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Blog entries tagged with "agency":
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Okay, this is a topic that tends to make Realtors’® eyes glaze over, but it needs to be understood. Not just by Realtors®, but by buyers and sellers. Especially buyers. So this post is aimed at all you soon-to-be buyers and sellers, and even to those of you who’ve done this … (2 comments)
Do you discuss agency with your sellers and buyers as the law requires?
My friend is thinking of changing agencies. Naturally, I told her to come on down the street and join ours, I know for a fact that she is a steady producer, works full time and has a great relationship with her clients. So I had to ask, "Why?". This is not … (7 comments)
I just met with a lovely new client moving here from San Antonio yesterday and while doing my usual consulting and discussion on Agency she had an uncertain look on her face. When I queried about it she advised that last year when she was here in Raleigh the agent that … (6 comments)
I recently saw a question posted on an online form about buyer representation which I answered and thought it would be nice to post it here as well for your review.
Not that I'm complaining, but I'm constantly amazed by the number of people who stop me in the street at any time in the day or night and assume that "How's the real estate market?" is another way of saying, "How are you?" or "Wassup?"
Hi folks. I know it's Sunday and all BUT I'm hoping to make you think a little today. Here's a scenario for you. 
Some people say there is no benefit for the buyer in a buyer's agreement.
I have been in real estate for 2 1/2 years. In those 2 1/2 years I am on my 4th agency. I started with a nationally known agency, then went to one that had about 20 agents and then went to one that had 8 agents. Now, I am back to … (10 comments)
Ok, so I am selling this REO on the listing side. Obviously, there are things that the bank won't sign. However, I would like to know your opinion on the matter. 
July 1, 2008 the Michigan Association of Realtors(R) put into effect the new form which lays out the guidelines for proper agency responsibilities. The Realtor(R) must engage in the following Statutory Duties:
Over the weekend I read in the Vancouver Sun how a retired Richmond homeowner lost title to his bungalow to con artists. The fraudsters also got away with a mortgage scam worth $400,000.
A loan officer becoming a Buyer's Agent is interesting. I know that in a previous "One Stop Shop" company I worked for, the loan officer was also a real estate agent. The manager tried to keep that information on low-down. The loan officer was a good guy, but c'mon...
Check out this piece of news The Jenson Group recently announced, which exemplifies how our agency continues to close high-end residential real estate deals amid climate of economic uncertainty**************************************The Jenson Group Helps Buyer Procure $3.7 Million Las Vegas Dream HomeCloses Second Home Over $1 Million in Less Than 35 DaysLAS VEGAS, … (0 comments)
My dad is disappointed with me. In his mind, I'm wasting my intellect in a career that doesn't require it. He believes that I should have become an astrophysicist, nuclear engineer, attorney, or physician. To a degree, I can understand where he is coming from. We all want the best for … (1 comments)
Traditionally the seller has been expected to pay the commission of both the Listing Agent and the Selling Agent.
When housing sales are at their peak, agents will often concentrate on selling homes in a particular area-referring out clients who opt to buy or sell in adjacent cities or counties. Conversely, when sale are slow, are agents doing a disservice by listing and selling homes in areas where they have … (3 comments)
Understand Agency RelationshipsIt's important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transaction. Ask what type of agency relationship your agent has with you:
CASE:
NYS law requires real estate licensees whoAre acting as agents of buyers or sellers of property toAdvise the potential buyers and sellers with whom theyWork of the nature of their agency relationship and theRights and obligations it creates.We will clearly explain the different types of agency relationships that the public can … (0 comments)
Which do you like better: LAND COP or OLD CAR? 
What do you think of when you think of Old Car? Do you think about that old car you wish you hadn't sold? I had an old Trans Am that I really wish I hadn't sold. Or.... do you think about fiduciary duties? Remember in Agency class the acronym "OLD CAR"? 
This morning a friend, whose home is for sale, emailed me to vent some frustrations. Her feelings are all too common. Longer market times, price reductions and negative feedback grates on the psyche of all Sellers. People are even looking at renting their homes out, rather than selling. It is never … (3 comments)
In today's declining market, we are seeing more and more spiffs for Buyer's Brokers i.e.: $$$$ bonus over and above the regular commission, vacation trips to your choice destinations, etc.
Well, here's the newest experience for my Brokers Book O' Events! We all know how lendors/underwriters must do their final verification of employment in the few days surrounding our buyers closing date. Being the good little Broker that I am; I am sure to cover this part of the process in … (6 comments)
I am exploring the possibility of activating my Washington State "inactive" real estate salesperson license. Even though I love my day job, I still love real estate and want to stay involved. The reason I didn't make it active when I relocated here to Washington a year and a half ago is … (4 comments)
… (15 comments)
Investors buy direct as well as with a Real Estate Agent. How do they get a Better "Deal"?
So the usual suspects were enjoy a little glass of wine after work. Conversation went from the plight of losing a listing to the horrors of dealing with short sales. Eventually, the "forbidden fruit" of commission was discussed.
It may be that a blog is not the place to vent....but here I go.
In many regions throughout the country, real estate law states that a licensed agent may represent either party in any transaction, and in some cases both parties or neither party. In addition, full disclosure of dual agency qualifies the agent for compensation on either side of the transaction...Confused yet?Countless closings have … (7 comments)
Spokane is paying a cost as the foreclosure rates increase! 
