Karl Erdmann, real estate broker, (140888)
serves the pacific northwest area at Pellego,
a locally founded, research platform and brokerage firm.
His past experience includes buying and selling for sale by owner (FSBO) properties including seller financing terms, see more details
here. He also is an actively licensed contractor,
partnering with property management companies, marketplace facilitators , and product service organizations, delivering timely and competitive
improvement and repair services.
Please call, text, email, or instant message (see chat on this page) me directly with any questions.
Pellego's research platform has powerful tools available to perform due diligiences and make investment decisions. Both buyers and sellers have resources available with Pellego and the NWMLS to provides information and analysis to help streamline the decision process. Pellego aggregates data from a variety of sources, providing instant comparable and investor analysis, making the listing or buying process simpler.
NWMLS uses a technology platform called Corelogic, the same organization with the industries largest reserved capacity of staff appraisers and apprasial technology platform. Corelogic provides a Real AVM value, including a high-low range and a confidence score. These values are engineered for brokers using a patented analytic models and nightly blind testing to provide confident, highly accruate property values.
Another useful resource available is Realist CoreLogic, a software reseearch solution that integrates tax, MLS data, and various other sources. Below is a quick overview of the platform.
Find tips here on how to prepare for an apprasial and what to expect.
In most states up until the 1990's brokerage clients were mainly owners listing a home, otherwise known as the principle or client, and the buyers were simply considered "customers" of the brokerage. Today, state laws are different, both buyers and seller may be represented. The orginal, true nature of a real estate brokerage remains the same, selling a home for the best price the market can offer is at the core of what brokers are trained to do.
One of the better overviews on how to determining the amount you may anticipate receiving is provided in the following video
One of the first steps is to obtain representation. Below is an overview on the agreement.
Below is a helpful video for a few documents that are useful to gather information to help list the property.
The first step for buyers in our competitive market is the secure financing and gain access to the NWMLS client portal to get alerts to your inbox the moment a listing hits the market.
Time is of the essence in a competitive market, and obtaining information and tools that allow quick, well informed decisions is imperative to obtain a winning contract.
After committing to a buyers agreement, below is a video on the process to obtain access to the NWMLS portal for buyers.
Compared to other industries, such as
certain financial services,
the real estate industry has a number of protection mechanisms for consumers including fudiacy duties for professionally licensed brokers.
The NWMLS TransactionDesk systematizes the statewide, standardized legal forms involved in a trasnaction for brokers. This platform also integrates with Authentisign for paperless signing. Find details about the "Advanced Real Estate Technology" available on this page.
Please find the lastest law of Real Estate Agency pamphlet here to find important information about fiduciary duties real estate brokerage firms and brokers have to their clients. All brokerage firms are required to cover agent in their erros and omission insurance coverage, this is part of the required cost of doing business.
A few additional resources includes the Washington Realitors Association legal hotline articles (available to even non-members) including a search tool, catagory filter and write up on legal advice. Another resource page provides a list of the industries largest information providers.
Another resource in the state includes the Washington State Bar Association LPO forms and Wasington Department of Revenue forms An attorney or a limited practicing officer are best suited to help prepare these forms.
There is no shortage of lending options, types of loans for buyers, and tax strategies to help prepare for a purchase.
Many financial intitutions have high competition for a borrowers. Pellego and Karl have recommendations for lenders and qualified intermediary (QIs) for many strategies.
The WA Housing Finance Commission and Down Payment Resource (DPR)® are collaborating to raise awareness and educate Northwest MLS members on how to connect more homebuyers to Commission programs, through a new tool offered by Northwest MLS.
DPR's national databank of 2,500 local and state heombuyer programs for downpayment and closing-cost assistance assistance programs uses a proprietary rules engine to match available property listings with downpayment-assistance programs and buyers can enter their information to determine their eligibility. Program information is updated each month to ensure accuracy. Eligible properties are automatically flagged with a DPR icon on the listing databsse at NWMLS. Find the annoucement on this feature by here.
To determine eligibility click here and fill in your information.
WSHFC also provides online training and commission-sponsored homebuyer education seminars click here for details.
The Washington State Department of Financial Insititutions (DFI), the regulator for a variety of financial services, has a few resources such as a consumer publications and owner help and assistance.
Investors planning to turn a profit should consider a 1031 Exchange, below is an overview on the process.
The first item to look for regarding property information is the Sellers Property Disclosure form (Form 17), a standardized legal form with a list of questions for the seller regarding the known conditions of the property. The video below details the general requirements.
A licensed inspector is a useful resource to obtain objective information to better make investment decision.
There are many highy qualified inspectors in the area, from a large locally founded franchise, shops that are also licensed educators, and well received authors.
The cost drivers of an inspection is usually based on the size of the home, some inspectors specialize in added services that fall outside of the stardard inspection A value added services that may come, but not required, with an inspection are cost guides to help interpret the results. Many shops provide pricing guides, there are also 3rd party guides (see video below).
Construction online platforms are also a common resource, they report some of the larger datasets in the industry.
Find details below on what to expect during a home inspection and how to prepare below
As a side note, it may help when shopping for an inspections, especially on tight deadlines, to keep in mind the educational standards to obtain license are set by the state. Washington state at least has standards, however they are minimal, arguably delapidated. For example , Washington State requires 120 hours of classroom training, and online training isn't accepted (pyshical classroom training is often at least three times the cost), whereas one of the higher standards on the country is in Texas State, which requires near three times the training, 330 hours of training and allows online training. One of the largest educators in the country goes so far as to mention workarounds to the states standards in their marketing. For what it's worth, I have written both the WA Department of Licensing and the Governors office, suggesting that it may be good for the local indsutry to reconsider the standards.
Real estate laws regulates how agency representation is allowed to structure commission agreements or are even allowed to disclose, particularly due to the competitive nature of the real estate brokerage business.
Pellego and Karl are a lean shop with minimal overhead, allowing us sustains the most competitive rates while not compromising the committed due diligience required to help optimize results.
The video below provides a breakdown about the listing and selling commissions and costs
How are a property's residential values calculated?
Every one of the 3000+ counties in the US have their own method, typcially they're a fixed millage or levy rate system. In Washington State, we use a "Budget Based" system. Below is an overview from King County about assessment on property values. Find more details about the process on this page.
Snohomish county povides helpful resources about their "appraisal" process here.
Another useful resource for state reports on real (and personal) this page at the Wasington Department of Revenues website.