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Buyer Agents...Now that it is a Buyer's Market, how different are the contracts you are writing? 

I'm talking not only about the initial offer and subsequent counters as I am sure most of them are much lower than they would have been a couple of years ago.  I am curious if items have come into play other than some of the typical closing costs often asked for when it is a buyer's market.

Have you and your buyer begun to request that the seller pay or agree to any of the following:House Doctor

  1. Home Inspection

  2. Radon Inspection

  3. Appraisal

  4. Non-compensation for propane gas or oil
     
  5. Property Owners Association Fees

  6. Real Estate Taxes

  7. Hazard Insurance

Perhaps there are other items that were generally paid for by the buyer that are now being required of the seller or at least becoming negotiating points.  If so, it would be interesting to know what they are.

Is everything fair game?

Do you feel that as a buyer's agent it is your duty to suggest the seller pay for some or all of these items?

How do you balance getting the best deal for your client without going so far that you actually jeopardize any possibility of getting a ratified contract?

Please understand that I have my own answers for these questions.  That is not why I am asking. 

I am asking simply to find out what is the general concensus now given the state of the market.  

I am curious what You are doing.

__________________________________________________________________________________________________

welcome


If you or someone you know is thinking of buying or selling property at or near Lake Anna, Virginia please contact Kathleen "Kate" Elim, REALTOR®.  

Kate lives at Lake Anna, knows Lake Anna, loves Lake Anna, and specializes in Lake Anna area real estate. 

Call Kate at 540-226-1964 or by e-mail at lakeanna.kate@gmail.com. Be sure to check Kate's Web sites  and blog at http://lakeannaandbeyond.com/ or http://lakeannacountry.com/

 
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8 Comments on Buyer Agents...Is the Sky the Limit?

Kathleen, I think we might be a bit of an anomaly but I can't see that much has changed here. 

07/23/2008 09:28 PM by Marchel Peterson Spring TX Real Estate E-Pro ABR (Results Realty)


Kate, it depends on where the property is.  In DC you can't get away with too much, unless the house is ugly, overpriced and smells like cats.  And I usually add in a simple closing cost credit instead of asking the seller to pay for stuff their agent isn't used to seeing on the seller's side.

07/23/2008 09:31 PM by Patricia Kennedy (Evers & Company)


I had a buyer recently ask for all of the above what you have mentioned to have the seller pay for in addition to all of her mandatory pre-paids. The seller had been trying to unload the home for some time and he agreed to ALL of what the buyer was asking. The seller even agreed to the nit-picking items of repainting the kitchen due to buyer did not like color. Not to mention that we went through 11 counter offers before we finally reached an agreement.

07/23/2008 09:33 PM by Debbie Hughes (Keller Williams Realty)


Kate, our area has been a buyers market for 18 of 22 years, so this is nothing new. Most buyers just want to lop off more on the price mostly. If the seller is more motivated sometimes the buyer gets them to pay for the home inspection and HOA dues. Some sellers get stubborn too though and take their home back off the market.

07/23/2008 09:45 PM by Gary Woltal - REALTORĀ® Dallas Ft. Worth (Keller Williams Realty)


There are many sellers concessions that many buyers want sellers to make.  Nothing unusual in our area either.

07/23/2008 10:04 PM by Russ Ravary - Michigan Homes for sale - Michigan Real estate & Mortgage info (Remerica Hometown One)


Hi Kate,   I haven't seen any major changes in the contracts myself.  I work in a college town, so our area is relatively stable.  I've still dealt with multiple offers on a couple of properties this year.  I 

07/23/2008 11:22 PM by Sondra Meyer (United Country Brazos Valley Realty)


Kate, I'm obviously not an agent but just automatically assumed that a prospective buyer would pay for these services....and I would hope my realtor would let me know about them, many people don't know about Radon and other things.  (just my 2 cents)

07/24/2008 07:06 AM by Carole Provenzale Owner, Feng Shui Long Island & New York (Feng Shui Long Island & New York City)


Katy Kat, I suggest they turn over their first born if that's what the buyer wants! Okay, maybe I'm exaggerating but not by much! Just get the house sold!

Later in the rain~Deb               LOL  :-)

 

ooh, my graphic is quinine?? yuk.

07/24/2008 06:14 PM by Deb at Brooks Prime Properties


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Real Estate Sales Person: Kathleen "Kate" Elim, LAKE ANNA, VA Real Estate (RE/MAX Lake & Country)
Kathleen "Kate" Elim, LAKE ANNA, VA Real Estate
Spotsylvania, VA
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RE/MAX Lake & Country

Office Phone: (540) 895-1920 Ext.: 19
Cell Phone: (540) 226-1964
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