About Roanoke City County, VA

New Events at the Taubman Museum of Art

The Taubman Museum of Art opened its $66 million 81,00 square foot building downtown Roanoke in 2008. It has multiple galleries and changes exhibits monthly. Recently, the Taubman has started having artist lectures and event each month.

This month is an exceptional collection for visitors to the museum, the new exhibits open Sept 15 6-9 pm

Nick Cave- A dance and visual artiest (not to be confused with the musician) will present his clothing and discussing his wearable sculptures.

Civil War drawings from the Becker Collection- This is a great collection of drawings by the artist who followed the Union army. These sketches offer insights into the social customs, cultural landscapes, and the complex environment during the war.

In the Moment: Light, Vision and Memory Celebrating Photography in the 125th Year of the Roanoke Times- Historical and contemporary photographs from the The Roanoke Times.

Thursday Sept 15, 2011

6-9 pm reservations required

Hello again AR nation. Just another week, and another learning experience.

I'm currently working with a client to get them into their new home. I love the whole experience of doing this. However, it seems every home I sell brings a new set of hurdles to overcome.

A little back story...We signed the contract on a home about 4 weeks ago. As is standard practice with most all agents now, I included a pre-qual letter with the offer. After a little back and forth, we agree on the final price, and begin the loan process. I'm sure we are all well aware that banks are very tight on giving loans right now, and you just never know what will happen.

Having said that, the only real issue I've had with the loan process, is that I was never informed that the initial loan was denied. I know that mortgage brokers will re-submit to multiple lenders when necessary, but we were tentatively scheduled to close next Tuesday, and now cannot. I found out one week prior to the close, that the loan had been re-packaged and re-submitted.

As I said before, I know this is part of the process, and we were trying to close in less than 30 days. I would have really preferred to have been informed as soon as the first loan was denied, so I could have let the seller know that there was a delay, just as a professional courtesy.

I'm not upset at my clients, or even at the mortgage broker. It happens. At least I know moving forward, I need to be a little more pro-active in gathering my information. I just wanted to get your stories and oppinions on this matter.

Looking forward to all the great responses, yet again.

Have a great weekend.

-T

First of all, let me give a huge thank you to all the open house advice I received. Rest assured that I will put it to good use, and let everyone know how it works. All the ideas also got the wheels turning with some of my own ideas, that I will test and gladly pass along if they work.

On the home front, we finally closed on the HUD house today, and the clients are very excited to get started working on their new home. I haven't sold a lot of homes, but I still love the feeling when it finally closes, and the client is happy.

That point leads me to this point, and that is why I do this. People ask me why I would want to get into the real estate business in this economy. The answer is simple...sort of. I purchased a home in 2007 (I know, I know), and yes, I got way more than I bargained for. As with everyone at that time, I overpaid for a house, trusted a home inspector that I shouldn't have, and regreted the decision on so many levels.

So, instead of sitting around feeling sorry for myself, I decided to become an agent, and if only for a few people, keep it from happening to someone else. I know it sounds a bit 60's, making a difference one person at a time, but it is how I feel about it. I'm the furthest thing from that mindset in most other things in my life. I still feel like (as I'm sure most of you do), that too many agents, and people in general, forget what it feels like to genuinely help someone jus to help someone.

That is why I do it. Yes, I like a comission check as much as anyone, and at the end of the day I could not afford to do this for free (I'm not crazy...I have a wife and 3 kids!), but I keep that part out of my mind when I am helping someone find their new home. I don't really care if it's a $20,000 handyman special, or a $500,000 dream home. I try to give them what they want.

I hope that it doesn't sound like I'm getting on any kind of a soapbox, because I'm not. I just want everyone to know, and hopefully remember who is trully important in our business.

Thanks again for all your responses and opinions.

Have a great night!!

-Todd

Ok. Let me preface this by saying thank you to everyone involved in this process from the selling agent, to the title company, to my lending officer, and most of all to my client.

I am currently in what seems like has been an endless delay to close a HUD property. The house is a very good purchase for my client, and everything she hoped to get in her new home. I will leave the name of the company (not the local agent, but the company who is representing HUD) out of the conversation, because it is not important.

We initially signed the contract in late March, hoping to have a 45 day close. Immediately out of the gate, I was told that the above mentioned, nameless company and their closing company, were not speeking to each other due to some contract dispute. So, I patiently waited and stayed in polite contact with them to see if there was any kind of a time table on getting a ratified contract. After about two weeks of contacts via e-mail and telephone, I was basically told "don't call us, we'll call you."

So, I patiently waited and kept my client posted with the same information I was given. In the meantime, the financing changed from a USDA loan to an FHA loan. As soon as it did, I informed the company handling the contract, that I needed to do an ademdum to the contract, and additional inspections needed to be done to the house due to the change. I was promptly told that I needed to do better research, because they had never heard of such a thing...(I'm still at a loss on that one.)

