Paul's Blog-Insight into the home buying process.

FHA guidelines still evolving - financing repair costs.

Paul Howard, Broker, NJHomeBuyer.com Realty — Sat, 06 Sep 2008 06:36:28 -0500

I first posted this in May and since then FHA has become much more widely used. As it should. It is still evolving though so another look seems justified.

For those who are not up on FHA it is a good time to look at this type loan. There is no reason not to unless you are always above the FHA loan limit.

In 2004 FHA was a last resort for many. In 2008 it should be the first loan type considered. This is even more true if your credit score is below 700.

HUD just issued new guidelines regarding non traditional credit that you can learn about here: http://www.hud.gov/offices/adm/hudcl...ee/08-11ml.doc

I usually read HUD mortgagee letters: which you can find here:
http://www.hud.gov/offices/adm/hudcl...ers/mortgagee/

If you work with anyone wanting to do limited rehab look at mortgagee letter 2005-50.

That said, before going for a mortgage as rehab loan consider just getting rehab financing after settlement in cases where that will work. It can be much cheaper because when you use a 203k type loan product you end up paying a much higher interest rate (.5% higher or more) on THE ENTIRE LOAN.

Suppose you need 15000 in repairs. Do a 203k streamline on a 300,000 loan and it may bump up your rate by a half percent. That is going to cost you 1500/year. 1/2 % of 300,000. Every year. Instead if you got a loan after purchase of 15000 and it even cost you 10% it would only cost you 1500 per year. Any rate under that is savings. AND you would not have to refinance your entire mortgage to get rid of it.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty
Cherry Hill NJ 856-488-8444

Dual Agent remorse

Paul Howard, Broker, NJHomeBuyer.com Realty — Thu, 04 Sep 2008 08:37:37 -0500

I got an email through Trulia the other day from a young lady that was interested in a house in a town where I work. She had seen my profile and answers to questions I had given in Trulia. She had looked at a number of homes by calling the number on the sign in front of the house or in the listing. Interested in a particular house, she started asking questions of the agent. She was not comfortable with the reserved answers she got and felt the agent really wasn't trying to advocate for her. After she read my Trulia posts she realized why. The agent was working for the seller. The agent did mention dual agency to her but she didn't really get it till she saw my post.

I won't go into the things the agent did that violated her duty to be 'fair' as a dual agent but suffice it to say the buyer now feels trapped. This is an old story and will continue until real disclosure starts to take place and potential buyers know what they are getting into when they call off the sign. Buyers should keep in mind that listing agents work their 'sphere of influence' intensively. That means that if they listed the home of a friend or relative (extremely common), no matter what they say, they will advocate for them even if they claim to be a neutral dual agent.

In the May 2005 issue Consumer Reports recognized EBAs as "true" or "genuine" buyer agents. In a white paper submitted to a "Public Workshop on Competition Policy and the Real Estate Industry Co-hosted by the Antitrust Division of the United States Department of Justice and the Federal Trade Commission " (White paper - Department of Justice), Tom Early (a past president of NAEBA (www.naeba.org)), laid out the problem concerning the industry clouding the issues surrounding true buyer agency.

Until there is real reform in the industry and timely disclosure is made buyers will continue to be trapped (as in 'One date - You're Married' by Tom Wemett) and will either accept the predicament they find themselves in (buying a house without an advocate to help) or go for estrangement. Google: --- "procuring cause" Estrangement .

If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - Call me now for genuine buyer representation.

If you are in the market for a home in Camden county or elsewhare in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction-AND STAY THERE TILLYOU ARE SETTLED.

Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers.

Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the areas we serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes Sold in Gloucester Township NJ 08081, 08012 (August 2008)

Paul Howard, Broker, NJHomeBuyer.com Realty — Wed, 03 Sep 2008 07:54:07 -0500

Homes Sold in Gloucester Township NJ 08081, 08012 (August 2008)

	All Gloucester Twp	Single Detached	all 08081	08081 Single Det	08012 Single Det	all 08012
Homes Sold	232	147	95	73	35	74
Median Price	$199,000	$220,000	$201,000	$235,000	$187,000	$195,000
Price Range	$45,000- $550,000	$110,000- $550,000	$45,000- $550,000	$110,000- $550,000	$115,111- $350,000	$115,111- $350,000

There are dozens of neighborhoods (developments), more styles than you can count and over SIX hundred homes NOW on the market in Gloucester Twp alone, that I can help you choose from and help negotiate a purchase on favorable terms.

With prices down and the government offering a 0 interest $7500 loan (available as a tax credit to first time buyers) for another few months now is a great time to buy a home in this area.

Some things I do for buyers:

Provide comparable sales and tax record data and help decide on an offer price.
Suggest additional terms to ask for to make your contract for buyer favorable.
Attend your home inspection.
Help negotiate repairs
Review your lender 'good faith estimate' to see if it was really provided in 'good faith' or has obvious errors.

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes for Sale in Gloucester Township NJ 08081, 08012 (8/18/2008)

Paul Howard, Broker, NJHomeBuyer.com Realty — Mon, 18 Aug 2008 06:44:39 -0500

Homes for Sale in Gloucester Township NJ 08081, 08012 (8/18/2008)

	All Gloucester Twp	Single Detached	all 08081	08081 Single Det	08012 Single Det	all 08012
Homes for sale	620	424	241	186	121	179
Median Price	$219,900	249,900	239,900	269,900	233,900	227,900
Price Range	29,900-645,000	0,000-645,000	52,000-645,000	90,000-645,000	99,900-459,900	99,900-259,900

There are dozens of neighborhoods (developments), more styles than you can count and well over a hundred homes priced under $200,000.

With prices down and the government offering a 0 interest $7500 loan (available as a tax credit to first time buyers) for another few months now is a great time to buy a home in this area.

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

If you are in the market for a home in the South Jersey or South Jersey Shore area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. We ONLY hire agents that work exclusively for home buyers.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes in Gloucester county NJ 08012 08081

Paul Howard, Broker, NJHomeBuyer.com Realty — Sun, 17 Aug 2008 20:32:41 -0500

Homes for Sale in Gloucester Township NJ 08081, 08012 (8/17/2008)

	All Gloucester Twp	08081	08012
Homes for sale	623
Median Price	$219,900
Price Range	29,900-645,000

There are dozens of neighborhoods (developments).

Knowing the price range for an area, the median price and the number of homes for sales doesn't tell you very much does it. Tomorrow I'll fill in the gaps.

If you know the area do you have any idea what breaking it down by zip and by single detached versus townhouse/twin will look like?

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

HUD homes in South Jersey (NJHomeBuyer.com Realty)

Paul Howard, Broker, NJHomeBuyer.com Realty — Fri, 15 Aug 2008 09:45:17 -0500

In 1997 I began taking the South Jersey HUD list from the newspaper and posting it on my website. At the time, it was the only online place it could be found. As HUD wised up and started posting that I continued for some time. When they got to the point (just a few years ago) where they were actually adding information of value (a home inspection report for each one) AND started putting them in the MLS - I stopped. For a consumer these days the best place is to go straight to the website of HUD's vendor.

Go to: http://www.NHMSI.com for the latest HUD list. If it is not on that list it is not available.

Indeed, if it isn't on that list there is no way to make an offer on it because that is where HUD registered broker have to go to place an offer. I am of course a HUD registered broker. More HUD registered broker can be found by searching the site.

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes in Camden and Burlington County NJ (price range stats) NJHomeBuyer.com Realty

Paul Howard, Broker, NJHomeBuyer.com Realty — Fri, 15 Aug 2008 09:30:44 -0500

Homes for Sale in Medford NJ 08055

Today (8-15-2008), there are about 244 homes for sale in Medford, NJ. Of these 218 are single family detached homes and of those the prices range from about 174,900 to 4,995,000 . The median prince of the detached homes is about $500,000 . There are dozens of neighborhoods (developments).