This is often misunderstood by consumers and it is up to the agent to explain the importance of an agency relationship. Consumers want to be sure that their agent is on their side and representing their best interest. An agency relationship is created to form a fiduciary relationship. 
I write this entry, as I promised, in response to yesterday's entry: Is it a question of Ethics? I thank everyone for their comments and suggestions. I am not surprised at the outpouring of comments, off board emails, and, yes, Phone Calls. What does this say about the Activerain Community!
IT ALL STARTED WITH SUB-AGENCY. SUB-AGENCY required a schizophrenic personality. My experience with agency matters started many years before the Edina Dual Agency litigationthat shook real estate practices in the U.S. with about a 8.7 Richter Scale force. I still experience a churning stomach when I recall a conversation with a … (30 comments)
I just read the following entry on Flat Fee broker and got to thinking about a new brokerage in our area that is listing and giving access to the MLS for $300 plus offering the selling office (in this instance) $4,500. Anyone is free to pursue their own business model. However, this … (19 comments)
Civil Code Sections 2373-2382, dealing with agency relationships in real estate transactions involving one to four residential units, became law on January 1, 1988. It states that any licensee in a transaction of residential real property of one to four units must disclose his or her agency. It's important to disclose … (0 comments)
Over the years of selling real estate you start to see the patterns more easily. We must learn from each experience we are in! It is all about being able to recognise the situations before you get into it, and not waste your time! Time is money! It is easier to … (57 comments)
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March 26th, 2008 - Options Realty - Laurie 
It's important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transaction. It is equally as important for you to know what agency relationship it is that you have with your salesperson or agent. If it has not been explained to you … (1 comments)
Some people don't really know how I get paid.
The seller agrees to pay their listing agent/listing office. The listing office pays out a co-operating commission to the buyer's agent that has the buyer for that house. So, I am paid by the listing office.
Even though I receive my … (0 comments)
I am constantly repeating myself, and figured I should put this down on paper for all to read. 
I ran into an old Saint Rita's Elementary School (Staten Island, New York) chum at a mutual friend's father's wake. Lisa was never shy to vent an opinion.
It is easy for anyone to be confused about whether or not they are being represented in a real estate transaction. Many unrepresented buyers believe that the agent who shows them a property represents them in subsequent negotiations. This natural misunderstanding may arise out of the amount of time an agent … (7 comments)
In real estate, there are a few rules that buyers should be aware of but most are not. Not knowing and following these rules could compromise your future negotiations, weaken your position, and put you at risk if you've signed a buyers agency agreement. 
I have been to several classes and have taught several myself on the new 2008 GAR contracts. We have been working with them over a month now and I must say the "Due Diligence" paragraph is really making this industry interesting. Recently one of the instructers said that the forms committee … (6 comments)
I'm new to Active Rain and the last two days I got three referral alerts. One from an agent selling a house about 12 miles from my area with a referral fee of 0%. The other two are from one agent selling two houses in an area about 8 miles from my … (2 comments)
I have been thinking about publishing a newsletter, monthly or quarterly, that explains in brief the latest legal decisions and opinions in the federal and local courts relating to real estate transactions. Several pertinent suits have come to my attention lately, as the appellate courts hand down their final decisions. 
I don't mean hot like Gwen Stephani, I mean on the ball, awesome, outstanding at what he or she does.
Because the buyer's market is so hot, buyers are spending more time looking at more homes (more often than not, on the internet). Thus, getting help from a realtor that you … (0 comments)
Some people have been wondering what credit counseling is and how it can work for you in terms of getting out of credit card debt. Credit counseling itself is a creation that was funded by the credit card industry believe it or not. 
I'm sure many people are aware that there are tons of loan programs and down payment assistance programs available to buyers. When a potential buyer has "decent" credit but "no" money, it often becomes a request for the seller to "contribute X% of the sales price towards buyers closing costs / pre-paids." Sometimes … (25 comments)
Here are a few items to consider when helping your buyer purchase a "For Sale by Owner" in the state of Nebraska. Most agents like to be paid when they help a buyer purchase a home. Let's say your buyer you represent wants to buy a for sale by owner. The … (2 comments)
Buyers and Sellers Agency are possibly the most misunderstood portions of Utah real estate law. This may be more true in Park City real estate transactions than other portions of Utah as many of the buyers are second home buyers and their knowledge is based on another state's law. Agency … (0 comments)
Today I heard a great way to explain a buyer's representation aka buyer's agency agreement. They said to explain it as a football game. No matter who you are, everyone can relate to football. Here's how you explain it. 
I had the pleasure of meeting a lovely set of buyers this morning at my listing in East Goshen. They had their son with them, who was the most delightful child I've met in a long time. We went through the house and when we were finished, we sat at the … (6 comments)
When we form an agency relationship with a client we owe certain fiduciary duties to that client: Loyalty, Obedience, Disclosure, Confidentiality, Reasonable care and Diligence, and Accounting. And since 1994, in Michigan, we owe these duties to our buyer clients as well as our seller clients. In MI we now have … (3 comments)
Jason Gobeli, CEO of GoBelly Inc. has united with Connect Realty to form The GoBelly Group of Connect Realty. 
When you are out and about looking for you next house you will run into many different Realtors and you will be faced with a few different scenarios on how to be represented. Let me preface this by saying the best way to buy and sell Real Estate is to use … (6 comments)
How does an agent walk that fine line between advising clients and not assuming decision responsibility?