Congress Passes First Time Home Buyer Tax Credit Extension with a Bonus!
Posted by Ben Roberts on November 6th, 2009
It’s official the tax credit that has been nearing it’s end has been extended until the end of April, 2010. Technically, the end of June. This is good news for first time homebuyers and long time home owners alike… read below to find out why. Read the rest of this entry »
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EXIT Pro Realty Hosting Thanksgiving Dinner and Virtual REbarcamp November 17th!
Posted by Ben Roberts on November 5th, 2009
Exit Pro Realty is pulling out all the stops during it’s monthly feast and gather by serving up Thanksgiving Dinner and Virtual REbarcamp! So eat, be merry, and learn how to make technology work for your business, all on one day!
Educating Real Estate Agents On How To Use Modern Technologies To Better Their Business Will Never Be The Same!
On November 17th, 2009 dozens of the most respected educators in the real estate industry converge to host the first of its kind, Virtual Real Estate BarCamp.
Virtual Real Estate BarCamp is a 1-Day Learning Extravaganza.
From 11am until 6pm, three concurrent webinar “rooms” will each host 9 different sessions, for a total of 27 different presentations.
There is something for everyone and everything for someone, and best of all, IT IS FREE and attendance is unlimited!
Click below to:
Check out the Session Calendar.
Attendance is projected to be at least 1000 agents, nationwide.
Do not miss out on being part of this ground-breaking event.
Session topics include:
- Social Media Risk Management
- Flickr for Real Estate
- Developing Your Brand
- Online Advertising Secrets
- Facebook for Real Estate
- WordPress Training
- Daily Goal Tracking
- Starting a Real Estate Blog
…and much more, with new sessions being added every day.
And if that wasn’t cool enough, individuals from around the country are volunteering to host In-Real-Life MeetUps for after the event.
Learn all day, and then meet to have a beer with local participants. This is going to be a blast!
We hope to see you there!
Don’t forget about the food!!!
More on the Thanksgiving Dinner/Lunch soon… just make sure and set your day aside on the 17th and come hungry!
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8 Items Homeowners Need to get a Loan Approval in No Time Flat
Posted by Ben Roberts on November 5th, 2009
Getting a loan these days is a bit harder than it has been in years past. Lenders are now subject to much more regulation so they are quite a bit more careful in the way they do business. Here are 8 Items Homeowners Need to get a Loan Approval in No Time Flat… Read the rest of this entry »
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9 Tips for Northwest Arkansas First Time Home Buyers
Posted by Ben Roberts on November 4th, 2009
Congratulations! You’re buying your first home! It’s always exciting when you’re buying a home… especially your first one. It can also be filled with a bit of anxiety and uncertainty. Here are Nine Tips and Steps to take if you’re a Northwest Arkansas First Time Home Buyers… Read the rest of this entry »
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Tricks for Buying a Home at the Bottom from the Today Show
Posted by Ben Roberts on October 28th, 2009
I think it’s safe to say that buyers seem to be looking for a ‘deal’ these days. Whatever that means. Here are a few ways to make sure you purchase a ‘deal’ from Barbara Corcoran with my own bit of frivolous commentary thrown in… Read the rest of this entry »
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Agency and Real Estate. How it Works in Arkansas.
Posted by Ben Roberts on October 26th, 2009
Ever wonder why they call us Real Estate Agents? Lots of people do. This article is about agency and real estate and how it pertains to you, the buyer or seller of a home. Many people go through the entire process never really understand how their agent represents them or what duties they have. This is important stuff so let’s get crackin’…
Agency in Real Estate… Who do Agents Represent?
Arkansas law requires real estate agents to clearly disclose to all parties in a real estate transaction which party(s) he or she is representing. Real estate agents typically represent Sellers but can also represent Buyers as well as both Buyers and Sellers in the same transaction (disclosed dual agency).
An agency relationship in real estate creates a fiduciary and ethical duty for the agent to act on your behalf and in your best interest. A fiduciary duty is legal requirement of loyalty and care.
Seller’s Agent
A Sellers’ Agent represents the Seller to protect and promote the interests of the Seller. Any information given to the Sellers’ Agent by another party must legally be given to the seller to further promote their interests. This means that if a buyer does not have representation (as in when you call a yard sign and talk to the listing agent) any information you share can and may be used against you in the transaction. Needs, motivations, financial information, an negotiating strategies are just a few of the issues that can be shared with a seller after a conversation with an unrepresented buyer.
Buyer’s Agent
Smart Buyers hire real estate agents for two reasons.
- Someone is paying a commission on the buyer’s side either way… you might as well get representation for it.
