When you are buying, or selling a home, your most important step to take is choosing the right real estate agent or buyer's agent. The process is very detailed and difficult and you will want someone that could potentially save you from mistakes that can cost a great deal of money.

Thursday, March 26, 2009

Housing Drives the Economy.

Jim Gillespie, CEO of Coldwell Banker Real Estate talks on CNBC about what it will take for the housing market to recover and discusses Obama's new plan to help new home buyers.












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Thursday, March 19, 2009

I want to buy, how do I get started?

by Patti Lora

Very simply, this is how...

Step #1
Find a licensed Realtor® who is a member of your local board of Realtors such as SABOR (San Antonio Board of Realtors). I would recommend an agent who works real estate full time and has a clear understanding of the San Antonio market and its surrounding communities.

Your Realtor will be your advocate and it is important that you have confidence in their ability to keep your best interest at hand. Realtors are accustomed to negotiating with new home builders and other Realtors representing pre-owned homes. Find a knowledgeable agent, commit to them by putting buyers representation in place and you can expect for them to be your best advocate. If you are not satisfied with their level of customer service let them go and find a Realtor who is committed to excellence.

Step#2
As soon as you find a Realtor you would like to work with the next step would be to get pre-approved with a reputable mortgage professional. This process means that your financial situation has been verified by the lender. Having a pre-approval letter is as close to a sure thing as you can get in the lending world. It enables you to act quickly when you find the right home and gives you more legitimacy as a buyer because your offer is not contingent upon obtaining financing.

It’s also a good idea to get a copy of your credit report; this will show you your financial history. It includes total debt and whether you pay bills on time. Checking your credit report regularly is the best way to spot identity theft and credit reporting errors that could affect your ability to buy a home.

The Fair and Accurate Credit Transactions Act of 2003 made it possible for consumers to access one free copy of their credit report every year. To request a report, visit http://www.annualcreditreport.com/.

Following these 2 simple steps will prepare you to buy the home of your dreams...

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Sunday, March 15, 2009

To stage my house or not, that is the question... Why is it important anyway???

by Anne West (edited by Patti Lora)

1. Your home will see the most action in the first two weeks after it's listed. That's when it gets the most buzz among the Realtors and when you typically get the most showings. That's also when you are likely to get your highest offer. Don't waste this golden opportunity by not putting your home's best foot forward from the beginning.

2. If you stage your home before you list it AND you and your Realtor take great photos of your staged home, it will attract more people to tour your house. 84% of people now pre-shop on the internet before physically visiting homes for sale. Make sure you don't turn them off with lousy pictures. And don't think you can get away with a single picture of the front of the house or a couple of pictures of the more presentable rooms. Too few pictures will send a red flag to potential buyers, who will think, "There must be something wrong with this house if they're not showing us all of the rooms. Let's skip it."

3. That old saying is true: "You never get a second chance to make a great first impression." If a buyer tours your house and finds it cramped, cluttered or dated looking, they will never come back, even if you subsequently clean it up, stage it or even remodel it. They have moved on to the houses that were show-ready to begin with.

4. Time is NOT on your side. The longer your house sits on the market, the lower the selling price. If you don't get an offer in the first month or so, your agent will pressure you to reduce your price. So you want to improve your odds of getting an offer right out of the gate by staging your home.

5. Staging before you list will force you to deal with your clutter and cast-offs sooner rather than later and make the whole process of moving more organized and less stressful.
Remember, when selling your house, you are playing the numbers game. The more people you can get through your front door, the more likely you will get an offer. So the objective is to attract as many potential buyers and then wow them when they get there. That's what staging does.

Remember, buyers form a first impression within 3 seconds, you want it to be the right one...

Article source: http://ezinearticles.com/?expert=Anne_West
(original article edited by Patti Lora)

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Monday, March 9, 2009

Protecting The Buyer and the Realtor® / Importance of Buyer's Representation

by Patti Lora

The other day a lady phoned me that I had not spoken with in several months. Her agreement for the house she was renting was about to expire and she wanted to look at homes to rent as well as homes to buy. We discussed all the benefits to buying and I requested that she go through the pre-approval process with a mortgage company so that we would know exactly what her budget would be. She declined and said she wanted to wait until she was certain she would buy instead of renting. I conceded knowing that we would be getting pre-approval before submitting any purchase offers.

I proceeded with my MLS internet search for suitable properties. After several hours work on my part I found many that fit the qualifications she gave me perfectly. I scheduled our appointments to view the homes and called the lady to finalize her information so that I could fill in the buyer's representation paperwork. She refused to give me her address saying that she would not sign anything. After explaining to her the importance of representation, even if it is for the one day we look at homes she still said, "No". At that point I wished her the best because I have decided not to work with anyone who will not listen to what I, as a professional Realtor® is advising.

Here is why a Buyer's Representation Agreement is important:

– The written agreement helps the prospective client understand the level of services the Realtor® will provide as well as their role. It can also help eliminate any misconceptions.
– A prospective client should understand how the Realtor® will be compensated and whether the client is or is not obliged to pay any part of the associate’s compensation.
– An agent may spend a significant amount of time showing properties to a prospect. Realtors® are committed to assisting clients. The same level of commitment is expected on the part of the client back to the Realtor®.
– If there is a possibility that the client will choose to purchase one of the firm’s listings, the authority for the broker to become an intermediary must be expressed in writing. The Notice of Intermediary Relationship form specifically refers to the buyer representation agreement and listing agreement (which the form presumes were previously executed). It is critical in an agency relationship for the sales associate to discuss what role the sales associate will take if the prospect buys one of the firm’s listing.
– There are several disclosures and statements that Texas law requires licensees to provide to prospects. The written buyer's representation agreement serves as a good checklist.
– The buyer representation agreement helps avoid commission disputes between REALTORS®.

If you are a buyer and are concerned about signing representation paperwork consider the following:
– Sign a shorter agreement with the Realtor®. Consider a 30, 15, or five day representation agreement.
– Another option would be to limit the term (even to a single day) or the market area (even to a single address). Consider a one-day agreement. If at the end of the day, you are comfortable with the Realtor® extend the written agreement.
– Limit the term (even to a single day) or the market area (even to a single address). Consider a one-day agreement. If at the end of the day, you are comfortable with the Realtor® extend the written agreement.
– You should also know that entitlement to Realtor® compensation in most buyer representation agreements is determined by the date that the buyer signs a contract to buy, not by the closing date.
– Ask for an explanation and a copy of the Information about Brokerage Services and Buyers Representation forms. Texas law requires that the Information about Brokerage Services be presented at the first face-to-face meeting with a prospective client.
– Believe it or not, many Realtors® fear the buyer's representation agreement solely because of a lack of knowledge of how to represent buyers. These agents need more education on the topic.
– By signing buyers representation your Realtor® will be bound to represent your interest before they ever step foot onto a property or search for properties.
– If you, as a buyer have sold a home in the past, keep in mind that a written agreement is equally as important when you buy as when you sell.

My hope is that buyers and sellers will become as educated as possible before they begin their home search. Education coupled with a good Realtor® who is committed to excellence and customer service will make your home buying and selling a positive experience.

Source: http://www.texasrealtoronline.com/issues/1100/buyerrep/1100buyerrep.html

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