A brief primer on designated and buyer agency...
Our company practices, as many do, "designated agency"... if you feel you need representation at all, which of course is optional based on your comfort level in the home buying process, then if you approach the listing agent directly AND want buyer representation, then you will be eventually referred to a different in house agent to take up your side of the transaction, the purchasing side. Designated agency creates that arm's length transaction which guarantees that your interest will be protected during the real estate transaction. Here is an example...for instance, you may simply use your own knowledge base as a guide in the purchase or you may hire a lawyer to look over your offer before submitting it and in both of these ways you can still bring the offer through the listing agent or any other agent for that matter WITHOUT representation from a buyer's agent.
Alternatively and as part of this example, if you should choose representation in the form of a buyer's agent from our (the listing agent's) company, then you would be referred to a different in house agent appointed by our principal broker and that agent and the listing agent would work out the commission split in house along with whatever other commission may have nbeen negotiated between that buyer agent and yourself as the client. We as a company have moved away from the days of dual agency where the listing agent represents both interests in the same transaction (difficult, if not impossible to do and remain 100% evenhanded- which is why our company does not practice dual agency anymore). Dual agency is the number one cause of lawsuits in RE transactions in NH (and likely nationwide) because it is very hard to split one's loyalties evenhandedly try as one might.
So, it gets down to whether you feel you need representation from an agent or whether you are simply going to march on your own. If you march on your own and choose to use the listing agent, then they can assist in ministerial ways like dutifully typing what you tell them to on the offer, supplying you the proper forms at the right time and as well owing you you duties at the customer level, that while falling short of a client relationship, still guarantee you that you will be treated fairly and honestly.
DEFINITION OF AGENCY IN REAL ESTATE
A buyer's agent represents a consumer who is purchasing property in a real estate transaction. This agent owes full fiduciary responsibilities, duties and loyalty to the buyer. The buyer's representative works for the buyer and has the buyer's best interests in mind throughout the entire real estate transaction process.
The word "agent" in the legal sense means "fiduciary." A fiduciary's primary duty is to put the interest of his/her client first. (Doctors, lawyers and accountants are examples of fiduciaries.) The courts have ruled that when real estate licensees act on behalf of others and represent them, they are accountable as fiduciaries. Obviously, buyer's need protection and representation as well as sellers. That is why the traditional real estate setup no longer makes sense.
The buyer's representative is compensated through a negotiated fee, or in some states the commission is split between the buyer's and seller's representatives based on the selling price of the real estate property. It is important for the consumer to discuss compensation in the initial interview. In many cases, it is recommended that the consumer and buyer representative agree to the terms of compensation prior to viewing real estate properties and sign a written agreement based on these terms. This agreement should spell out the responsibilities of both parties throughout the real estate transaction. It is important to note that in some states, legislation has been enacted to protect the client to the point that absent a written agreement the agent represents the buyer throughout the real estate transaction. Consult your local REALTOR® for complete details when you first start the search for purchasing any real estate property.
Why use a Real Estate Buyer's Representative?
As a consumer, how often do you buy real estate property? Once, twice, three times in your lifetime? Purchasing real estate is a complex and major transaction with many details to be handled. In the majority of cases the seller will be represented. Wouldn't you want to have complete and fair representation in the real estate transaction?
The Benefits of Using a Buyer's Representative
Using a Fiduciary representative offers the consumer many benefits.
Most importantly, the consumer would know that they are fully represented throughout the real estate transaction.
Agency Disclosure Form
All agents are required by law to present you with a disclosure form explaining your rights as a consumer and the agency's representation policy. Below are links to the state mandated forms for MA and NH as they exist at time of this initial
posting.
Massachusetts - Mandatory Consumer Relationship Disclosure
New Hampshire - Brokerage Relationship Disclosure
Sales since 3-15-2009 to 7-15-2010
There are currently 34 ACTIVE or CONTINGENT properties available in Francestown NH. YTD 2010 there have only been 8 sales. The AVERAGE Days on Market figure for these SOLD properties was 163.25 days. OUCH! Pricing is everything if the goal is to sell. It is not a guarantee however. Buyers are in short supply and over regulation by lenders does not help the equation. Strong marketing of your property is a must to even be in the game.
