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Is your real estate agent representing your best interest in your home purchase? 50% of respondents to a recent survey conducted by the Consumer Federation of America (CFA), answered “Yes Always” when asked, “Do you believe that real estate agents are required to represent the interests of the home buyer or seller with whom they are working?” Yet, this is rarely the case. Real estate agents are often not required by law to represent the best interest of the buyer or seller. The main reason for this confusion is the myriad of relationships (agency) between buyers and seller and most of the time the lack of proper disclosure. This excellent new report from CFA titled “The Agency Mess” is a great resource for home buyers. The Consumer Federation of America is one of the oldest non-profit consumer protection organizations that has been around since 1968. The CFA advances consumers interest through research, education, and advocacy.
The possible reasons for all the consumer confusion:
- Confusing, multiple agency relationships (designated, transactional, dual, subagency and single agency)
- Complexity and diversity of real estate disclosure laws from state to state.
- Inadequate or non-disclosure by agents of their roles and responsibilities.
Most states do require some type of consumer disclosure on the roles and responsibilities of agents. However, the state real estate commissions that are responsible for enforcing these disclosure laws rarely make it a priority.
The problems and confusion with real estate agency and lack of disclosure is a big issue with all consumers but especially worse for buyers. The CFA also mentions that home buyers are usually more focused on viewing home pictures instead of the legal responsibilities of their agent. I agree with this 100% and have discussed this many times in previous past blog posts. As a home buyer, we are naturally going to view pictures of active homes on the thousands of home websites like Zillow, Redfin, Realtor.com, etc. It is very important that you first find an agent that has experience and it needs to be someone that you trust will look out for your best interest and be your advocate and advisor. You don’t want to go too far in the home buying process until you have your own buyer’s agent.
The very best representation for a home buyer is an Exclusive Buyer’s Agent (EBA). EBAs are true Buyer agents that don’t take listings or sell homes. An EBA is the highest and best protection available for a home buyer.
If you’ve read this entire blog post and made it down here to the bottom then you should really take a few more minutes to read the CFA report, “The Agency Mess”. This report is an excellent resource and information is very important in the home buying process just as long as the information is accurate.
Be careful out there.
Contact me if you have any questions.
A record 20,782 real estate transactions were recorded in 2015 for Franklin county in the state of Ohio. Central Ohio market has fully rebounded from real estate crash of 2007-2009. Columbus Business First – Record 2015
Good news, foreclosures in central Ohio fell drastically in 2013. In the eight county central Ohio region (Franklin, Delaware, Licking, Union, Fairfield, Pickaway, Madison and Knox counties) foreclosures are nearly 15% less than the previous year. Statewide foreclosures dropped 12 percent to the lowest level since 2006.
Columbus Dispatch Newspaper: http://www.dispatch.com/content/stories/business/2014/01/16/foreclosures-fall.html
Low foreclosure rates is great news. But, overall inventory levels are now really low. It looks like the upcoming Spring and Summer season will be a real estate market that will favor Sellers and not Buyers.
HomeBuyer Advocate Mike
The title tells you everything you need to know! A very good video for home buyers from “The Balancing Act” show on cable channel “Lifetime”. The National Association Exclusive Buyer’s Agents (NAEBA) is an organization that strives to give today’s home-buying consumers the level of service they deserve and are increasingly demanding. NAEBA members firmly believe that home buyers have the same full and equal representation rights as sellers in any real estate transaction. We have NAEBA members throughout the world.
Exclusive Buyer Agents (EBA) are the guaranteed, highest and best representation possible for a home buyer. We help our Buyer Clients, “Locate, Evaluate and Negotiate!”
Great information for the home buyer.
Good luck out there!
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
The guaranteed best representation possible for a home buyer is to hire their own personal Exclusive Buyer’s Agent (EBA).
Exclusive Buyer agent representation for home buyers has recently (Jan. 2010) been endorsed in the new consumer publication from the Department of Housing and Urban Development (HUD); “Shopping for your Home Loan: HUD’s Settlement Cost Booklet“. This is HUD’s first major revision in 10 years and advises home buyers to hire a real estate agent that will only represent their best interests. Page 6 of HUD’s Settlement Cost Booklet states, “If you want someone to represent only your interests, consider hiring an ‘exclusive buyer’s agent’, who will be working for you.”
You would think this would be great news for home buyers & exclusive buyer’s agents. But, now the problem is that many real estate agents are calling themselves an “Exclusive Buyer Agent”, when they really aren’t EBA’s. Real estate agents are just making up their own “titles” or “specialities” just so they can generate more business. But, they are NOT EBA’s or a true Buyer Broker
Quite simply, The only definition of an Exclusive Buyer Agent is an agent that never list property for sale and the company they work for does not list properties or provide any representation for Sellers.