Homes for Sale in Cherry Hill NJ 08002,08003,08034

Today (8-15-2008) , there are about 613 homes for sale in Cherry Hill NJ. Of these 447 are single family homes and of those the prices range from about $150,000 to $2,950,000. The median price is about $319,900. There are dozens of neighborhoods.

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If you would like to know what homes are available in a particular neighborhood or are interested in locating a home with the features and price range that suit you - just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

So you think you can negotiate the commission with your agent when selling your home: Maybe not.

Paul Howard, Broker, NJHomeBuyer.com Realty — Mon, 11 Aug 2008 10:23:12 -0500

When a consumer comes to a Realtor looking to list their home they are told the commission is negotiable. They 'negotiate' the commission with the listing agent they select. The home is listed. They would do well to look at that listing agreement carefully. They will notice that no buyer or selling agent is listed as a party to that agreement. That being the case they are not bound by it no matter what they are 'offered'.

When a buyer comes to a Realtor they may enter into an agreement regarding commission and the buyer may ask the seller to pay that commission when they make an offer. That commission might be lower than anticipated by the seller - or it might be higher.

There are two sides to each transaction - neither can unilaterally dictate the commission paid to the agent on the other side.

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We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes for Sale in Cherry Hill NJ 08002,08003,08034 (prices by style/design)

Paul Howard, Broker, NJHomeBuyer.com Realty — Fri, 08 Aug 2008 13:06:20 -0500

Today (8-8-2008) , there are about 628 homes for sale in Cherry Hill NJ. Of these 461 are single family homes and of those the prices range from about $164,000 to $2,950,000. The median price is about $319,000. There are dozens of neighborhoods.

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zipcode: 08002 approximate median asking price for a single family is: $279,900 (range: $164,900 - $464,900)

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zipcode: 08003 approximate median asking price for a single family is: $375,000 (range: $170,000 - 2,950,000)

Ranch: Approximate median asking price is: $364,900 (range $219,900 - $899,975) (20 homes)

Split Level: Approximate median asking price is: $273,000 (range $170,000 - $429,000) (24 homes)

Colonial: Approximate median asking price is: $364,900 (range $189,500 - $849,900) (126 homes)

Cape: Approximate median asking price is: $290,000 (range $183,000 - $749,900) (11 homes)

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zipcode: 08034 approximate median asking price for a single family is: $280,000 (range: $179,900 - 1,980,000 (next highest in this range is $710,000)

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If you would like to know what homes are available in a particular neighborhood just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

Homes for Sale in Cherry Hill NJ 08002,08003,08034

Paul Howard, Broker, NJHomeBuyer.com Realty — Fri, 08 Aug 2008 10:09:14 -0500

zipcode: 08002 approximate median asking price for a single family is: $279,900 (range: $164,900 - $464,900)

zipcode: 08003 approximate median asking price for a single family is: $375,000 (range: $170,000 - 2,950,000)

zipcode: 08034 approximate median asking price for a single family is: $280,000 (range: $179,900 - 1,980,000 (next highest in this range is $710,000)

If you would like to know what homes are available in a particular neighborhood just ask.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ

NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

A walk to the beach.

Paul Howard, Broker, NJHomeBuyer.com Realty — Wed, 06 Aug 2008 08:02:43 -0500

I toured a few open houses in Ocean County NJ this past weekend. One of them was advertised as walking distance to the beach. I guess it depends on how long you want to walk.

I have a friend with a house less than 4 blocks from the beach. It is about a 5 minute walk. Her house is worth about $300,000. If it were only a 1 minute walk (the beach side of the beach block) the LOT her house is on could be worth a million or so. The thing is, many people that have homes in the beach block don't even go to the beach. Go figure. Location means everything doesn't it.

