The 2nd in the Buyer’s Representation Series

Buyer’s Representative Service Checklist
Your buyer’s representative can help you….

1.       Identify your needs.

2.       Suggest sources of financing and other service professionals, such as inspectors and exterminators.

3.       Provide sources of accurate information on neighborhoods, schools and communities.

4.       Select and arrange property showings.

5.       Evaluate particular properties.

6.       Explain forms and agreements.

7.       Suggest contract contingencies to protect you, rather than the seller.

8.       Assist in the negotiations for a favorable price and terms.

9.       Keep all information confidential that could weaken your bargaining position.

10.   Monitor the entire purchase process, assisting with issues that arise through closing.

How is my buyer’s representative compensated?
                Many buyers wonder, “Do I pay my buyer’s representative?”  Your buyer’s representative should discuss compensation in your initial meeting, because there are a number of ways your buyer’s representative can be paid.  Typically, however, buyer’s representatives are compensated from the commission sellers’ pay their listing agents, usually based on the selling price of the property.  Some buyer’s representatives use different systems, often based on a negotiated fee for services rendered.  In most cases, prior to viewing any properties, you and your buyer’s representative should sign a written buyer representation agreement that includes terms of compensation.

What’s Next?
                Once you’ve chosen your buyer’s representative, you can chart your game plan, and the rest of the steps in the Toolkit will help you lay it out.  Maybe you have thought about things like your motivation for buying a home, how long you plan to live there, and your timeline for buying; share this information with your buyer’s representative.  The more information you supply, the better your buyer’s representative will be able to serve you.  Thousands of homes are bought and sold every day.  Is the process complicated and a bit overwhelming?  If can seem so.  But is it manageable?  Absolutely!  And preparation is the name of the game.
Call me for your FREE Toolkit or go to my website, www.CallCamdenHome.com, and e-mail me from there.  I would love to be your Buyer’s Representative!

Buyer’s Representation

Hi!  Today I thought I would start a piece on Buyer’s Representation.  The information is being taken from the Homebuyer’s Toolkit which is published by the Real Estate Buyer’s Agent Council, of which I am a member.  If you would like a free copy of this booklet please e-mail me at jtmcclintock@tds.net.  I will be doing several posts so watch for new information. 

Did you know that you can be represented as a buyer just like the seller is?  Finding an ABR (Accredited Buyer’s Representative) Realtor can make all the difference in your buying experience.

The two most important reasons to use a buyer’s representative are protection and efficiency. 

Most likely, the seller of whatever property you buy will be represented by a listing agent who can provide expertise through the transaction.  Don’t you want the same kind of service as a buyer?  A buyer’s representative can provide you with the expertise you need through the entire transaction.

How often do you purchase real estate?  Once, twice, three times in your lifetime?  So you can hardly be expected to know all the ins and outs of such a major transaction complicated by so many details.  In most transactions, sellers are represented by a listing agent who minds these details and their client’s best interests.  As a buyer, don’t you also want complete and fair representation in your real estate transaction?  Real estate buyer’s representatives are responsible for protecting the best interests of their clients-buyers like you-and can guide you through every step of the process.  So the first step, and perhaps the most important, is finding your buyer’s representative.

What makes a Realtor an ABR?  Having the ABR designation means the Realtor has taken the Accredited Buyer’s Representative training, specialized education offered by the Real Estate Buyer’s Agent Council.  In addition to knowing the dynamics of the local market, Realtors with the ABR designation also understand the special needs of buyers.  They have the experience to provide the service you need and will help you make informed decisions throughout the entire process that will lead to a successful home purchase.

I am an ABR Realtor and will be happy to work with you in finding your home.  You may want to go to www.CallCamdenHome.com to see the homes that are currently available.

Watch for my next post on the advantages of using a Buyer’s Representative.  Until then have a wonderfully blessed day.

Who’s working for who?

The type of information I give you is determined by how you choose to work with me. In Georgia, the law requires that you make a choice in how you prefer to work with a Realtor.
You must choose to either work together as my Customer or my Client. To work as a Customer limits the information I give you to what you could find on your own. In addition, I can do administrative duties i.e. draft an offer for you.   But I can not advise you.   To work as my Client, I can advise you. I will fully represent you and your interest throughout the entire process. To put it  in perspective. When you call on ad in the paper, lets say for a lawn mower. Is there any question, who’s interest the seller is working for? Now when you call on a Real Estate sign, the agent on the sign, same question?  The seller has hired the person on the the sign to represent their interest. the Seller has already negotiated with that Realtor to represent their interest. Everything from the price, commissions to how long they both agree to work together. So if you were to call that agent, you could only work with them as a customer. They already have a client they are advising and thats the seller. In Georgia the law states that Buyers must also select how they choose to be represented. Do you want your Realtor to pass on to you what they know about a home, past sales and current values is it overpriced? Sounds pretty good to me. Bottom line is that the internet can only go so far. At some point you will need to talk to someone that beats the pavement. If your worried about who pays for this, thats easy you do. Thats right, whether you select to be represented or not the commisions for both agents has already been included in the contract between the Listing agent and the Seller. Where do you propose they get the money? Thats right the sale of the home, and who pays them? You do. So if you choose to call the Listing agent and allow them to simply type the contract do you believe that the the commission is reduced? Nope, it will go to the Listing agent. So do yourself a favor, stop jumping from Realtor to Realtor and calling every yard sign you like. Pick a realtor that will go to work making sure you and your interest are taken care of.

How much home can you afford?

