Tag Archives: charlottesville buyer broker
How Much is the Buyer Broker Fee?
That question is one of the many reasons that I choose to use Buyer Broker agreements with my buyer clients . (and why ending cooperative compensation would be a boon to the real estate world ). 1 – The Seller and the Sellers’ Realtor are going to do whatever they can (legally and ethically) to induce a buyer to look at the house … and hopefully buy it.
…(this argument becomes much harder when the seller has no or negative equity) – “It’s none of the Buyer’s business how much I’m being paid!” (as argued by the Buyer’s Agent who ostensibly is seeking to “represent” said buyer) Look, I’m not begrudging Realtors earning livings what I do encourage is for buyers to be aware of what may be going on behind the scenes. Continue reading
Vetting your Charlottesville Realtor – Like + Experience =
In a couple weeks, the Houston Association of Realtors will launch a Web application that allows consumers to see which Realtors within their chosen search area are transacting business – and which are not.
… The app is based on MLS data and will be available from the association’s highly-trafficked Website Every Realtor in the market is included, there is no opt-out The app is map-based, so consumers can see who has sold what, where, over different time periods The app may be made available to MLS organizations nationwide
…In the Charlottesville area, I see geography as less of a differentiator, niches are important, but making a career as a “specialist” would be nearly impossible – there’s no way one could be solely a ” Charlottesville condo specialist” – it could be a significant component of one’s business, but the market is just too spread out … but — combine the above with the announcement(s) from Facebook yesterday Heck, now you could see how many people Like the Realtor you may be considering hiring.
…(SIDE NOTE – This also drops Facebook in the middle of the local advertising game – you YELP, you update your facebook PROFILE automatically, I can then create an Ad based on the fact that you “liked” KFC -someone pinch me, I’m still in the dream with Hedi) People are going to freak out about this and it’s a shame – Facebook does not expose YOUR data specifically – only people who you’ve given permission to as a friend will actually see your profile and I can see this being fantastic way of really keeping in touch – how many of my friends liked “Hurt Locker” for example – that’s the next step of Facebooks evolution, it makes sense. Continue reading
Dropping prices, new construction and the inherent risk in a changing market
What do you do?A few things come to mind that I am wondering whether builders will consider:1) Put a contingency in the offer that the offer is contingent on an appraisal two weeks prior to closing of at least the contract price.2) A contingency that should the developer drop the price on other homes between contract and closing, the purchaser’s contract price will be reduced the same amount.3) From the Washington Post story: “The buyer should ensure that the deposit is put into an interest-earning escrow account, perhaps with a settlement company, and is not being used by the developer as working capital, Antonoplos said…. That will make it easier to recoup the money if the project hits a snag.”4) Put down a smaller earnest money deposit.5) Make sure that you have done your due diligence and that you love your soon-to-be new home.One aspect of this new environment that I have been wrestling with is how to ensure the soundness of developers…. How does one effectively represent buyers in the face of an unknown – that unknown being the fiscal ability of the developer/builder?Calculated Risk covered this story as well as Phil’s excellent analysis of a related story (h/t: Dustin)From Inman (behind a subscriber wall) in response to a question of what to do should the price go down on other, competing homes between your contract and closing:One common thread that runs through real estate law is that real estate values are unpredictable and that no one can guarantee escalation of prices…. Similarly, if values go down, why should the developer be required to pay you any money?The builders’ and the buyers’ choices may be reduced to renegotiate or lose the deal – both sides lose if they don’t negotiate.
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