Profile picture for Tom Menges

Tom Menges

AgentTeam

35 Recent Sales (last 12 months)

Realtor, Broker, ABR, CDPE, CRS, e-, NC Real Estate Commission License (27 years experience)

Specialties:
Buyer's Agent,
Listing Agent,
Relocation,
Short-Sale

Advice

  • (22 Contributions,
  • 0 Best Answers,
  • 5 Helpful)

Contributions are sorted newest to oldest.

Should the owner or tenants be responsible for changing batteries in smoke detectors?-

Answer

The landlord is is responsible for installing a new battery.  In North Carolina it must be a 10 year lithium battery.  The tenant is responsible for the next battery. Should the tenant move out after just 1 year, the landlord is still responsible for installing a NEW lithium battery even though the existing battery still has 9 years of life left.  My continuing education class of last week covered this precise question.

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If I take my house off of the market, how long do I have to wait to re-list it with another agent

Answer

You need to check your listing agreement to see what the terms of your contract are regarding the duration of your agreement and possible early release or withdrawal.  If you want to take it off the market within the contract period with your current agent and list with another agent be sure to get a release from your current agent. If you do not, you could be legally responsible for two commissions, one to your new agent as well as a full commission to your previous agent if you don't have a release.

  (0)
Can a selling agent approve house work?

Answer

I agree with other contributors that this is a combination of poor communications and a question for an attorney.  The agent should have provided an estimate to the owner and gotten consent prior to any work being done.  Failure to pay the invoice by either the owner or the Realtor can result in a workmen's lien on the property if the unpaid service provider chooses to file a lien. That then creates a title issues which must be resolved before any closing. Advise your friend to consult an attorney.

  (0)
"wannabe realtor" vs "real realtor"

Answer

Multiple things may be going on to lead you to thinking that you are better at finding homes than your current Realtor. Communication is key in conveying what is important to you in a home.  Your Realtor may not have understood exactly what you wanted in a home because you didn't explain it correctly or he (she) dmisinterpreted what you were saying.  Perhaps writing your list of criteria down and stressing the "have to haves" vs. the "like to have" and the "dream list items" will help clarify the situation.  The other key question is whether the homes you've found that appear to be superior to what your Realtor provided are actually on the market and available.  You'd be astonished to know that 20-40% of the homes found on some real estate websites have grossly incorrect information (pricing and availability being high on the list).  If you correct the communication issue and you still discover that you are missing homes that are active on the market and great fits for your needs, then it may be time to talk to your agent about terminating your agency relationship.  Your Realtor should be your #1 advocate in helping you find the right house.

  (0)
7133 N. Ridge Drive, Raleigh, NC

Answer

Please remember that Zillow also shows rental properties.  If something seems like an unbelievable deal, it may not be the kind of deal you are expecting.  The home is available for rent at $2995.

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Landlady Ruining Home Closing

Answer

In reading thru your narrative, I would fault both parties. You could have readily given more than the 60 days required notice and could have been more proactive with your lender in checking in many days in advance to closing to confirm that they had all the paperwork needed from you.  Your landlady seems to  be unnecessarily difficult. There appears to be a failure of communication between you and she.  You can file a complaint to the RE Commission for any reason whatsoever, but her being difficult and seemingly arbitrary is an unlikely violation of Commission regulations.  Filing a complaint may relieve some of your frustrations, but it is unlikely to accomplish anything.  Get the paperwork to her on her form and ask your lender to contact her and see if she will then fax the necessary verification asap.

  (0)
is it a common practice in Raleigh, NC that the buyer has to pay to the Real estate comp for buying

Answer

It depends on the terms in the buyer agency agreement.  Most agents are willing to accept the standard payout that is advertised with the property information in MLS.  However, agents will specify what is the minimum amount of commission that is acceptable in representing the buyer in a transaction.  If the amount of commission falls below the buyer agency agreement amount, then the buyer client would be expected to make up the difference.  In a transaction where the seller is a "for sale by owner" (FSBO), the FSBO may be unwilling to pay any commission at all.  In that instance the buyer would be expected to compensate his agent for the full amount of the agreed buyer agency commission.  Both the buyer and Realtor fully know in advance that the buyer will be liable for the commission, but the agreed sale price is likely to be such that the buyer is still getting a deal.  That the commission will have been fully earned by the agent.  Another scenario where the buyer will be liable for commission is an auction sale where the MLS payout may be as low as 1%.  The buyer would again be expected to pay the difference between the 1% and the commission that was agreed to contractually in the buyer agency agreement.  Auction sales will often include a buyer's premium which effectively is a commission that the buyer is paying to the listing company or auctioneer.

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How do I find info on " supply of houses" in my homes area. Can this affect listing price etc.?

Answer

Sheri has provided an excellent responce.  The supply and demand in any segment of the market is reflected in what is called the "absorption rate", referring to the number of homes in a price point or neighborhood that are currently on the market, under contract and sold over a period of time.  As an example if there are 9 homes active on the market, yet only 3 have sold in the past 6 months, you have a low absorption rate as it will statistically take an 18 month period to sell the current inventory of 9 homes.  Conversely, a situation of 3 homes on the market and 9 sold in the past 6 month would be a much higher absorption rate.  The amount of inventory in any market segment or neighborhood will certainly have an effect on your days on market as well as your price.  The two questions buyers automatically ask any Realtor are "What's the Price?" and "How long has it been on the market?".  A resource that local Realtors use (but not readily available to the general public) is the TARR Report (Triangle Area Residential Real Estate Report).  The appraiser/editor of the report offers (by subscription) a wealth of statistics that correlates listing price, days on market & months worth of inventory to % of original listing price likely to be obtained and much more  To briefly summarize: the more homes in direct competition with yours, the longer the likely days on market will be which heightens the importance of pricing correctly (which to most sellers means pricing lower than what they may have hoped for in order to get a sale). If you have further questions, feel free to contact me directly.

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