I like the beach but mostly before noon and after 6pm. It is much more peaceful then. I am quite happy to walk an extra 4 minutes to save a million or so.

Do you have good credit? Looking to buy a home? If you are thinking about buying a home in the area I serve , call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty

www.homebuyerhomesearch.com

Cherry Hill NJ 856-488-8444

FHA and Condos

Paul Howard, Broker, NJHomeBuyer.com Realty — Sat, 02 Aug 2008 06:57:40 -0500

I read a recent article in the Chicago Tribune that stated,

"Also, approvals for condos take eight to 10 weeks, twice the processing time for single-family dwellings."

It does not. To get some real facts I contacted Eric Bornebusch a senior loan officer at JPMorgan Chase.

Here is what he said,

"A condo development needs to be FHA approved to be able to finance a unit with an FHA loan. If
the development is existing, and already FHA approved, its very easy, just
like a single family home. If the condo project is NOT FHA approved, a
spot approval can be done, if the project meets FHA requirements. This
requires a fair amount of paperwork and some extra processing time, but not
10 weeks. If the project is new construction, and not FHA approved, it
becomes extremely complicated and paperwork intensive, and could well
require more than the 10 weeks mentioned below."

The Chicago Tribune reporter mixed up processing an FHA loan application to approval with processing an FHA approval of a condo development - something that in most cases will have already been done.

Let me know if you would like to contact Eric for mortgage information for a purchase or refinance. Some buyers already have financing lined up with a lender they have chosen. If they haven't (sometimes even if they have), I send them to Eric and generally 2 or 3 other lenders. Whoever make the best impression - usually with the best deal or the best response time - gets the business.

Do you have good credit? Looking to buy a home in the price range 175,000 to $800,000? That is our specialty. If you are thinking about buying a home in the Cherry Hill, New Jersey (NJ)area in the near future, call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information.

We serve: Burlington, Camden, Gloucester, Mercer and Ocean counties in NJ.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty

Cherry Hill NJ 856-488-8444

Listing Agent Responsiveness

Paul Howard, Broker, NJHomeBuyer.com Realty — Wed, 18 Jun 2008 18:21:38 -0500

With the tools we have these days communications can happen very quickly. Most of us are "connected" and then some. I prefer communications with almost everyone to be by email, at least in a business context. The simple reason is that I want a record of what I say and what I'm told. I'm always a little suspicious when I send an email request for information and don't receive an acknowledgment within at least 12 hours. (I prefer no more than 4) Not necessarily an answer but an acknowledgment that the email was received. Of course it can happen that the email was not received. (that is a different issue).

As an agent for buyers, when I request information regarding a property and don't receive a response I advise my client not to wait for an answer but to keep looking at other properties. This has happened when all my client needed to make an offer was an answer to a question. If the seller's agent gets around to answering, the offer may still be made - or it might not. Sometimes that one day delay resulting in a few more homes seen (or an answer from someone else) makes the difference between an offer and no offer.

I think it is best to answer right away.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty
Cherry Hill NJ 856-488-8444

If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time.

Do you have good credit? Looking in the price range 250,000 to $800,000? That is our specialty. If you are thinking about buying a home in the Cherry Hill, New Jersey (NJ)area in the near future, call Paul at (856) 488-8444 or send an email to Paul@SouthJerseyHomes.com for information.

When you step through the door do you know if it is the house for you?

Paul Howard, Broker, NJHomeBuyer.com Realty — Mon, 16 Jun 2008 10:14:14 -0500

I recently read an agent's blog post that said she tells buyers that they will know if it is the house for them the moment they step through the door. There is no doubt that buyers sometimes really do "know". When they get that "I love it feeling" should the agent validate it? Sometimes. But what if there are things about the house that are negative and could be overlooked by someone taken over by their emotions.

Without raining on their parade an advocate for a buyer should make sure the buyers keep everything in perspective before they have made a financial commitment in addition to their 'love at first sight' emotional commitment.

