A few days ago we wrote about market conditions in our local market area, and this a story that adds color to the statistics we posted.

We recently had the experience of using a “Coming Soon” sign at one of our listings.  We have never posted a sign on a property until after it is entered onto the Multiple Listing Service (MLS) but in this instance the clients we were representing wanted a sign.  In order to keep the real estate community informed, the day the sign was erected, we sent out an e-mail communication to the local real estate offices letting them know about the listing.

Four days later we were able to change the sign to Sale Pending.

For decades our local real estate community has been a cooperative community in which listing brokers share the availability of their listings with other brokers, and the best vehicle for doing this is the Multiple Listing Service (MLS).  We personally are strong advocates of using the MLS because it is important for sellers to know that they have received the maximum exposure for their homes, and that they have received the highest and best price.  It is also vital that buyers trust that they will be kept informed about all of the available opportunities, and the MLS is the best way for them to be completely informed.

Most buyers who are looking for homes are already registered through various websites for automatic notification by e-mail of the availability of homes and have set up preferences, save home searches, track properties, automate searches, and have access to additional information not available to the general public. Click here to set up your own MLS account and register your own preferences for notifications.

Over the years of representing sellers, however, there are occasionally extenuating circumstances where the use of the MLS to promote a home may not be best.  When we have suggested to our clients that they might consider marketing their home without the use of the MLS, it is typically due to a health situation, privacy needs or a tenant-occupied home, and we have always had a promotion plan that includes other agents and brokers.

It is important to also keep in mind that Realtors inform their clients of the various marketing possibilities, but the property owners are the ones who choose the strategy and make the decisions.

The quick sale of this particular home is an example of how fast our market is moving (see previous post), and also underscores the importance of working with a knowledgeable local Realtor who is aware of purchase opportunities that are beyond those promoted through the Multiple Listing Service.

Here is another timely reminder of the possible implications of buying or selling a home that has been improved without benefit of a building permit.  We have written about this before on our blog (See post What No permit? ).

We recently represented the seller of a home that had an outstanding building permit that had not received a final sign-off from the local jurisdiction.  The sellers disclosed the situation and provided a copy of the building permit issued as well as the contract with the builder they hired to complete the modification. The building code and zoning ordinance have changed in such a way that the modification in question could not be replicated today.

The home sold in a multiple offer.  As the sellers considered the offers that were presented, one of the determining factors was that the agent representing the ultimate buyer of the home documented that they had accompanied the buyer to the building department and they had researched the issue.  The sellers understood that the buyers had done their “home”work ahead of time and that they were fully informed of the situation and the possible implications.

Link: http://www.inman.com/buyers-sellers/columnists/dianhymer/5-building-permit-issues-you-cant-ignore