Hello everyone!

Today, let's delve into an important topic that often causes a bit of confusion: limited joint representation in real estate transactions. What does it mean when your real estate transaction is under limited joint representation? Let’s unpack this together.

What is Limited Joint Representation?

Limited joint representation occurs when the same real estate brokerage represents more than one party in a real estate transaction. Most commonly both the seller and the buyer. It's a situation where one brokerage has the privilege and responsibility of assisting both parties. But, for this to happen, both the seller and the buyer must agree to this arrangement. They will need to sign a form acknowledging their understanding and consent to proceed under limited joint representation.

What Changes with Limited Joint Representation?

You might wonder, what exactly changes when both parties are represented by the same brokerage compared to when they have separate representation? The primary difference lies in how the realtor can communicate and advise each party.

Maintaining Fairness for All

In limited joint representation, fairness is the cornerstone. The realtors involved must ensure they are unbiased and cannot favor one party over the other. This means that realtors are restricted in how they can advise on pricing and other sensitive information.

For instance, imagine a home listed at $350,000. If the seller privately tells their realtor they are willing to accept $340,000, the realtor cannot disclose this to the buyer. Similarly, if a buyer tells the realtor they are willing to go up to $360,000 but will start with an offer of $340,000, the realtor cannot share this with the seller.

Another critical aspect is confidentiality. Realtors cannot disclose the reasons behind a sale or purchase. For example, if the seller is moving to another city and has already bought a new home, the realtor cannot share this information with the buyer. Such details remain confidential to maintain fairness and integrity in the transaction.

Understanding these nuances helps ensure that both buyers and sellers are treated equitably and that the transaction proceeds smoothly and transparently.

Note that just because you are in a limited joint representation situation does not necessarily mean the realtors involved know both parties. When two realtors work for the same brokerage and one represents the seller and the other represents the buyer this is still considered a limited joint representation situation. In this case though often times the realtor representing the buyer has never meet the seller and vice versa.

I hope this clarifies what limited joint representation means and how it impacts your real estate transactions. As always, feel free to reach out with any questions or if you need further clarification!

Your Friend in Real Estate,

Sam Scribilo

1. Prepare and Stage the Home

Set the stage! Imagine walking into a home that feels warm, inviting, and move-in ready. This is the experience potential buyers should have. Start with deep cleaning, decluttering, and making minor repairs. Next, stage the home to highlight its best features. Use neutral colors and tasteful decor to create a welcoming environment that allows buyers to visualize themselves living there. A well-staged home can significantly increase its appeal and value. 

Actionable Tips:

• Clean every nook and cranny, including windows, carpets, and walls.

• Remove personal items and excess furniture to make spaces appear larger.

• Use professional stagers.  We can help with this!

2. Price It Right

Think of pricing your home like casting a wide net to catch the biggest fish. Price it too high, and you may scare off potential buyers; price it too low, and you leave money on the table. Realtors conduct thorough market analysis to ensure you are positioned properly on the market. Setting a competitive price from the start can attract more interest and lead to quicker offers.

Actionable Tips:

• Review recent sales of comparable homes (comps) in your neighborhood.

• Consider the current market trends and local real estate conditions.

• Listen to your Realtor’s recommendations on pricing.

3. Maximize Online Presence

In today's digital age, your home's online listing is like its first open house. The majority of buyers start their search online, so it's crucial to make a great first impression. Professional photography, videography plus a compelling property description are paramount.  Be sure you highlight the home's unique features and the benefits of the neighborhood.

Actionable Tips:

• Ensure your Realtor uses professional photographers and videographers

• Proofread the property description and confirm it highlights details for your ideal buyer.

• Ensure the listing is on all major real estate platforms and social media.

4. Market Aggressively

Think of your home's sale as launching a product. To reach the right audience, you need a comprehensive marketing plan. This includes traditional methods like open houses and flyers, as well as digital marketing strategies like social media ads and email campaigns. The goal is to generate as much interest as possible.

Actionable Tips:

• Hire a Realtor that hosts open houses and private showings to attract different types of buyers.

• Study their social media platforms to see how they generate a buzz for their own listings.

• Ask questions! Ask to see sample marketing materials, or to speak to references.

5. Be Flexible and Responsive

Picture a buyer who falls in love with your home but has questions or wants to see it at a specific time. Being responsive and accommodating can make all the difference. Flexibility with showing times and quick responses to inquiries can keep potential buyers interested and engaged.

Actionable Tips:

• Keep your schedule open for showings, even on short notice.

• Respond promptly to questions and requests from your Realtor.

• Be open to negotiating terms to close the deal efficiently.

Now there are many moving pieces when it comes to selling a home.  However, focusing on these pieces in particular will have a substantial impact on your success.

Your friend in real estate,

Jen Queen

Hello, homebuyers!

A question I often hear is, "Can I move in early if the home is not occupied?" The short answer is: potentially, yes. But let's dive into the details to understand how it works.

When you signed the offer to purchase contract, you agreed on a specific possession date and time. This date is crucial because it marks the moment the home legally becomes yours. Moving in before this date can lead to complications, as the property isn't officially yours until then.

However, I understand the excitement, and sometimes you may want to move in earlier than planned. In this case, there's a solution: amending the original offer to purchase. This process involves both the buyer and seller agreeing to a new possession date. If both parties are on board, you'll need to sign an amendment agreement to make it official.

It's important to communicate openly with your real estate agent if you find yourself in a situation where an early move-in is necessary. They can guide you through the process and help ensure everything is handled smoothly. By following the proper steps, you can potentially adjust your move-in date without any legal hiccups.

Before requesting an amendment to change the possession date, there are a few things to consider. Be sure to check in with your mortgage broker or bank, as sometimes an amendment to the offer to purchase might require your bank to "re-do" the mortgage approval. Also, ensure that everyone involved is up to speed once the possession date amendment has been signed. Make sure your lawyer is aware of the change, and consider reaching out to your insurance company if you had already set up insurance.

As always, talk to your realtor. They can advise if amending the offer to purchase to change the possession date makes sense in your unique situation!

Your friend in real estate,

Sam Scribilo