It is not the job of a buyer's agent to sell property. That is the job of a seller's agent.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty
Cherry Hill NJ 856-488-8444

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

What do buyers need to know before making an offer on a home?

Paul Howard, Broker, NJHomeBuyer.com Realty — Tue, 13 May 2008 07:01:42 -0500

What do you need to know before you make a purchase offer on a house?

This may vary with the part of the country you are in and with the house itself. I am in Southern New Jersey. My office is in Camden County.

Some things to know (or learn) are:

Comps:

People use this term as though it has an actual definition. This does refer to comparable homes that have sold recently ( How recent is 'recent'?) That is not all though.

What competing properties are now on the market?

How long have they been on the market?

How many have been listed for sale and expired unsold?

How many times has the price been reduced? How recently?

Did the current owner/seller buy during the boom?

The listing agent: Is the agent experienced, inexperienced, desperate for a sale?

How long has the listing agent been in business?

Does the listing agent have a history of pricing homes near their eventual sales price or are they much above?

Had the agent sold anything lately?

Do they have other listings currently under contract?

The seller:

Have they already moved out? (if it has furniture but looks a little unlived in check the closets and fridge for clues.)

Is there 'deferred maintenance'?

Is there a short sale (has the seller already been approved or not)

Are they buying another house (is it contingent on this sale)

What is the condition of the home?

Neither the buyer or the buyer's agent are home inspectors but they do indeed need to inspect.

A buyer's agent should look for certain types of foundation cracks, termite activity, roof condition, apparent age of furnace/AC and a host of cosmetic issues.

Issues with anything not cosmetic will come up on your home inspection but if you know you will soon be needing a new roof you can consider that info when you determine an offer amount. You might even get an additional concession after a home inspection but at least it won't be a surprise

Have there been recent additions that might not be reflected in the tax assessment yet?

The neighborhood:

Sometimes a home that appears to be a come - isn't. (at least without a major 'adjustment')

Has the town recently gone through a tax assessment? If it has great. You probably can rely on the tax amount reported in the tax records.

Does the area suit you? Commute, services, "feel"...

It does little good to have a "buyer's agent" if the agent doesn't know how to do 'DUE DILLIGENCE" to benefit you. There are many people in this industry claiming to be a buyer's agent that know little about true representation. This especially goes for some who rushed in during the last 5 years hoping to make a quick buck.

If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time.

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

Serving the following counties: Burlington, Camden, Gloucester, Mercer, Middlesex.

FHA Guidelines evolving.

Paul Howard, Broker, NJHomeBuyer.com Realty — Mon, 05 May 2008 15:22:55 -0500

For those who are not up on FHA it is a good time to look at this type loan. There is no reason not to unless you are always above the FHA loan limit.

In 2004 FHA was a last resort for many. In 2008 it should be the first loan type considered. This is even more true if your credit score is below 700.

Paul Howard

Cherry Hill NJ
NJHomeBuyer.com Realty
Cherry Hill NJ 856-488-8444

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

Feeding the Rain From Cherry Hill NJ

Paul Howard, Broker, NJHomeBuyer.com Realty — Wed, 23 Apr 2008 09:27:01 -0500

Do you want to really subscribe to blogs. Make life easier for yourself.

You've seen the caption over the photo of members that says "Subscribe to blog"?

Click it. What just happened?

Aside from it now showing up in your list of subscribed blogs I have no idea. I suspect - nothing other than saving it to your list of subscribed blogs. However, if you are using firefox for your web browser you may note in the address bar the feed indicator like the one to the right.

Click it (in your location bar). It will save to your bookmarks. When you look at the bookmark and put your cursor over it a drop down list of the blog entries will appear for you to select from like the one in the screen shot at top.

You have truly subscribed to the feed. You have heard the terms. RSS feed, syndication etc. related to blogging. Firefox user have a built in feed reader but there are many others. The link below is a good overview and primer on feeds and subscribing to blogs.

