Blog - ATG Title

What Does Under Contract Mean in Real Estate?

June 15, 2021 By Jeremy

When a house is under contract, it simply means that the seller has accepted the buyer’s offer, and both parties are holding up their responsibilities before closing. While it does mean everyone is contractually obligated to hold up their end of the deal, being under contract does not mean the sale is final.

An offer on a home is more than a dollar amount. First, the buyer and seller negotiate a contract in which they work out what they’re willing to cover, what contingencies they want in place, and what they expect of one another before closing. If both agree to the terms and a selling price, they sign their names, and the property is then under contract.

During this period, the buyer will need to produce the earnest money deposit along with a preapproval letter for their loan or mortgage. After this, they enter what is known as the due-diligence period.

This period includes an inspection of the property, an appraisal, and a title search. These stages are in place to ensure that all potential issues have been worked through before reaching the closing table.

How being under contract protects realtors.

Naturally, you’ll ask why a contract is necessary if the sale isn’t final. The reason this contract is in place is to protect the parties involved in the transaction from others wrongfully backing out of the deal.

Say a seller gets a better offer on the home. If it’s under contract, they cannot back out of the current deal. Alternatively, a buyer can’t rightfully back out if they find another home they deem more desirable. The only way anyone can back out is if a contingency allows for it.

You need to remember that the buyer and seller aren’t the only individuals involved, though. In other words, they aren’t the only people protected by the contract. So, if anyone were to wrongfully back out of the contract, it can directly impact the real estate agents, title companies, etc. [Read more…]

How to Market a Pocket Listing

June 1, 2021 By Jeremy

You’ve scored your first pocket listing, congratulations! These are highly profitable and can help you stake your claim in your market. The only problem is that most of your go-to real estate marketing strategies aren’t going to help you here. For one, you have to protect your client’s privacy and keep the general public out. Two, the home is probably out of the price range of the average buyer.

Those two factors mean that you need to get creative with your marketing of the home, and we’re ready to help. Below you’ll find seven ways to market a pocket listing so that you can bring in qualified buyers and help to keep your client’s identity and home as private as possible.

Network with Financial Advisors

Gaining the respect and trust of financial advisors can take some time. That, combined with the idea that you are likely reading into marketing pocket listings before you obtain your first, is why we’re starting our list here.

Meeting financial advisors can happen in any number of ways, and you may want to wait for the relationship to start organically rather than approaching them on the spot about a business opportunity. Over time, you can gain their trust by offering your services when they mention clients that need to downsize their assets or have the opportunity to move into a bigger home.

After their trust is gained and a healthy relationship is established, you can approach them about a pocket listing to see if they know of anyone who may be interested. They may even provide you with a list of people who have the kind of income that would justify you approaching them with the opportunity.
Exclusive Advertising

With a pocket listing, advertising to the general public is off the table. Even exclusive advertisements in pristine publications might be an issue if the client doesn’t want to make the information to select groups, which is why you should always consult with your client about the idea first. [Read more…]

What is Part-Time Real Estate Agent (Pros and Cons)

May 25, 2021 By Jeremy

Are you thinking about becoming a part-time real estate agent? Then you’re likely thinking “Maybe I can give this a try?” and possibly thinking if it will remain a side hustle or a full time job. Becoming a part time real estate agent is a great way to get your feet wet, but it comes with plenty of obstacles a full time agent does not have to face.

By talking to long time agents, brokerages and by using our experience, we’ve created a guide to the pros and cons of being a part-time real estate agent to help you determine if this is the right more for you and your goals. At the very bottom you’ll find 5 tips to help you succeed if you do decide this is the right path for your career.

Is it legal to be a part time real estate agent?

Yes it is legal to be a part-time real estate agent, and yes you absolutely can work as a part-time real estate agent. An essential factor to remember is that all real estate agents have control over the amount of work they take on. It might not be as easy to find a brokerage to join, and you do need to work during your downtime, but this industry is flexible enough for people to get their start by working part-time. Many very successful agents get their start by working as an agent part-time until they have enough of a workflow to justify leaving their day jobs.

