Browsing Category Sellers

What if I see something the inspector doesn’t see?

in Buyers General Real Estate Sellers on

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.

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How to differentiate your home from the competition

in Charlottesville Sellers on

So the question sellers are asking is, “how do we make our home stand out from the competition?”Between 1 June and 1 August 2004, 117 homes (no condos) were listed in the City of Charlottesville….  I do not really care what you do to our house, as long as it sells, but wonder what the plan is to get it remembered favorably.1) Make your house stand out because of the price (make it more competitive than the rest).2) Make your house spotless….  Do any and all reasonable (and some not-so-reasonable) repairs before it hits the market.5) Remove any and all objections that you can before the house goes on the market….  Buyers are asking for the moon right now; our job as listing agents and sellers is to get them to ask.Update 31 August 2007: Greg writes a similarly-themed article today.

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Transparency in government and real estate

in Buyers Politics Sellers on

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?

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Go to hell, relo company

in Charlottesville General Real Estate Sellers on

Primacy prefers the same closing agent represent both the Seller and Buyer (Title company’s name removed)and ask that thew [sic] Buyer’s agent does not contact or open title with another title company or closing attorneyI wonder if the buyers know that the relocation company (the seller) is requesting that the buyer not have their own representation at closing.  The Charlottesville market may be different than others in this regard, but Closings are done separately, with Buyers having their own representation (either attorney or title company) and the Sellers having their own….  The agreement states that if the buyer agent makes any attempt to arrange alternate financing or refers the buyers to another lender, such action would be considered a breach of the referral agreement entitling the referral source to damages for (ostensibly) tortuous interference with a contract.  The source refuses to give the buyer a good-faith estimate of closing costs until a contract is obtained on a house, and when the buyer finally gets the estimate, the rate, origination fee, underwriting fee and processing fee are very high, and much worse than the buyer could qualify for from other lenders.

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Something all Realtors and sellers should read

in Buyers Marketing Sellers on

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.

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Some of the factors impacting the Charlottesville real estate market

in Buyers General Real Estate Sellers on

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.

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