Distinctive Homes Magazine Boston - Vol. 4 Issue 5 - (Page 25)

We’ve asked Lillian Montalto, the Broker/Owner of Lillian Montalto Signature Properties to field some questions sent to us by readers, as her experience and Real Estate market knowledge has made her one of the most successful boutique real estate brokers in the country! Q: It seems as though historically after an election the real estate market turns around. Are you any seeing positive signs indicating that’s the case this year? Despite what you read in the newspaper and see on the television, the local Real Estate Market is very active with buyers, however the market is extremely price sensitive. In fact, the underpinnings of the market are quite positive. We are seeing more units sell, in less time than when compared to the same time period of last year or 2006 for that matter. The real estate market, like most markets does not like uncertainty, so now that the election is over, we should hope to see the real estate market stabilize further. Remember real estate touches everyone’s life in some form or fashion, people ALWAYS need a place to live. Given where real estate prices have fallen, there has not been a better time to buy real estate in the past several decades! Q: I want to call in agents for a competitive market analysis on my home. What should I expect during this process? First and foremost, you need to take control of the situation and identify the three top agents you should interview. The agents you interview should come prepared to discuss how many homes they (not their company) have sold in the last 6 months. You should prepare a list of questions that you will ask each agent you interview so that you can compare “apples to apples” and avoid making an emotional decision and make a decision that is based on the facts! Remember, it is better to hire an agent that “tells you what you need to hear rather than to hire an agent because they gave you the highest price. The bottom line is that you should expect to ask questions, lots of questions of your agent candidates and make sure they are familiar with working in this economic climate. Selling a home today is not about sticking a sign in the yard and waiting for the phone to ring. Their market strategies must be aggressive and proactive for them to go out and “hunt” down a qualified buyer. Q: How do I check out a moving company to know that they’re reputable? Jon Rapp from Graebel Moving and Storage tells me, “Use reliable third-party sources like the Better Business Bureau, Department of Transportation, and American Moving and Storage Association (AMSA) to check your mover’s background and complaint history. If you’re moving from one state to another, confirm your mover is registered with the Federal Motor Carrier Safety Administration and has a DOT number – it’s the law.” Q: There has been a delay in the date escrow will close on the house we are selling. The buyers want to move in before the new escrow closing date. Is this a problem if they agree to pay rent? Bill Dalton of Dalton and Finegold, LLP in Andover answers that question for us. Bill says, “If the escrow or closing date is delayed and the Buyers want to move in prior to the conveyance of the property, several issues must be addressed. The best document to protect you as a Seller in this situation is a “Use and Occupancy” Agreement, that either the Seller or Buyer Attorney can draft. I prefer the Use and Occupancy to any “rental” type agreement because of the many tenant rights that arise in a landlord/tenant rental situation. Allowing someone to use and occupy the premises is essentially an invitation or license to stay on the Premises for a short period of time. The Agreement should contain language to indemnify the Seller if any issues arise from the Buyers Occupancy of the premises, including Buyer’s agents or third party invitees. Next the Agreement should be specific as to whether money exchanges hands in consideration of the Seller allowing the Buyer to Use and Occupy the Premises prior to closing. Finally, the Agreement should address who is paying for utilities, taxes, insurance, etc. The Buyer should have homeowners insurance in place for the Use and Occupancy period. Sometimes the Buyer may only need a place to move personal property and a “Use and Storage” Agreement can address their need. From a Seller perspective you are still accommodating the Buyer without the liability of the Buyer occupying the Premises. “ Most of all, make sure to have a real estate attorney address any issues related to your buying and selling of property. It’s the best way to protect yourself and your investment. If you have any questions you would like to direct toward Lillian or her partners, Jon Rapp or Bill Dalton, please email Lillian directly at: Lillian@DistinctiveHomesBoston.com. Should you be in need of a Real Estate expert contact Lillian directly at 888.861.0001. �sk �illian by Lillian Montalto DistinctiveHomesOnline.com • 25 http://www.DistinctiveHomesOnline.com

Table of Contents Feed for the Digital Edition of Distinctive Homes Magazine Boston - Vol. 4 Issue 5

Distinctive Homes Magazine Boston -Volume 4 Issue 5 Hallmark Sotherby's International Realty H &�Company Real Estate Coldwell Banker Chobee Hoy Associates Renaissance Realtors, Inc Window Dressings &�Custom Treatments Carlson &�Kinlin Grover GMAC Real Estate Ask Lillian Keller Williams RealityGuild.com Remax

Distinctive Homes Magazine Boston - Vol. 4 Issue 5

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