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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 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 15th, 2010
What is FICO you ask? Is it contagious? The answer is: FICO score is a measure of credit risk developed by Bill Fair and Earl Isaac beginning in 1958. FICO is a registered trademark of the Fair Isaac Corporation (FICO), founded in 1956 and headquartered in Minneapolis, MN. And no, it’s not contagious.
FICO Scores are calculated from a lot of different credit data in your credit report. This data can be grouped into five categories as outlined below. The following percentages reflect how important each of the categories is in determining your FICO score:
35% Payment history
30% Amounts owed
15% Length of credit history
10% New credit
10% Type of credit used
It is the combination of these categories that determine your FICO Score. No one category is more important or factor alone which determines your score. The overall credit report information determines how these categories affect your score. It’s impossible to determine how any single factor is important since it varies from different credit profiles and mix of information, which changes from person to person.
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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 admin, on May 20th, 2010
Per a letter from Mark Udall “Earlier today, the Senate passed my amendment to the Wall Street reform legislation currently on the Senate floor. This bipartisan amendment will put consumers back in control of their own financial information by allowing them to get their credit score…for free.
Today, the system is stacked in favor of banks, credit card companies, and other lenders or businesses with ready access to your credit score that you don’t have. While you have access to free credit reports, they don’t provide you with the single most important piece of information to a lender when determining your creditworthiness: your credit score. Instead, your credit score is only available if you pay and sign up for expensive, hard to understand monthly subscriptions.
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By Julie, on April 19th, 2010
“Taxes and Maintenance Costs are Low.”
Home buyers often gripe about tax and utilities bills that are higher than sellers said they were. Homeowner association and condo dues and assessments are also common complaints. Sometimes sellers simply underestimate the bills, or forget to include recent or expected increases, agents and brokers say. Taxes can also be deceptively low because of unrecorded improvements like decks and finished basements. Ask to see recent bills, and check with the tax assessor’s office for up-to-date information.
“This is a Quiet Neighborhood.”
Sellers may play down distractions that could drive you crazy, such as barking dogs or idling buses. A charming park by day could be a teen hangout at night. Your best bet is to view a property at different times of the day. “I can’t tell you how many times in my career buyers didn’t go there in the night time, even though I told them to. You spend more time in the house at night than during the day,” says Ms. Saatchi, the New York real-estate agent. Talk to neighbors and peruse the local newspapers and blogs to get a feel for a place, and check with police for crime.
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By Julie, on March 2nd, 2010
More than 30 states have disclosure laws requiring sellers to tell prospective buyers and buyer brokers about leaky roofs and other problems, according to the National Association of Realtors. But there’s often a gray area involving the disclosure of problems the seller may not know about, such as a long-ago flood or hidden mold.
States are also increasingly passing laws requiring homeowners to disclose environmental issues, such as the presence of radon gas, a contaminant linked to lung cancer, and underground fuel tanks. In California, the checklist of required disclosures is so long that a cottage industry has sprung up of firms that help sellers prepare the forms.
If you would like help from a broker who specializes in representing the buyer with these disclosures and so much more, please click here .
What other forms of protection does an Exclusive Buyer Agency (brokers who specialize in representing the buyer) provide?
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By Julie, on February 25th, 2010
Eager to unload their abodes, some sellers exaggerate the size of their lots or their houses. Others minimize their property-tax or utility bills, conveniently forget about pests, or downplay flooding problems or noise.
Real-estate experts and Real Estate Investment advisors say that while such misrepresentations aren’t new, the tough market of the past few years has made buyers more wary, partly because they can’t expect rising home prices to bail them out of costly mistakes. As a result, deals are taking longer, and more of them are falling apart as buyers find properties sometimes aren’t all they’re supposed to be.
Please click here to find an exclusive buyer’s agent in your area to help protect you in your home search.
Do you have any stories to share about buying a home?
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