Go to: http://www.google.com/support/feedburner/bin/answer.py?answer=79408 , Google's FEEDBURNER HELP CENTER for an easy feed read.

Subscribe in that way to your own blog. You do not have to be logged in to active rain to read your own or others' blogs.

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If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction.

Paul Howard is the only Realtor that is an Exclusive Buyer Agent having an Exclusive Buyer Office in South Jersey.

Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. Homes for sale, lots of homes for sale and I can help you buy one.

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

Paul Howard, Broker/Owner

NJHomeBuyer.com Realty

811 Church Rd Suite 111

Cherry Hill NJ 08002

856-488-8444

Is the Realtor Code of Ethics REALLY strict - as advertised?

Paul Howard, Broker, NJHomeBuyer.com Realty — Mon, 21 Apr 2008 07:29:23 -0500

The Articles below came from this page at Realtor.org

Is it really strict?
Keep your eye on the terms "Client" and "Customer".

Duties to Clients and Customers

Article 1
REALTORS® protect and promote their clients’ interests while treating all parties honestly.

Article 2
REALTORS® refrain from exaggeration, mis-representation, or concealment of pertinent facts related to property or transactions.

Article 3

REALTORS® cooperate with other real estate professionals to advance their clients’ best interests.

Article 4
When buying or selling on their own account or for their families or firms, REALTORS® make their true position or interest known.
Article 5
REALTORS® do not provide professional services where they have any present or contemplated interest in property without disclosing that interest to all affected parties.

Article 6
REALTORS® disclose any fee or financial benefit they may receive from recommend-ing related real estate products or services.

Article 7
REALTORS® receive compensation from only one party, except where they make full disclosure and receive informed consent from their client.

Article 8
REALTORS® keep entrusted funds of clients and customers in a separate escrow account.

Article 9
REALTORS® make sure that contract details are spelled out in writing and that parties receive copies.

Article 1 looks good. They SHOULD promote their CLIENT's interest but be 'honest' with CUSTOMERS.

Article 2.

Humm, if you are a buyer CUSTOMER of a Realtor instead of a buyer CLIENT you can be sure they will (and quite properly) conceal the seller's motivation to sell even though you may feel that is a pertinent fact.

Article 3 seems straightforward

Article 4. Sounds good to me.

Article 5. That is as it should be.

Article 6. That is as it should be. Some Realtors receive an "incentive" (money) when they recommend a home inspection company, for example,

Article 7

This is good. You wouldn't want to pay your agent if they already were getting their full fee from someone else.

Article 8. This is good. It is also the law.

Article 9. This is good too. don't sign things you don't get copies of and don't take someones 'word'.

Lets take a look at the heading and the first 2 articles:
Define: Customer=
Define: Client=

As a consumer, do you want to be a client - or a customer of "YOUR" Realtor?

Did you notice that even though the heading is "Duties to Clients and Customers" not one article mentions customers?

In fact, the ONLY duty Realtors owe 'CUSTOMERS" is honesty. They owe that and much more to "CLIENTS".

Do you know what the additional duties that Realtors owe their clients are?

Would you rather be a client or a customer of a Realtor ?

At one time (maybe there still is) there was a booklet for Realtors titled: "Who is my Client?"

Do you know if "your" Realtor considers you a client or a customer?

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If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time.

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

The Verdict: The Ummels Lose - Agent Little Didn't Violate the Law.

Paul Howard, Broker, NJHomeBuyer.com Realty — Sat, 19 Apr 2008 07:01:45 -0500

The Verdict: The Ummels Lose - Agent Little Didn't Violate the Law.

Cherry Hill, NJ, April 19, 2008. A jury in the case involving Marty Ummel, buyer of a 1.2 million dollar home in California, decided that her agent, Mike Little, did not violate the law. Mrs. Ummel says she sued Mr. Little because he didn't fully disclose information about comparable sales. “We want to change the industry. We want disclosure”, she said in an interview on the Today show.