Finally on April 27, we get a ratified contract, and the ball begins to roll again...so I thought. I mada all the necessary phone calls, e-mails, etc., and asked the company handling the contract once again about an adendum to the original contract, and was given the same answer. Fortunately we were able to get financing through, thanks to the hard work of the mortgage officer we were working with.

On May 11, I was told that they needed an andendum to the contract, because financing went to FHA...I'd never heard of such a thing! LOL

I did as I was told, and was blamed accordingly for the ball being dropped, but I did not care. The selling agent was in constant contact with me, and blame didn't matter to me, I wanted to get my clients into a home! One week later, after the adendum was overnited to them (with signiture confermation), I was informed that they still did not have all the documentation to do a termite inspection and lead based paint inspection...on a home built in 1985.

Without rambling on too much further, because I think you get the idea, my clients rate locke runs out tomorrow, the inspections and tratments have been done since Monday, and we are penciled in for 2 o'clock tomorrow to close, with a 50/50 chance of it not happening.

I was told at the outset of this process, that this would be a nightmare. I have learned more from this one transaction, than any amout of effortless ones. My client is still happy, and almost excited, I have been sooo educated on every aspect of the HUD process, I have made a good contact with the selling agent (she said many of the agents just throw up their hands and walk away by this point. This is not uncommon with HUD properties, I guess), and I have learned the most important lesson of all...P A T I E N C E ! ! ! You can never rush the person holding the keys to your clients new home, especially when it's the government.

Thank you all for lending me your computer screen to share a story.

Happy selling, and have a great night!!

-Todd

Understanding Real Estate Representation in Roanoke Virginia

By: G. M. Filisko

Published: March 29, 2010

Whether you're buying or selling a home in Roanoke Virginia, it's important to choose representation that meets your needs in the transaction.

1. Buyer's agency

When you're buying a home, you can hire an agent who represents only you, called an exclusive buyer's representative or agent. A buyer's agent works in your best interest and owes you a fiduciary duty. You can pay your buyer's agent yourself, or ask the seller, or the seller's agent, to pay your agent a share of their sales commission.

If you're selling your home and hiring an agent to list it exclusively, you've hired a selling representative--an agent who owes fiduciary duties to you. Typically, you pay a selling agent a commission at closing. Selling agents usually offer or agree to pay a portion of their sales commission to the buyer's agent. If your seller's agent brings in a buyer, your agent keeps the entire commission.

2. Subagency

When you purchase a home, the agent you can opt to work with may not be your agent at all, but instead may be a subagent of the seller. In general, a subagent represents and acts in the best interest of the sellers and sellers' agent.

If your agent is acting as a subagent, you can expect to be treated honestly, but the subagent owes loyalty to the sellers and their agent and can't put your interests above those of the sellers. In a few states, agents aren't permitted to act as subagents.

Never tell a subagent anything you don't want the sellers to know. Maybe you offered $150,000 for a home but are willing to go up to $160,000. That's the type of information subagents would be required to pass on to their clients, the sellers.

3. Disclosed dual agency

In many states, agents and companies can represent both parties in a home sale as long as that relationship is fully disclosed. It's called disclosed dual agency. Because dual agents represent both parties, they can't be protective of and loyal to only you. Dual agents don't owe all the traditional fiduciary duties to clients. Instead, they owe limited fiduciary duties to each party.

Why would you agree to dual agency? Suppose you want to buy a house that's listed for sale by the same real estate brokerage where your buyer's agent works. In that case, the real estate brokerage would be representing both you and the seller and you'd both have to agree to that.

Because there's a potential for conflicts of interest with dual agency, all parties must give their informed consent. In many states, that consent must be in writing.

4. Designated agency

A form of disclosed dual agency, "designated agency" allows two different agents within a single firm to represent the buyer and seller in the same transaction. To avoid conflicts that can arise with dual agency, some managing brokers designate or appoint agents in their company to represent only sellers, or only buyers. But that isn't required for designated agency. A designated, or appointed, agent will give you full representation and represent your best interests.

5. Nonagency relationship

In some states, you can choose not to be represented by an agent. That's referred to as nonagency or working with a transaction broker or facilitator. In general, in nonagency representation, the real estate professional you work with owes you fewer duties than a traditional agency relationship. And those duties vary from state to state. Ask the person you're working with to explain what he or she will and won't do for you.

Other web resources

More on real estate agents' roles

If you have any questions or would like to have a discussion regarding your unique real estate position please feel free to contact me.

G.M. Filisko is an attorney and award-winning writer who zealously protected her clients' interests as a lawyer. A frequent contributor to many national publications, including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.

(courtesy of HouseLogic.com)