I explained my philosophy on working with Buyers and went over the Buyer-Broker which I expect all of my clients to sign (certainly not on the first or second meeting, but definitely at the time a mutually-beneficial relationship has been formed!)…. While the right house may “pop up” by virtue of looking at everything on the market that remotely fits your needs/wants, there is a better way to search for a house.This is how I explained it – if you spend six hours with me today, and six hours with another Realtor tomorrow and another several hours with yet another Realtor the next day and then spend Sunday looking at Open Houses – there is no consistency, no coherence to the search process, no relationship formed…. For an example as to why one should not just jump in the car and go with everybody who wants to, see this recent email exchange with an internet lead:I neglected to ask previously – are you currently working with any other Realtors?… and then I get a call from another agent whom I respect and trust who says that he has shown this buyer lots of properties, and that he expects to write an offer in a couple of days, and how should we handle procuring cause?Sometimes the gamble works, but anything that I can do to mitigate the risk helps.
Browsing Category Buyers
Subprime mortgages poised to attack
At the same time, some lenders have become more reliant on computer models to estimate the value of homes.”We’re not really sure what the guy’s income is and…we’re not sure what the house is worth,” says Mr. Ranieri, who now runs his own investment businesses in Uniondale, N.Y…. (bolding mine)The shakeout of the subprime market could have profound implications on the entire real estate market, the mortgage market and many of the ancillary businesses.Who was looking out for those who took the subprime loans?… (Wharton)NovaStar Financial Share Prices Rocked By Earnings Report (Real Estate bloggers)Seeking AlphaBlock’s Blocked with this telling paragraph that to me simultaneously describes and indicts the entire segment:Block chased borrowers who shouldn’t have been borrowing right along with the rest of subprime lenders. The whole category is tatters these days, with defaults for the industry up and several lenders going bankrupt.CNNGroup sees spike in subprime mortgage foreclosures (MSN)Subprime woes (WSJ)I am waiting for the spike in this Google Trends graph:http://google.com/trends/viz?q=subprime&date=all&geo=US&graph=weekly_img&sa=N*I am not an economist.
Limited service agency bill in Virginia
Interesting addition:”Limited service representative” means a licensee who acts for or represents a client with respect to real property containing from one to four residential units, pursuant to a brokerage agreement that provides that the limited service representative will not provide one or more of the duties set forth in subdivision A 2 of §§ 54.1-2131, 54.1-2132, 54.1-2133, and 54.1-2134, inclusive. A limited service representative shall have the obligations set out in the brokerage agreement, except that a limited service representative shall provide the client, at the time of entering the brokerage agreement, copies of any and all disclosures required by federal or state law, or local disclosures expressly authorized by state law, and shall disclose to the client the following in writing: (i) the rights and obligations of the client under the Virginia Residential Property Disclosure Act (§ 55-517 et seq.); (ii) if the client is selling a condominium, the rights and obligations of the client to deliver to the purchasers, or to receive as purchaser, the condominium resale certificate required by § 55-79.97; and (iii) if the client is selling a property subject to the Property Owners’ Association Act (§ 55-508 et seq.), the rights and obligations of the client to deliver to the purchasers, or to receive as purchaser, the association disclosure packet required by § 55-512. A limited service representative may act as the agent or representative of the client only by so providing in writing in the brokerage agreement. If the brokerage agreement does not so state, the limited service representative shall be deemed as acting as an independent contractor of the client.
Beware of redistricting
This is why I always use the word “probably” when referencing school districts. Unless you can see the school and maybe throw a rock and hit it, there are no guarantees that that desirable Elementary-Middle-High School feeder pattern will remain intact.From today’s DP:“One of the things we’re doing with our Realtors is to say: ‘Please don’t promise folks when they move into the area that they’re going to be in that school for life,’†Behrens said. “In a growing community, in a growing county, you can expect boundary changes if you’re on the fringes…. Our goal is one time during elementary, so that you don’t have to be redistricted back and forth.â€If your Realtor does guarantee that, challenge him.
All properties have to go in the MLS?
I was at a trade show this week, and besides having much to contemplate with regards to whether to switch brokerages in the future, I learned a bit, too.In one class, agents were talking about how they send buyer clients automated emails when new properties come on the market that meet their buyers’ defined criteria…. The response was almost adequate, but what was most striking was the apparent difference between the Charlottesville real estate market and the California real estate market. A California agent approached me after the class and said that in California, state law dictated that within 72 of taking a listing, that property had to be put into the MLS. When I suggested that this might be an MLS rule, she was adamant that it was a California state law.
Request for stories from buyers or sellers in Charlottesville
Have you bought or sold a house in the Charlottesville area and have a story to tell?… If so, please contact me and I will post your story, question or tip…. Are you happy with your decision to buy or sell? Why or why not?This is a bit of an experimental idea, so please feel free to let me know your thoughts.
Home inspections, eminent domain and education
HB2011: Residential Property Disclosure Act; amends required residential property disclosure statementThis is one of the bills that may have the most impact on buyers and sellers of real estate in Virginia…. One of the more interesting changes is the advocacy of the home inspection:(ii) The owner makes no representations or warranties as to the condition of the real property or any improvements thereon, and purchasers are advised to exercise whatever due diligence a particular purchaser deems necessary including obtaining a certified home inspection, as defined in § 54.1-500, in accordance with terms and conditions as may be contained in the real estate purchase contract, but in any event, prior to settlement on a parcel of residential real property.HB2064: Salespersons & brokers; Real Estate Board to adopt regulations establishing educational requirement.More education is typically a good thing. SB1296: Eminent domain; not to be used for purpose of economic development or to increase tax revenue.The public position of VAR, and an opposing view…. If a broadband company is expanding into a rural area, and one landowner is stopping that progress, part of me supports the landowner’s right to keep his land and, in turn, harm all of those around him.