Mr. Little said to a New York Times reporter: “The lady is a nut job. I didn’t do anything wrong.” It was also reported that his expert witness said she just didn't "do what is expected of a knowledgeable, sophisticated buyer..." That implies that they felt there was something to discover, she didn’t do what was required to discover it and the agent was not obligated to do it for her.

Not disclosing those comparable sales prices may not be a violation of law in this case and the jury verdict appears to support that conclusion. It also does not violate the standards of practice of the 1.3 million member National Association of Realtors (NAR), an organization to which Mr. Little belongs. Apparently experience doesn’t help either because Mr. Little had 26 years of it.

Given the jury verdict, how can buyers protect themselves?

First, make sure your agent signs a contract with you (which the Ummels did not do) that includes the requirement that you be provided with comparable sales information before making an offer on a property.

Second, determine if the agent is a member of an organization whose members subscribe to a code of ethics that exceeds the minimal requirements of the law.

The agent may be one of the 1.3 million members of the National Association of Realtors, as Mr. Little was, but that offered no protection to the Ummels. Although the organization has stringent standards of practice some don’t think they go far enough. There is another national real estate organization. The National Association of Exclusive Buyer Agents (NAEBA) addresses this specific issue in its’ standards of practice. Unlike NAR, NAEBA's standards of practice require that its’ members provide their clients with comparable sales data.

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If you are in the market for a home in the Cherry Hill, NJ area , or in South Jersey, make sure you hire an agent who will work for you on your side of the transaction.

Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents(www.naeba.org), representing buyers ONLY, 100% of the time.

If you are thinking about buying a home in the Cherry Hill , New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for information to Paul@SouthJerseyHomes.com. It is good to own Real Estate.

Do you have or need a secretary?

Paul Howard, Broker, NJHomeBuyer.com Realty — Fri, 11 Apr 2008 15:30:19 -0500

How many of you have an unlicensed assistant or a secretary. If you do, how do you use them. It seems to me a full time secretary would cost (at least) $30,000 a year. That would be cheap if it didn't result in a reduction of my net income but I don't know if it would or not. In what ways can a secretary assist in such a way that I could become more efficeint and increase my net income. I know about virtual assistants. Somehow the idea of using one makes me a little nervous---from a confidentiality perspective. Is that a legit concern? At least a secretary would be an employee and subject to my control.

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If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction.

Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents(www.naeba.org), representing buyers ONLY, 100% of the time.

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

Client communication, phones, email and fax

Paul Howard, Broker, NJHomeBuyer.com Realty — Wed, 09 Apr 2008 14:44:37 -0500

I have one number that rings all my phones;

cell
office
home
and now laptop.

If I'm with a client, I don't answer and they can leave a voice mail which gets emailed to me. I call them back as soon as I'm free. It works for me. When I leave a message for someone I give detail so they can usually answer it by leaving it in my voice mail if they don't get me when they call back. The only time I intentionally don't answer is when i want a record of whatever message they are going to leave me.

All that said - I prefer email. I can forward email to my client whenever I send an email to an agent and my client in that transaction gets a copy. That makes it easy to ensure that all my communication regarding a client are disclosed to the client AND I have a record of the disclosure.

I have a fax number but I don't give it out unless necessary. I think most things should be sent via email as pdf files. When I receive a fax it comes to me in my email as a pdf file that I can easily forward to my client as appropriate. Anything that I do fax I also turn into a pdf file to keep in my records under the file of the client involved.

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

Real room sizes and published (MLS) room sizes - the size of the stage.

Paul Howard, Broker, NJHomeBuyer.com Realty — Wed, 09 Apr 2008 06:53:08 -0500

Did you ever try to match the room sizes in the listing with those in the home. Buyers often do that and come away confused or cynical.