1. Rule of thumb on this is your monthly mortgage should not exceed 28% of your gross (pre-tax) income. 

2. Your Maximum debt load, including your mortgage payment, should not exceed 30% of your gross income.

I will be happy to send you “Homebuyers Toolkit” that has a wonderful worksheet to help you out.

See all listings for St Marys Ga at www.callcamdenhome.com

What does all the Media hoopla concerning Real Estate really mean?

If you were to believe the media reports about the housing market, you would want to hide under a rock. I will tell you what I know and then challenge you to do your own research. Here are the facts as I know them.

Fact 1. People with good credit will nearly always be able to get a loan. It may require more of a down payment, but I promise the money is out there.

Fact 2. Alot of the lenders that are no longer doing sub-prime loans shouldn’t have been allowed to make loans in the first place. With all of the loans that were flying around in the last few years. Some of those guys really needed another line of business. Please keep in mind that a ton of the foreclosures you are reading about in the news are second homes and of those homes a ton were bought with whats called an 80/20 loan. I will write more on this topic in the near future.

Fact 3. Where I believe everyone has the right to buy a home, I do not believe everyones financial picture warrants recieving a loan. Repairing credit is one the best things you could ever do for yourself. Renting another 6 months to bring up your score and put you on firmer financial ground is a smart move. Talk to a reputable Banker on this.

Fact 4. Real Estate historically will bring you a return on investment thats greater than practially any other place you can put your money. The secret is to do your research, get the best loan possible and treat your home as investment and not a rental property that you can just give back to the bank.

Fact 5. Interest rates are still very low. If you don’t believe me, ask anyone that bought a home in the 1980’s.

 A point to ponder.  If you decide to wait to purchase a home, what exactly would you hope to be the end result? More homes to choose from? We have 566 Single Family Homes listed today in Camden County and St Marys Ga. Lower Interest rates? Not going much lower. Want to rent awhile? Rental rates are going up dramatically in response to buyers fears. Home owners that are renting out their property have to be loving this.

Bottom Line. If you are looking to buy your first home, then its a wonderful time to do just that. There is still plenty of money to be had and a huge inventory to select from. If you are looking to Real Estate as an investment, the rental market is booming right now. Please keep in mind that owning a home is not just about what you sell it for. Its about the equity, tax breaks and freedom that you can never enjoy renting. I ask you use the 2 + 2 =4 RULE. Simply put if I ever tried to convince you that the answer was not 4, you would know in your heart and soul that you were correct and I was wrong.  I ask that you challenge what you hear on the news and from me for that matter. Read, ask questions and make an informed choice before you put off buying a home. For all of the homes listed in Camden County go to www.callcamdenhome.com

August 7th 2007

Today we recieved news that even more lenders have gone under. American Home Mortgage and HomeBanc Mortgage were the latest to close their doors. American actually filed for bankruptcy. The morale of this is to make sure the lender you are using is actually going to be in business on the day you close. The tides are changing in my opinion that Mortgage brokers are going to have fewer choices and that more loans will be from actual banks. Just a theory, we will see. To see more on the lending situation check out www.lenderimplode.com

Today in St Marys and surrounding Camden County there are 560 Single Family homes for sale ranging from $53,000 to $1,950,000 you can see them all by searching the MLS above or going to www.CallCamdenHome.com

Due Dilligence and what does it mean?

What does it mean to have Due Dilligence? In a nutshell you are allotted so much time to inspect a home from top to bottom. This time period begins after you have agreed to terms on price with the seller. I really can’t think of anything more important in the whole process of buying a home than that of properly utilizing the Due Dilligence period. From the time you come to terms with the seller, lets say you have 14 days. Due Dilligence. (If your realtor played his cards right, there was a blurb that said weekends and holidays dont count against you). You now have 14 days to discover the good, bad and ugly that may not be so obvious to the naked eye. You will want a home inspection, a termite inspection, a personal inspection of the neighborhood on weekends and nights, you will speak to law offices and conduct mold inspections and I think you get the point. From these inspections, some things the Sellers may can fix, somethings they can’t. After you have closed the deal is NOT the time to say. “My realtor didn’t tell me to get a termite inspection,” my Realtor didn’t tell me that the High School band marched down my street every Friday before football games. Yes, the seller and Realtors have an obligation to disclose what they know. Utilize your Due Dilligence period to discover what they may not know. For more terms concerning Real estate go to www.callcamdenhome.com �

Whats in a contract? And why is it important?

When you find that wonderful new home and decide to make it your own you will need to make an offer. Now in the world of Real Estate a verbal offer won’t fly. We will need to make an offer in writing. The form we use in Ga is the F20. It covers everything from How much you offer,When you would like to close and move in. The type of inspection you would like to perform. Where you would like to close, the type of loan you intend to use and a variety of other tidbits. The contract is the only one we can use. It was drafted by Attorneys and isn’t perfect but is without doubt drafted in a way to protect the interest of both Buyer and Seller. Everyone involved with using the F20 has an obligation to understand whats in it and the repurcussions of not meeting the items in it. For example; If your contract tells a seller you intend to excercise 14 days of Due Diligence to inspect the property, and those 14 days have passed. You address concerns with the seller and and they agree to correct those items prior closing, the day before closing  is not the time to ask the Seller for additional repairs. My advice is to take the extra time with your REALTOR and establish a good timeline of the items in the contract. Don’t be afraid to ask your Realtor all of the “What if”? questions. Theres more at stake than just earnest money. If one party plays by the rules and the other doesn’t the violating party could be sued for damages. This is not to scare anyone. Buying a home is one of the biggest investments someone can make, pick a good Realtor and read the contract. You will be glad you did.

www.callcamdenhome.com for thousands of listings in the St. Marys Ga. area.