Second issue, (The builder) missed his 11-month walk through of our home and it was encroaching upon our 12- month (final inspection of the home), so my husband and I agreed to have an official home inspector come into our home (as we know nothing about home construction). … Upon hearing the findings and what they meant we conducted research for remediation and also contacted (The builder) and set up an appointment to go over the findings of the inspection (the inspector also disclosed he had conducted the radon tests in (The Neighborhood) and stated that (The builder) knew he had a radon issue because one of his home sales almost did not go through until (The builder) remediated the issue). … We immediately contacted a mediator to address the issue (when the location of the home was made known to the remediator (Radon Company), the owner stated he remediated the other homes in (The Neighborhood) and this could have been prevented/mediated during the building process or prior to sale of the home if already constructed). … (The builder) returned an email that stipulated he would accept no responsibility for the radon issue but agreed to put 250 dollars towards the remediation, “because we were good people and had contributed to the neighborhoodâ€. The total cost of inspection and remediation is 1175 dollars.
Browsing Category Buyers
Who Pays the Buyer Broker Fee?
This is a far-reaching and informative conversation/debate at Rain City Guide, which is worth the thirty minute read if you’re interested in this sort of thing . (And you should be interested if you’re in or will be in the market to buy or sell a house in Charlottesville or if you’re a Realtor … times continue to change as people continue to question and challenge the archaic way by which the real estate world operates) And here is the crux of the issue: If a broker just opens the door for a buyer, has that broker become the “procuring cause,†thus entitling that broker to the (commission)? … As the real estate industry matures in the modern, internet-based world, hopefully it will move towards a more rational way of compensating buyer’s brokers, one that compensates them for services peformed and value added, not just for “procuring†a buyer. I’ve said time and again – my business, and hopefully the better parts of the real estate industry, will continue to shift towards representation of clients’ and their interests and away from selling. (come back on 9 September to read a very relevant story about buyer broker fees)
Dealing with Home Buyers’ New Psychology
When we started, we were looking at new construction, and I had to tell them that whatever they wanted changed would have to be done by them, at their expense after closing, as the builders were not going to make any concessions or alterations. … That’s a difference that matters – both to actual sales numbers and perceived sales numbers – to the market’s collective psyche, if you will. See for yourself (PDF). Add to this the fact that the average Days on Market in May 2006 was 69 and the average Days on Market in May 2010 is 106 and the market rightfully feels slower.
…Many Sellers don’t want to “give their homes away” (hint: price your home to sell from Day One ) and many Buyers want to feel like they get a “deal” and many buyers have unreasonable expectations – resale homes are used homes; they are not new construction.
…They also are prepared to walk away if things don’t go their way – there will be another house that suits their needs and wants; five or six years ago, another house would come on the market, but it would probably have been more expensive.
FHA Changes – What they mean for the Charlottesville real estate market
Guest post by Matt Hodges with Compass Home Loans : FHA has picked up much loan volume that the sub-prime world vacated – so much so that for every ten new purchases, FHA insures three.
…For all new case numbers (FHA’s mechanism to keep track of loans they insure) assigned on April 5, 2010 or later, the UFMIP will increase from 1.75% to 2.25%. … It might be at a $200,000 loan, but at $100,000, most borrowers will expend at least $3000 in closing costs, pre-paid items and points. … If HUD removes the ability to get seller concessions at the lower loan amounts, they will be directly affecting the housing recovery and effectively be discriminating against poorer borrowers, who can only afford lower priced homes.
Why Use a Buyer-Broker Agreement?
I tend to use buyer broker agreements with all of my buyer clients fairly early on in our buyer client realtor relationships and this reason is this: first and foremost it lays out my fiduciary duties to my buyer clients. … I approach it as something that I will be asking for, but the first couple of meetings is sort of a time of dating of us feeling each other out and seeing if we are good matches, if we want to work with each other. Buyers and Realtors tend to spend a lot of time with each other, anywhere from six to 1,000 hours together looking for houses and home inspections and just time in the car and meeting the kids. … So pretty much if you need a page to explain the perils of why dual agency is bad, really, you might want to get rid of it altogether, but I write in all my buyer broker agreements that I will not do single agent dual agency.
Changes coming to Forms Home Buyers Use
I know this – my buyer clients will appreciate being able to compare Good Faith Estimates from lenders on “apples-to-apples” forms … And make it easier for me to help them identify junk fees.
…Daily interest charges This charge is for the daily interest on your loan from the day of your settlement until the first day of the next month or the first day of your normal mortgage payment cycle.
…In the past a borrower would receive a GFE with a different format from each lender that they visited —- each having a slightly different set of disclosed loan terms, or vocabulary for referencing such terms.
… On January 1, 2010, HUD will require that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs.
Note from a Reader – Access to Subdivisions
Jim: One thing I looked at when comparing properties was if the subdivision had more than one access; I was surprised at how many were dependent on one way in/out. … This isn’t something I’ve ever thought about, but in light of the snowpocalypse, it’s a pretty good idea. One thing I do tell my clients relocating to the Charlottesville area from other regions is this – when considering the “sub regions” within Charlottesville and Albemarle , consider this – Crozet is the only area with two major roads – 250 and 64 – accessing it. Think about it – 29 North – has 29 Pantops – has 250 and 64, but they converge about a mile too early.