- People have neither the time nor understand of how to go through the complex search, negotiation, and closing process of home buying.
A Buyer’s Agent does the same thing as a Seller’s Agent… but for the Buyer. Try to keep up with me now. The same thing holds true in this situation. If a seller is unrepresented in a transaction (as in a property for sale by owner), the Buyer’s Agent has a duty to tell their client any pertinent information the Seller discloses about price, negotiating strategy, terms, concessions, and the Seller’s financial situation.
Are you getting the idea that it is good to be represented on either side of the transaction?
Dual Agency in Arkansas
I say in Arkansas because not a whole lot of states still offer Dual Agency. It isn’t something to be scared of though. In fact, it can make a transaction go remarkably smoothly. You are cutting out part of the process. Dual Agency actually happens any time the same firm represents the Buyer and Seller in a transaction. It doesn’t even have to be the same Agent in the firm. Both Seller and Buyer much give their written consent to be in a Dual Agency situation.
In Dual Agency the Agent becomes a ‘facilitator’ of the transaction. They still cannot disclose confidential information from one party to another but take steps to make the transaction flow smoothly and mediate any conflicts or concerns during the closing process. Realize that a Dual Agent generally gets both sides of the commission, resulting in a much higher income for the work done. This is why Agents in Arkansas like Dual Agency and will work hard to make a transaction where it exists work for all parties involved.
If you are not comfortable with Dual Agency you have a right to separate representation from the other party to the transaction.
Why You Sign on the Dotted Line
Agency is meant to help you and protect your interests as the Seller or Buyer. I talk with some many Buyers who “don’t want to be tied to one Realtor” and Agents who “can’t give the buyer a good enough reason to commit.”
Here’s what I have to say to that…
Buyers – What are you talking about? When you sign an Agency Agreement with a Realtor they are now your employee. They work for YOU. If you just go around asking Realtors to find you a house they:
- Aren’t going to take you seriously
- Will do a half-A**ed job
Why? Because they have no guarantee that they’ll get paid if they do find you a house.
Realtors – If you don’t have a good reason to get a Buyer or Seller into an Agency Relationship with you then you don’t understand Agency in Real Estate. Explain to the Buyer:
- I will work harder for you knowing that we have a committed Agency Relationship in place.
- I am legally bound to look after your interests and needs in regards to purchasing a home.
- You can dissolve our Agency relationship at any time if you feel I am not the Agent for you.
If one through three aren’t reasons enough I would wonder who the heck you are trying to represent. Seriously people. This is why the general public doesn’t take Real Estate seriously as a profession. You have to be professional. Part of that is making sure you are in an Agency Agreement with the party you represent.
If you need to know more about Agency, have a story or opinion to share, just leave a comment below or contact me. Thanks for reading.
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Rural Development Loans Issuing Conditional Commitment Until Funds Appropriated
Posted by Ben Roberts on October 23rd, 2009
The Federal Government is operating at the end of the fiscal year again as of September 30th, 2009. For the Single Family Housing Guaranteed Loan Program (SFHGLP), the government will issue a “Conditional Commitment” specifying it will NOT fund loans until congress has reallocated funds tot he USDA for this purpose… Read the rest of this entry »
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Mortgage Rates in Northwest Arkansas for the Third Week of October 2009
Posted by Ben Roberts on October 23rd, 2009
Below is a sampling of mortgage rates from several local lenders in Northwest Arkansas. I’ll be posting these rates (sometimes with different lenders) every Friday so keep coming back if you are shopping for rates or are interested in rate trends. Of course, rates and APR are based on borrowers with high credit scores and 20% down payment. If you would like a full list of all lenders in Northwest Arkansas you should email info@mortgagedatareport.com and request that NWA be added to their daily list. Read the rest of this entry »
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5 Ways EXIT Pro Realty Markets Homes Better Than Any Other Real Estate Company in Northwest Arkansas
Posted by Ben Roberts on October 22nd, 2009
I’m just going to put it out there… EXIT Pro Realty has the tools to market your home better than anyone else out there. Our agents are trained to use these tools to the advantage of their clients and themselves. Here’s a few reasons that we can market and exposure your property better than any company in the marketplace… Read the rest of this entry »
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What is Title Insurance? Don’t Worry, Most Professionals Don’t Even Know.
Posted by Ben Roberts on October 19th, 2009
On average 40% of home buyers every year are first-timers. That’s hundreds of thousands of buyers that have no clue what title insurance is, why they need it, or why they should even care. Let’s get a definitive answer as to what is title insurance shall we? Then, all you first-timers (and most of the rest of us home owners) can rest easy knowing what the heck this is and why you need it. Read the rest of this entry »
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