Some agents use the largest wall to wall size and ignore that a closet or stairway or other obstruction takes up a large segment of one wall. Yet they measure as though it isn't there. Others appear to round up an 11'1" room to 12" feet etc. I have never seen a basement height in a listing. Buyers would be very interested to know if it is 6' or 8'. That is a difference between finishable and not.

I judge agents in part by how realistically they portray a home in the written listing. It is quite obvious that many don't have the seller review the content of the listing for accuracy. My job is to help the buyer see the reality of a home. How well will it serve their purpose and what is it worth to them are questions I help them answer. Accurate information is critical. If a home is staged, I help them look past the stage. If it isn't, I help them see what could be.

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If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction.

Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents(www.naeba.org), representing buyers ONLY, 100% of the time.

If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

Perception: stylish outfit and fancy car - then there is me.

Paul Howard, Broker, NJHomeBuyer.com Realty — Wed, 02 Apr 2008 15:27:09 -0500

How much business am I losing by not being stylish and driving a fancy car. I drive a 5 year old Town and County. Not fancy by any means but it will seat 7 total if I need it to. It is functional. Will a new one get me more business?

As for clothes, I see some agents dressed like they are going to a party (non casual dress). I'm a little more laid back. When I look at houses I sometimes go into attics or crawl spaces. Not good places to go if you have to worry a lot about your clothes. Years ago I wore a suit every day but not any more.

I suppose I really should stop cutting my own hair but it is a habit I got in college when I had no money and tend to go back to when I don't have a lot of time to go to a barber.

Don't even get me started on shoes. I never notice shoes but my girlfriend does. She says she doesn't want to change me but after we get married I will need to make "adjustments". But not change. Humm.

See, for me to make my clothes match I have a hard time with it unless I go for all gray or all beige. It makes my life more simple.

So, do things like our cars, our dress and our hair cut influence whether or not a buyer or seller will deal with us?

Some folks go for weird others for what is in style. I just try not to let my clothes clash. Women, I think, see this differently than men...but as in many things I may be wrong about that.

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If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

Perception: stylish outfit and fancy car - then there is me.

Paul Howard, Broker, NJHomeBuyer.com Realty — Wed, 02 Apr 2008 15:26:58 -0500

I suppose I really should stop cutting my own hair but it is a habit I got in college when I had no money and tend to go back to when I don't have a lot of time to go to a barber.

See, for me to make my clothes match I have a hard time with it unless I go for all gray or all beige. It makes my life more simple.

So, do things like our cars, our dress and our hair cut influence whether or not a buyer or seller will deal with us?

Some folks go for weird others for what is in style. I just try not to let my clothes clash. Women, I think, see this differently than men...but as in many things I may be wrong about that.

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If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information.

NAEBA puts the E in EBA.

Market Stats and Trends, Cherry Hill NJ Real Estate

Paul Howard, Broker, NJHomeBuyer.com Realty — Sun, 30 Mar 2008 13:39:10 -0500

I went back 2 years (April 06 to March 08) and looked at sample listing and sold history. The only month within that time frame that more homes were listed than sold was December '06. I don't think that month is meaningful because listings generally are depressed in December. Besides, maybe it is more relevant to look at the comparison between listings settled in a months and homes listed in the prior month or even 2 months prior. Aside from the current month I did not look at the active inventory (partly because of the problem of reconstructing it from the available historical data.) You get a little different picture if you look at the last 2 rows. There is no doom and gloom here but I wonder what others think about these data. If anything.

If you are in the market for a home in the Cherry Hill, NJ area, make sure you hire an agent who will work for you on your side of the transaction. Paul Howard is the only Exclusive Buyer Agent having an office in South Jersey. Paul, owner of NJHomeBuyer.com Realty in Cherry Hill, is a member of the highly selective National Association of Exclusive Buyer Agents, representing buyers ONLY, 100% of the time. If you are thinking about buying a home in the Cherry Hill, New Jersey area in the near future, call Paul at (856) 488-8444 or send an email for free information. NAEBA puts the E in EBA.