It's one of the first questions asked by buyers and sellers as they begin their journey: How does the commission work? Let's start with the basics What is real estate commission? Real estate commission is the fee paid to a real estate agent or broker for their services in the sale or purchase of a property. It is typically a percentage of the final sale price of the property, and is usually paid by...
Whether called a personal statement, home buyer love letter, or 'Dear Homeowner' letter, we've all heard the story that submitting a written statement to the homeowner convinced the seller to accept an offer. But is it a good idea? Recent guidance by the Bergen County Real Estate Board says no. Although many buyers feel like making a sterile transaction more personal can give them an edge - especially...
With the market facing an unprecedented inventory shortage, more and more buyers and their agents have been using escalation clauses to get an edge on their competition. But is it helping or hurting? What is an escalation clause? An escalation clause is a conditional offer that automatically increases based on other offers, with terms like "...the purchase price of this contract shall automatically...
It's hardly a secret that we are currently in a seller's market, and anyone who has tried to buy or sell a home in the past six months only knows one thing for sure: expect a bidding war. What's with all the frenzy? Covid's impact on the real estate market deserves its own write-up (coming soon), but one short term impact is low supply coupled with high-demand. Buyers are on the prowl, and sellers...