| MLS# | Status | ADDR | LIST PRICE | DATE LISTED | ORIG LIST PRICE | YR BUILT | TAXES | PRICE SOLD | |||||||||
| 2824370 | Closed | 639 | Old County Road South | Francestown | $79,000 | 03/19/2010 | $79,000 | 1950 | $4,535 | $73,000 | 04/02/2010 | $72 | 1,008 | 5 | 9.90 | 7 | |
| 2794976 | Closed | 100 | Campbell Hill Road | Francestown | $124,931 | 08/19/2009 | $169,500 | 1984 | $3,700 | $90,000 | 01/29/2010 | $40 | 2,256 | 7 | 4.43 | 163 | |
| 2818162 | Closed | 298 | Birdsall Road | Francestown | $139,900 | 02/10/2010 | $129,900 | 1945 | $2,955 | $123,000 | 06/30/2010 | $177 | 693 | 3 | 6.50 | 140 | |
| 2785147 | Closed | 731 | Bennington Rd. Rte 47 | Francestown | $149,900 | 06/22/2009 | $170,000 | 1955 | $4,900 | $140,000 | 02/09/2010 | $72 | 1,934 | 8 | 1.20 | 232 | |
| 2787486 | Closed | 80 | Scobie Road | Francestown | $171,500 | 07/05/2009 | $171,500 | 1999 | $5,560 | $180,000 | 08/20/2009 | $92 | 1,947 | 7 | 3.40 | 12 | |
| 2754206 | Closed | 57 | Main Street | Francestown | $225,000 | 12/04/2008 | $225,000 | 1787 | $8,295 | $165,000 | 05/29/2009 | $38 | 4,400 | 10 | 0.50 | 176 | |
| 2738135 | Closed | 304 | Oak Hill Road | Francestown | $229,000 | 08/13/2008 | $279,000 | 1987 | $5,326 | $222,500 | 11/16/2009 | $116 | 1,911 | 6 | 5.43 | 431 | |
| 2773681 | Closed | 1691 | Second NH Turnpike | Francestown | $230,000 | 04/28/2009 | $230,000 | 1986 | $5,259 | $223,500 | 06/25/2009 | $95 | 2,361 | 9 | 4.70 | 58 | |
| 2772593 | Closed | 93 | Perley Rd | Francestown | $238,000 | 04/21/2009 | $238,000 | 1984 | $5,351 | $231,500 | 06/30/2009 | $157 | 1,470 | 6 | 6.67 | 29 | |
| 2749523 | Closed | 379 | New Boston Road | Francestown | $247,500 | 10/24/2008 | $260,000 | 1998 | $5,688 | $238,000 | 04/28/2009 | $100 | 2,390 | 10 | 3.64 | 142 | |
| 2737389 | Closed | 117 | Dodge Hill Road | Francestown | $289,000 | 08/07/2008 | $329,000 | 1965 | $3,680 | $260,000 | 04/03/2009 | $131 | 1,990 | 6 | 5.09 | 237 | |
| 2748930 | Closed | 31 | Old County Rd North | Francestown | $299,900 | 10/21/2008 | $299,900 | 1966 | $5,176 | $290,000 | 04/15/2009 | $92 | 3,155 | 11 | 3.50 | 176 | |
| 2780948 | Closed | 617 | Poor Farm Road | Francestown | $349,000 | 06/02/2009 | $439,900 | 1784 | $7,761 | $342,500 | 03/09/2010 | $126 | 2,715 | 9 | 30.00 | 280 | |
| 2826397 | Closed | 83 | Ferson Road | Francestown | $349,900 | 03/29/2010 | $349,900 | 2002 | $7,909 | $342,000 | 06/18/2010 | $109 | 3,148 | 8 | 7.50 | 81 | |
| 2827582 | Closed | 295 | Perley Road | Francestown | $387,500 | 04/05/2010 | $387,500 | 1993 | $8,222 | $355,000 | 06/15/2010 | $78 | 4,576 | 11 | 7.00 | 36 | |
| 2770571 | Closed | 732 | Bible Hill Road | Francestown | $480,000 | 04/10/2009 | $480,000 | 1792 | $8,402 | $420,000 | 03/19/2010 | $144 | 2,912 | 10 | 22.40 | 343 | |
| 2755247 | Closed | 214 | PERLEY ROAD | Francestown | $629,000 | 12/20/2008 | $629,000 | 2004 | $13,401 | $600,000 | 05/05/2009 | $139 | 4,314 | 11 | 10.00 | 136 |
In response to
Do you ever wonder what is holding you back?