Do you need certifications to be a part time real estate agent?

The exact certification requirements are dependent on your local board. Being a part-time real estate agent is still a professional endeavor, so it requires some certifications. You’ll need to complete schooling and obtain the appropriate certificates to act as a real estate agent. That said, you can expect to complete schooling, find a brokerage to join, and take an exam at the very least.

How much can I expect to make as a part time agent?

[Read more…]

What is a Pocket Listing in Real Estate?

May 18, 2021 By Jeremy

A pocket listing, also known as an off-market listing, is any listing that is retained by a listing agent and not listed on the Multiple Listing Service (MLS). Instead, the agent tries to market and sell the home within a private or select network. In other words, it’s a real estate listing that isn’t made available to the general public.

Is a Pocket Listing the Right Move?

Listing in the MLS has its advantages, but it’s not always the best choice for sellers.

The number one reason to consider using pocket listings is to maintain your anonymity. Say you’re a local politician, judge, or celebrity. Chances are you don’t want to make your personal information public information. Disgruntled individuals or obsessive fans can use the opportunity to visit the home sheerly for kicks or to learn more about you.

Keeping the property out of the public listing is also an excellent idea for someone with a particularly interesting property. Multi-million dollar homes and unique properties are sure to draw in people who are just trying to take a look with no intention of making an offer.

Or say you’re just the average person who already knows of people who may be interested in buying your home. It can be a relative looking to get their start or someone close to you that’s been waiting for you to sell.

Why would you want to publicly list the home to draw the attention of buyers before they have an opportunity to make an offer? Instead of potentially wasting other buyers’ time, you hire an agent to facilitate your end of the transaction in a straightforward manner, however there is potentially dual-agency—which can also double as a con if the agent isn’t ethically driven.

Another benefit to using pocket listings is that they serve as a way for agents to market the home before it’s ready for sale. Say you’re performing some extensive repairs, the agent can use pocket listings to get buyers interested and warmed up to your asking price long before you officially list it. This “premarket” strategy is advantageous because you’re less likely to spend a long time with the house listed publicly while you wait for someone to make the offer you’re looking for.

Why You Might Consider Another Route

While the pros are short for pocket listings, that doesn’t mean they aren’t the perfect option for some sellers. If you’re still on the fence, you might want to consider the reasons that make the MLS listings a desirable route to take when marketing your home.

The most obvious thing to consider is market exposure. Remember that the property isn’t being marketed to the general public. Instead, you and your agent are responsible for marketing the home privately. That means no open houses, non-conventional advertising, and no listings on sites like Realtor or Zillow. [Read more…]

Should You Use Your Basement as a Bedroom?

May 11, 2021 By Jeremy

Whether you’re a homeowner or an agent looking for how to classify a basement, or you’re a landlord renting out a room in your home, you need to familiarize yourself with the codes surrounding basements. A strategic approach to a makeover can help to add value to the house. Not only that, you may even be able to convert a basement into a rentable space.

Before you run an ad about a basement bedroom for rent, you need to make sure what you have to offer qualifies as a basement. We’re here to help guide you through this topic and help you understand whether or not a basement can qualify as a bedroom.

What qualifies a basement as a bedroom?

For a basement to qualify as a bedroom, it needs to meet the criteria provided by local code enforcement offices. You should know that laws are subject to variation due to local regulations, and what is required in some places may not be in others. That means you do need to do some research.

However true that may be, the fact is that the general outline of what a basement bedroom must require is similar in all areas.

One of the most essential things a basement must feature to qualify as a bedroom is windows. At the very least, you can expect to have to include a few windows with a surface area of about 6 feet. The windows cannot sit more than 44-inches above the ground and must be paired with an oversized window well on the outside, if applicable. This allows the window to bring in natural light and act as an exit in an emergency.

