Look no further than this, on the Virginia Association of Realtors’ page (I didn’t see it yesterday because I use Adblock Plus on Firefox)…. However, they are generally of a higher quality than the referral I received yesterday through my office – all it contained was a name, email address and phone number. For that, the company is going to charge my company a 35% referral fee.If you’re a consumer using one of these relocation companies to find a Realtor, ask the company what they give you in return for them putting you in contact with a “qualified Realtor” – and what requirements they place on you for the privilege of using their company. Chances are, the referral company has done zero research and zero vetting of the Realtor or company to whom they are sending you.Related reading:Go to Hell, Relo CompanyTransparency in real estate commissions.
Browsing Category Buyers
How to Choose an ethical lender
Finding a lender who will represent your best interests rather than their own has always been important; even with the web, doing the necessary due diligence is seemingly more difficult than ever.The foundations of real estate and lending are relationships and reputation…. (This means that guaranteed rate you were depending on likely won’t be available come closing day, and that 6.25% interest rate may be 7%) To use the cliché – if it seems too good to be true, it probably is.Or as I put it to my clients, choose someone whose office you can walk into, look them in the eye, shake their hand, and tell them to “fix it,” even if fixing it means they pay for it…. They should; if they don’t, run.The “broker versus banker” debate is an entirely different debate to be covered at another time.Do they offer a wide breadth of options?Do they try to push you the maximum you can spend, or do they listen to your needs and budget and help you determine what you should spend? Just because you can afford something doesn’t mean you want to.Shop around; there are plenty of reputable, trustworthy lenders in town.Finding a good lender, Realtor, home inspector is a matter of trusting someone’s reputation.
What if I see something the inspector doesn’t see?
A simple argument against dual agency.In speaking to a respected listing agent last week while negotiating an offer, she assured me that I wouldn’t have to worry about her selling the listing herself via Dual Agency. (the thought had never entered my mind, as I know her and trust her, but I don’t trust Dual Agency).From the Realtor Code of Ethics:When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client.
…She said that she decided many years ago not to represent both parties in a transaction after one experience:She was representing the Seller and had written the offer for a non-client purchaser…. That question alone should be sufficient argument against Dual Agency.While the above is not a clear example of Dual Agency, the analogy applies especially to a Dual Agency situation whereby an agent has pledged his allegiance to his client – how can one serve two masters?The inherent conflict of interest disqualifies all arguments for dual agency.
Transparency in government and real estate
Transparency is a good thing.I’ve noted before how my company’s commissions are broken down. As a buyer and a seller, the expectation is that all money being moved around between the buyer and seller be shown on the HUD-1 form (PDF). Granted, the HUD can be confusing, but at least it’s all there in plain sight. Why are there only three candidates in the presidential campaign who have embraced transparency and accountability in government?
There are no little deals
There are no little deals.Every transaction is a huge transaction for the buyer, and usually the seller, too. Dismissing the “little” deals as such is detrimental to everybody involved. We were all, at some point, a “little deal” ourselves.
Something all Realtors and sellers should read
Part of an email from a buyer client who is searching for homes in Charlottesville:We overlooked this home because it only had a photo of the outside, but the home next door to it was for sale and I found a virtual tour through Trulia- it is beautiful…. The outside looks well-kept.The realtor is doing his client a disservice by only having one photo, but the resultant lack of interest may work to our advantage.It is the Realtor’s responsibility to do his or her job well. It is the client’s responsibility to check up on what their Realtor is doing on their behalf. I like to show properties that have one or fewer photos – it usually means that the Seller will have had less traffic and will therefore be more willing to negotiate a lower offer.
Some of the factors impacting the Charlottesville real estate market
the free market is resilient and adaptable.- Mortgage Fears Drive Up Rates on Jumbo Loans – even for those with excellent credit and good downpayments.- New construction has not slowed down sufficiently – and this may lead to at least one local builder’s folding while the big builders continue to suffer…. Hence, the “Bonfire of the Builders.”- More on rates’ volatility and the transition of the lending market as a whole – (there is a real opportunity for a Charlottesville lender to establish themselves in the Charlottesville blogosphere; I’m willing to help. Just let me know.)More on the self-inflicted damage to its credibility that the National Association of Realtors has once again done to itself…. If buying for the right reasons, now really and truly is a great time to buy a house in Charlottesville, so long as all applicable factors are considered and negotiated appropriately.