Realtors

[bfskinnerpunk]

Interesting info here!

May I ask a simple question that is only indirectly related?

How long is the typical contract between a seller and their realtor?

[Servpro Will]

Skinner,

This question had various answers and scenarios, and can be quite easily complicated.

First - If you as a (SELLER) are listing a home, then you as the seller can determine how long you would like to list the house. Basically, if a realtor were to come to you, explain his services and advantages, and you decided to list your home with him, then the day that you sign a listing agreement is the contract start date, and not until then. You may decide to list that home for 3-6 months aggressively priced for a quick sale, or you may decide to hold to your guns on a firm price and list the home for a maximum of 18 months or more. It depends on you the seller, as to how long you would like the contract to run. Some realtors may say "this is standard to go ahead and list with me for a year." That is incorrect, as you are protected in the fact that you determine the length of the listing agreement.

Now, a few things. If you are unsatisfied with your listing agent's representation, you can opt to void it any time and pull your listing. For instance, a 9 month listing can be pulled after 2 months if you think your realtor hasn't done the first thing to market your property correctly. Most importantly, and most people don't know this. Your listing contract is not with you and your realtor, but actually a contract with you and the broker (company who's sign is in the yard). You have a few options if you decide to pull a listing. The broker may advise you to use another realtor in the firm. You can do this, if you're happy with the large company name marketing capability of the company as a whole. Or, if you want to make a break all together, then the broker firm must release your listing so that you may decide what to do with it at that point, whether it is nothing, or relisting with another brokerage firm.

So, to answer your question, I would say there is no typical length of contract between the seller and realtor, as the length of contract is determined by the seller. In today's market we're seeing a lot of 9 month listings, but this is purely negotiable as I mentioned. Hope that helped Skinner.

Napster
FHA loans are still staying as the easiest loan to obtain. Restrictions are currently that you have to have at least a 580 credit score, with not having to have any reserves, with 3 1/2 % down. Conventional loans are at a minimum of 620 credit score, with reserves, and typically 5% or more down.

[MrsMtnsOnTheMind]

Originally Posted by hiknapster

Wow. That stinks. I wonder how that affects FHA loans. Many people want to refinance, right now. I'm thinking about it.

I just refinanced with FHA and the paperwork has increased considerably and so has all the hoops that you have to jump through to get refinanced. It literally took me 4 months to complete the process. Every time I would turn in paperwork, they wanted more. I about had a cow when they asked me for my college transcripts. I kid you not. They also wanted a copy of my nursing license. What the heck are they doing with this stuff?

[think365]

The bank that I use to work at in New Orleans always had a policy of rotating appraisers. It is considered good credit policy and most banks already did it. All appraisers had to be approved by the head of the bank's appraisal department. I worked as a loan review officer and we would always site lending officers if they used an appraiser not on the list or using the same appraisers, and these were considered major violations, however they were not common. Federal regulators have always stressed the need for rotation, however it was not necessarily followed. In addition there are many different types of mortgage lending companies that do not fall under the authority of bank regulators.

As far as the appraisal profession is concerned, it is definetly not for the faint of heart. Appraisers pretty much get the smallest piece of the pot when a property is sold and at the same time have some of the highest potential for liability and litigation. I thought about getting certified to be an appraiser and starting my own appraisal company because after Katrina, almost everything had to be re-appraised as opposed to in the past where a loan officer could just get an old appraisal and certify that it was still valid. The appraisal business was making loads of money in the gulf coast. The commercial appraisal business (commercial properties) is probably the best right now. It takes a lot longer to become a commercial appraiser so there is less competition. Also, one commercial appraisal could equal 10-20 residential appraisals.