That’s not all, though. [Read more…]

7 Out-Of-The-Box Partnership Ideas to Drive Real Estate Leads

May 4, 2021 By Jeremy

At some point, the market will appear dried up. All your typical lead sources will go quiet, and you’ll have to live off of your reserve while waiting for the market to pick up again. That’s typical for the average real estate agent, but this does not have to be a situation you face.

By becoming the “it” person and everyone’s go-to, you can have a continuous flow of real estate leads that come in ready to buy and sell. The best part is that because they are direct referrals, the lead quality is high and your funnel stays full.

Below you will find seven unique marketing strategies to keep your pipeline full of buyer and seller leads year-round. [Read more…]

How to Find Listings in a Market Where Everything Moves Fast

April 27, 2021 By Jeremy

You have a buyer and the buyer has a pre-approval letter or cash in the bank to purchase a home, great! But what happens when there are no listings or when properties fly off the market faster than you can even email them to a client? If you’ve worked in NYC, DC, SFO, or a similar hot real estate market you’re used to this predicament. But with suburban sprawl increasing and demand for space growing, a lack of inventory has become a reality across the USA.

Don’t worry, we’ve got you covered!

Below you’ll find five ways to find off-market listings as well as properties to keep buyers happy and your database full. [Read more…]

What is a PUD in Real Estate and Are PUDs Bad?

April 13, 2021 By Jeremy

When you’re ready to buy a home in a city or urban area, you’re going to come across two acronyms: PUD and HOA. Although they seem similar, they serve different purposes and that is what we’re here to help you learn about.

Below you will find everything you want to know about PUDs (Planned Urban Developments) and if buying a home that is part of one is the right decision for you.

What is a PUD in real estate?

A PUD or Planned Urban Development means that the home you are buying is part of a planned community and once you buy that property you will become a part of the HOA and part owner of common areas and amenities. PUDs can include a variety of housing types like condos, townhomes, and single family homes. They can also include commercial real estate uses, but that is for a different post.

You’ll typically see that PUD properties come with access to local amenities such as lakes, parks, swimming pools, and so on. Sometimes that property might be a part of a community that features its own grocery stores, gyms, restaurants, and security detail.

It’s important to remember that the extent of the rights that come with a PUD vary—not all are the same and this could also apply to specific amenities within the community and local area.

PUD vs. HOA, What is the Difference?

The difference between a PUD and an HOA is that PUD is a property descriptor, while the HOA is a sanctioning body that you pay dues to as the homeowner.

The HOA essentially is responsible for the upkeep of the community that the PUD is linked to. That means PUD owners have to pay dues to the HOA to keep up with the amenities that homeowners have rights to. [Read more…]

5 Ways To Increase Buyer & Seller Leads from Listing Pages

April 6, 2021 By Jeremy

If you’re ready to drive more buyer and seller leads from your listing pages, we’re ready to help.

Below you’ll find 5 of our top tips to turn more website visitors into leads for your sales funnel and increase foot traffic for your open houses. [Read more…]

New Service Announcement Title Insurance for Dog Houses

April 1, 2021 By Jeremy

To welcome the spring season this April 1st, ATG Title, the DMV’s leading title insurance, escrow, and closing company is proud to offer a new line of services for our furry friends: Dog house title searches and insurance!

Why are we offering this? Simply put, we went sniffing around and after pawing it over realized there is a begging need for it. After the executive team tugged around the rope they all agreed it is time our furry friends get the same protections we have.

It all started with a dispute over a certain doggy domicile when the land survey “dug” up an old marking from a few summers before. Fluffy the Bullmastiff was casually relaxing in her new home when Cujo the Chihuahua suddenly laid claim to the house. As you can imagine, it was a “ruff” situation!

When Fluffy first came to ATG for help, she appeared to be “crying wolf,” but after listening to her side of the story, we agreed that the situation was simply “for the dogs!” [Read more…]