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By Lindsey, on April 18th, 2011
Dual agency definition: Occurs when the same brokerage represents both the buyer and the seller under written agreement. This means that if a buyer has a buyers agreement with a real estate agent and the buyer has interest in a home that is listed under the same broker that the buyer’s agent works for, another agent or the same agent within the same office can represent the seller of the home of interest.
Just because there is a written agreement doesn’t mean it is safe to work under.
There isn’t even any fine print to warn the buyer. Dual agency can be detrimental to a buyer in certain situations. A company who advocates dual agency may say they work as a dual agency but actually perform similarly to a single agency. In small spaces, phone calls can be made with the buyer talking about pricing and terms and can be overheard. Faxes can accidentally be seen. Unintentionally an agent may be talking about a buyer by the coffee pot and be overheard by the sellers agent. If the sellers agent has information that may benefit the seller they must reveal the information to them because their fiduciary responsibility is to the seller.
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By Julie, on July 2nd, 2010
After the Housing Tax Credit expired on April 30, 2010, quite a few people put their housing search on hold and began to wait for the next Credit. There were rumors that this credit would be extended by Congress until September 30, 2010. In truth, this extension was only intended to help those homebuyers who signed a binding sales contract by April 30th. This was to help the backlog of mortgages being processed. From all indications no further credits will be offered.
Take your house search off hold and get out there. It really is a buyers market. Houses are being priced well below what they were at a few years ago. The prices are more in line with what they should have been, say a few of the Exclusive Buyer Agents’ I’ve spoken to. A house that was appraised at $575,000 in 2008 is now on the market for $399,000, one EBA told me. Prices dropped dramatically after the Tax Credit ended in April. Even lower than what was expected.
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By Julie, on June 29th, 2010
In today’s market it seems far-fetched that anyone could afford extravagance in the housing market. Yet, mansions and luxury condos are still selling. Even luxury items such as “storage condos” are still being bought just to store rare vintage cars and car collections.
Hugh Hefner’s original Playboy Mansion is located in Chicago, Illinois. The neighborhood is called Chicago’s Gold Coast. On the outside it appears to be an ordinary brownstone. Hugh bought it in 1959 to be used as Playboy Headquarters and spent upwards of $400k to modify it.
As his business began to really take off, Hugh left for Los Angeles in 1974 and donated the Mansion to the Art Institute of Chicago, who used it as dorms. The Art Institute was unable to afford the maintenance and sold the property to developer Bruce Abrams. In 1993 the Building was turned into seven luxury condos.
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By Julie, on June 24th, 2010
If you Google “green” you get sites about the color, tree hugging, sustainable building and getting a green office. Okay, so what constitutes green building? Is it the color of the product used? The amount it will cost? How long it will last?
Let’s try to clear some of this up regarding Green Building. While there are no national standards in place, the National Association of Home Builders has created certain guidelines. For more information see their website http://www.nahb.org/showpage_details.aspx?showpageID=1938&channelID=1915#nahbgreen.
One characteristic of Green Building is using energy efficient designs and materials and building a home that prevents HVAC loss. An energy efficient design would include utilizing sunlight and shade for heating and cooling needs. With airtight construction the indoor climate is much easier to control. Using LED lights and Energy Star appliances also cuts down on energy consumption.
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By Julie, on June 22nd, 2010
There are different ways that an Exclusive Buyer Agent (EBA) may get paid. There may be a retainer fee, an hourly rate or commission received at closing. At present, the commission at closing is by far the most common. The percentage of commission varies by region. In this, there is no difference between a buyer agent and a traditional agent.
There is more to being an EBA than just getting in your car and driving to show houses of interest to a client or getting to the table to close on a house. Buying a home is the biggest financial transaction for the majority of people. EBA’s must be able to know what a house is worth, be able to spot potential problems with a house, know the laws of buying a house, be familiar with the neighborhoods, where to get a loan and requirements, and be familiar with appraisals. They are required to continue education for retention of their license. These are just some of the things for an EBA. The list is long, but you get the idea. It doesn’t differ much from a traditional agent, except that they are on the buyer’s side only.
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By Julie, on June 17th, 2010
Here at SkyFor, Inc. we put people in touch with an exclusive buyer agent (EBA). The customer contacts us, either by filling out an online form or calling on the phone. With some basic contact information and where they’d like to look we can supply them with an EBA that can assist them. Of course, the more information the more equipped the EBA can be.
After the first couple of days of putting them in touch with an EBA, we will get back in contact and see how it’s going. If all is well, we let their Exclusive Buyer Agent(s) know. If it’s not, we see what we can do to help, which sometimes means contacting the EBA on their behalf and helping to figure things out. Or doing some research and finding a different buyer agent.
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By Julie, on June 3rd, 2010
So, you’re in the market to buy a home. Here are a few, of many, steps to take just to get started.
First, it is recommended that you make finding a good buyers’ broker your priority! They can provide you comprehensive information on available properties that meet your criteria. Many offer daily email listings of homes; including listed, not-yet-listed and for-sale-by owner. Buyers’ Agents also have information on buyer’s programs and mortgage loans.
Secondly, ask questions and get educated by your Buyer’s Agent. What are some of the things to look at or for when viewing a home. Remember, cosmetic fixes are easily done. Walls can be repainted, lights changed, fixtures updated, yards replanted…for little money. Big fixes, like foundation problems, sewer systems and mold, among many other things, can quickly become quite costly. Get an inspection, know what you’re really looking at.
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By Julie, on May 26th, 2010
300+ days of sunshine and a great place to enjoy nature. Nice revitalized downtown and many neighborhoods offer a wonderful family setting and good schools. One of the most dense areas in the country for post-high school educational institutions including University of Colorado at Denver, University of Colorado at Boulder, University of Denver, Metro, Regis, Red Rocks and numerous community colleges.
The current median sales price for homes in Denver CO as of Feb 2010 was $175,000. This represents a decline of 2.8%, or $5,000, compared to the prior quarter and an increase of 29.7% compared to the prior year. Sales prices have depreciated 14.2% over the last 5 years in Denver.
A quick fact about Denver: It had a theater before it had a school or hospital. In the Denver Metro area there are over a dozen theatre venues available. From the Denver Center of Performing Arts which offers astonishing facilities, backstage tours, acting instruction, professional theatre and Broadway shows to the Adams Mystery Playhouse, great for holiday or birthday parties, coworkers get together and first dates.
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By Julie, on May 7th, 2010
An exclusive buyer agent (EBA) is an agent or broker who represents only buyers of real estate. EBA firms do not have seller listings and they never represent the seller in a real estate transaction. There is a conflict of interest when a real estate firm represents the buyer and seller in the same transaction.
In the late 1980’s and early 1990’s, there was a rise in the number of exclusive buyer agencies. Now there are EBA’s in almost all of the 50 States.
In the United States real estate firms can represent both buyer and seller in the same transaction. When that takes place, the firms derive profit from both the seller and buyer sides of the transaction. EBAs do not believe it’s possible to simultaneously represent clients with opposing interests. Also, some states consider this practice to be illegal while others allow it.
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By Julie, on May 7th, 2010
“Homes in Sioux Falls are on the up swing and the market looks good. Should a great year.” Says an ABR located in Sioux Falls, SD.
Per one EBA in New Hampshire: She is still busy with clients, even after the tax credit has expired. In the southern area of New Hampshire prices continue to climb steadily, a more reasonable growth than in the past. She’s urging clients to buy now before the interest rate increases at the end of the year. Although it’s not believed to climb higher than 6%.
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