Written by: Maya Bailey Ph.D.
- Jul 2, 2010 6:38:52 AM
This is as true as the sun comes up in the morning! Identifying these self limiting beliefs is first, acting on them requires a plan and a monitoring system to ensure adherence to the plan. As silly as it sounds, simply repreating these 4 bullets you mention over and over each day and doing it when you already notice that for whatever reason you are feeling "good" will ensconce the idea in your neural wiring and over 6 months or so it will become the new reality for you. The old reality of beating yourself up all the time certyainly isn't working...give it a shot! 4 times a day, morning in the mirror, at lunch or when you are on a walk, right before dinner, and when your head hits the pillow. Each session should take about 1-2 minutes TOPS! No longer or you won't do it. The monitoring system is easy. You either did it today or you did not. Remember, the old reality of beating yourself up with negative self talk does not work for you...give it a try!
Buying a Short Sale - Is it a Bargain?
May 2nd, 2010 WWW.THEPOPEOFREALTY.COM
The Short Sale - Not Your Typical Real Estate Transaction
As a home buyer looking for value in the purchase of real estate you may find that a "short sale" property is your "best bargain". Understanding the process and working with qualified professionals will improve your chances of a successful transaction. Utilize the services of Realtors, attorneys, accountants, mortgage lenders and home inspectors as they all provide expert advice.
The short sale is not a typical real estate transaction. You must understand that you will be negotiating a contract with the Seller subject to lender approval and with no guarantees that your offer will be approved. In order to prevent foreclosure, the Seller may have only one opportunity to "sell short" and must have an offer that is likely to be approved by the lender. The following guidelines will improve your chances of a buying and closing on a short sale listing.
Qualified Buyer
Have evidence that you are a qualified buyer as sellers can't accept your offer. Obtain a credit approval from a reputable lender or if a cash buyer provide proof of funds. You must be qualified to purchase without selling an existing property.
Pre-Qualify the Listing
Sellers selling short typically have a time-line they must meet to avoid foreclosure. If they have not communicated with their lender(s) and started the process, there may not be sufficient time to affect a sale. Virtual Homes real estate agents will obtain this information on your behalf.
To obtain a list of short sales and foreclosures go to NH Foreclosures, MA Foreclosures and CT Foreclosures.
Negotiating the Offer
The first step is to have your offer accepted by the Seller and you will be competing against other buyers. Some real estate agents market the property substantially below market value to entice buyers. Others price the property at the low end of fair market value.
Sellers and lenders prefer offers with fewer contingencies.
Earnest Money - Sellers may be hesitant to accept your offer with a low deposit. Buyers can easily "walk away" from a contract with low deposits.
Home Inspection - be prepared to invest the time and money in the home inspection prior to lender approval. A seller may not want to take the risk of allowing the inspection after lender approval. If they do, they risk losing the buyer on the inspection issues and will not have time to sell the property prior to foreclosure.
Flexible Closing Date - once the lender approves the offer, they may require a "quick" closing. You must be prepared to meet their conditions if you want to consummate the sale.
Subsequent offers - the listing agent must submit all offers to the Seller. A contract with a higher sales price may have a better chance at being approved by the lender. The lender will give the Seller direction as to submitting additional offers.
Lender Approval
Lenders have no set formula that will determine the sales price of the property. However, Freddie Mac (one of the largest secondary market lenders) has a target sales price of 88% of the broker price opinion (BOP). Lenders will do their "due diligence" to substantiate the value of the property.
Have realistic expectations of the time-frame for approval as it may take between 30-180 days and property values can change.
Be prepared to lock your interest rate thru closing so that your mortgage commitment will be valid.
Filed under: Buying, Listing, Real Estate <!--f(!is_single()) echo "|";-->Comment (0) Article tags: ct foreclosure, distressed, foreclosure, ma foreclosure, nh foreclosure, pre-foreclosure, short sale
The Greece debacle has pushed interest rates on 15 year fixed mortgages especially low. NOW is the time to refinance with little to no questions asked if you already have a mortgage. This is a no brainer folks... save yourselves some REAL MONEY every month. On Thursday rates were in the 4's! Those are unheard of historical rates!
Helping you list and/or buy in sales and income tax free Southern, New Hampshire! Working primarily with the discriminating buyers and elderly as two demographics I understand from life experience.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved
