide a professional level of service and expertise in the market. This training also assists me when working with sellers, as I understand what other buyer’s agents look for when showing homes to their clients and can help you prepare your home so that it shows in its best light. I look forward to working with you and serving your Portland real estate needs!

Buyers Agent

As an Accredited Buyer’s Representative, what I offer my clients is unique. I not only facilitate a transaction, but I also provide personalized service. As your Buyer’s Agent, you will receive the following benefits:

  • I show absolute loyalty to my customers, am a good listener, and will work to meet your individual needs.
  • I’ll provide you with instant details about the most recent homes for sale. I have access to all homes for sale daily, and will provide them to you via e-mail, fax or phone. In addition, I check my e-mail about 4 times a day and return correspondence within 24 hours.
  • I will represent your interests in the best possible light to other Realtors and Sellers when presenting your offers and will work hard to give you an edge at the bargaining table.
  • I’ll provide you with names and phone numbers of inspectors, lending officers, and other professionals in the industry who have gained my trust.
  • I offer a Handy Andy service to take care of those minor issues that arise just after you move in.
  • You’ll always have my full attention!

Sellers Agent

My objectives are to communicate the results of my activities on a weekly basis to you, assist you in getting the highest possible dollar value for your property (in the least amount of time and with the least amount of inconvenience to you), and get as many qualified buyers as possible into your home until it is sold.

Prepare Your Home For Sale
I will spend as much time as needed to go over the entire property with you, both inside and outside. I will make a list with you of suggestions and recommendations about your home so it will show at its very best during its time on the market.

The Multiple Listing Service
I will professionally represent your home to the Multiple Listing Association exposing your home to every agent in the area.

Follow Up
Throughout the duration of your listing, I will follow up with Realtors from the Multiple Listing Service that have shown your home to get their client’s responses and comments.

Direct Marketing
I will professionally create and produce flyers for your home to be placed in the flyer box on the yard sign. In addition, I will mail postcards to the surrounding neighborhoods promoting your home.

Internet Web Sites
I will continuously advertise your home on the RMLS web site with a property description, photograph and school district information. I will e-mail and fax photos and a detailed description of your home to select agents. Your home will be marketed on the #1 most visited web site by Buyers, Realtor.com, as well as on my personal web site, www.pghazi.com.

Broker’s Open Houses
I will hold open houses for the real estate agents in the Multiple Listing Association on a regular basis until the property is sold. Broker’s open houses are held every Tuesday.

Open Houses
I will hold public open houses whenever possible.

Advertising
On open house weekends, I will advertise your home in The Oregonian Sunday Real Estate Section.

My Communication With You
I will keep in touch with you at least once a week as my work progresses either verbally or via e-mail.

Offers
I will represent you upon the presentation of all contracts to help in negotiating the best possible price and terms for you.

Escrow and Closing
I will handle all follow-up and keep you informed on all mortgage, title, and other closing procedures.

This marketing program is my commitment to you! It is my goal to provide you the latest in marketing and customer service. I will work hard to represent you in the prompt sale of your home at the best possible price. Since I build my business on referrals from satisfied clients, the highest compliment you can pay me is to refer me to all of your friends and family for all of their real estate needs. I look forward to serving you!

Portland Real Estate for Home Sellers: Frequently Asked Questions from Sellers

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Who pays the commission and how much is it?

The commission is paid by the Seller and is negotiated with the listing Broker based on the sale price of the home.

What is the MLS?

The Multiple Listing Service is an association to which property listings are submitted. Almost all real estate companies belong and share their listings. The MLS is the main database to obtain information and all members have equal opportunity to sell the properties listed.

What is earnest money?

Earnest money is a good faith deposit a Buyer makes when they make an offer to purchase a home. The earnest money is usually applied to the down payment and/or closing costs of the Buyer. However, if the Buyer breaks the terms of the contract by misrepresenting their financial status, failing to provide earnest money when due, or by failing to complete the transaction in accordance with contract, the earnest money can be lost to the seller. The earnest money is refunded to the Buyer if the seller does not accept the Buyer’s offer, the Seller cannot provide marketable title, the Seller fails to complete the transaction in accordance with the contract, or the Seller fails to complete any condition which the Buyer has made an express contingency in the agreement.

What is an appraisal?

An appraisal verifies the value of the property by looking at other recent sales in the area. It is performed by a licensed appraiser who is selected by the Buyer’s bank or lender. An appraisal is primarily done to assure the lender that they are not loaning more money than the house is worth.

What is title?

A title search is done before a home sale can be completed. A title search ensures that the Buyer is getting all the rights to the property (title) that he or she is paying for. The title company insures there are no recorded liens against the property that will affect the marketability of the title.

What is escrow?

Escrow is the independent, impartial party who prepares and records closing documents according to the terms of the Earnest Money Agreement. The escrow company obtains all necessary documentation to clear title to the property and collects all required funds from the appropriate parties.

What is closing?

Closing is the point in time when the title is transferred and recorded with the County. It is also when the Seller is paid. It may or may not be the date the Buyer takes possession. Closing and possession are often different. Also note that closing is not the same as signing!

Portland Real Estate for Home Buyers: Frequently Asked Questions from Buyers

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What’s the difference between a Listing and Buyer’s Agent?

The Listing Agent represents the Seller’s best interest and is responsible for creating the activity necessary to obtain the best price, in the shortest period of time, with the least inconvenience to the Seller. The Buyer’s Agent represents the Buyer’s best interests and is responsible for making the Buyer aware of all listed properties that meet their criteria, getting their Buyer pre-approved for financing, and educating them on property values.


Should I work with more than one Buyer’s Agent?

No. In our area all real estate professionals are members of the multiple listing association and have access to the same properties for sale. Commit to one agent and expect superior dedicated service.

Who pays the commission and how much is it?

The commission is paid by the Seller and is based on the sale price of the listed home.

What is the MLS?

The Multiple Listing Service is an association to which property listings are submitted. Almost all real estate companies belong and share their listings. The MLS is the main database to obtain information and all members have equal opportunity to sell the properties listed.

What is earnest money?

Earnest money is a good faith deposit a Buyer makes when they make an offer to purchase a home. The earnest money is usually applied to the down payment and/or closing costs of the Buyer. However, if the Buyer breaks the terms of the contract by misrepresenting their financial status, failing to provide earnest money when due, or by failing to complete the transaction in accordance with contract, the earnest money can be lost to the seller. The earnest money is refunded to the Buyer if the seller does not accept the Buyer’s offer, the Seller cannot provide marketable title, the Seller fails to complete the transaction in accordance with the contract, or the Seller fails to complete any condition which the Buyer has made an express contingency in the agreement.

Do I need to have the home I want to buy inspected?

Yes. Even if the home appears to be in perfect condition, it is recommended that the Buyer hire an inspector to evaluate the condition of the property. The inspector will thoroughly examine the property and issue a detailed report. I provide a list of suggested inspectors to my clients as well as more detailed information about the inspection process.

What is an appraisal?

An appraisal verifies the value of the property by looking at other recent sales in the area. It is performed by a licensed appraiser who is selected by the Buyer’s bank or lender. An appraisal is primarily done to assure the lender that they are not loaning more money than the house is worth.

What is title?

A title search is done before a home sale can be completed. A title search ensures that the Buyer is getting all the rights to the property (title) that he or she is paying for. The title company insures there are no recorded liens against the property that will affect the marketability of the title.

What is escrow?

Escrow is the independent, impartial party who prepares and records closing documents according to the terms of the Earnest Money Agreement. The escrow company obtains all necessary documentation to clear title to the property and collects all required funds from the appropriate parties.

What is closing?

Closing is the point in time when the title is transferred and recorded with the County. It is also when the Seller is paid. It may or may not be the date the Buyer takes possession. Closing and possession are often different. Also note that closing is not the same as signing!