If you are potential home buyer that is interviewing possible Exclusive Buyer Agents then just ask this simple question:
“Do you or any other agents in your office list or sell properties at anytime?” If they answer yes, then the agent is not a true EBA.
Here is what leading national magazines and newspapers say about “true” Buyer Brokers:
“Agents: How to hire one for your side.” Most agents who show you homes don’t represent your interests. They work for the seller, and their object is to sell the house at the highest price.”
“Many people don’t realize that, unless specifically stated otherwise, brokers are legal representatives of Sellers. A buyer’s broker representing only the buyer, may be able to secure a better price and better terms.”
“Unlike the traditional agent who looks out for the seller, a buyer broker acts as your advocate, helping you find the homes you want and then negotiating the lowest possible price. the best buyer brokers are so-called exclusive agents – that is, they represent only buyers, never sellers…”
“Exclusive agencies are best. They remove any conflict of interest, which is the main reason for considering a Buyer Broker in the first place.”
“…A Buyer’s Broker is prohibited from disclosing to a Seller that the Buyer can, or will, pay more than what has been offered… To eliminate conflict of interests, exclusive buyer agents do not take listings. Buyer’s Broker make a great deal of sense”
“Groups such as Consumer Federation of America and AARP recommend using Buyer’s Agents. The reason is they work.”
“Buyer Brokers: agents that buyers can call their own.” “If you real estate agent isn’t a Buyer Broker, he works for the Seller.” Buyers no longer have to fend for themselves.”
“A conflict of interest is more likely when a real estate firm that represents sellers assigns you one of its Brokers as a Buyer’s agents. That’s 
why many people believe, “Exclusive Buyer Broker” is preferrable. Exclusive Buyer Broker aims to get the best deal for home buyer.”
Good luck out there!
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
Many home buyers and sellers in central Ohio were hoping for a third extension to the popular home buyer tax credit program. According to the Ohio Association of Realtors (OAR) and National Association of Realtors (NAR), this appears very unlikely to happen.
Vicki Cox Golder, NAR President states “NAR has had extensive discussions with our congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized.”
So, time is running out, we are down to the last few weeks for home buyers to claim the $8,000 first time home buyer tax credit or the $6,500 move up buyer tax credit. You must have a found a home and have a binding sales contract by April 30th, 2010.
Review these links for more information on Tax Credit Programs:
Tax Credit For First Time Home Buyers!
Good luck out there!
Please feel free to contact me if you need help or have questions
Representing People, NOT Property!
Unless you’ve been living under a rock for the last year, many potential home buyers & sellers were aware of the great $8,000 tax credit for 1st time home buyers. But many consumers are not aware of all the other tax credit programs that are available:
- $8,000 tax credit for 1st time home buyers extended until April 30, 2010, must close by June 30th, 2010. Click HERE for more info.
- NEW-$6,500 tax credit for move up/repeat buyers. Existing home owners must have occupied their home for 5 years. Click HERE or contact me for more detailed info.
- $1,500 tax credit for energy efficiency updating for existing homes. Improvements must be completed by December 31, 2010. Most popular updates are: new furnace, central air, tankless water heaters, windows, doors, patio doors, water heaters, etc. Click HERE for completed list of eligible improvements and more info.
- State of Ohio Energy Efficient Appliance Rebate Program. Ohio residents can receive anywhere from $100 to $250 for EACH eligible appliance that they replace ($700 maximum). Program starts 1st quarter of 2010. This rebate program offers the perfect excuse to buy a new expensive front loading, super high-efficiency steam washer & dryer. Program ends when funds are depleted. Rebates will possibly only last 4-6 weeks. Important info: Ohio appliance rebate program, Ohio offers rebates for Energy efficient appliances, Rebate Program Outline
We hope this information can help save you some money. Please contact me if you have additional questions.
Disclaimer: Please consult a tax professional or accountant for additional details and eligibility questions regarding the federal tax credit programs. Thoroughly review all guideline requirements for energy-efficient home improvements or appliances before making the purchases.
Good luck out there.
Representing People, NOT Property!
The clock is ticking down for first time home buyers. You need to act NOW to make sure that you don’t miss out on the $8,000 from Uncle Sam.
Here is the fast, quick information you will need to see if you qualify for the $8,000 tax credit for first-time home buyers from The American Recovery and Reinvestment Act of 2009.
- You must be a first time home buyer, defined as not owning a home in the past 3 tax years.
- Tax credit amount is 10% of the sales price of the home up to a maximum of $8,000.
- There is NO price limit on the sales price of home.
- Maximum income to receive FULL tax credit is $75,000 for a single person, the limit for married couples is $150,000.
- You can receive a PARTIAL tax credit for income levels up to $95,000 for a single person and $170,000 for married couples.
- There is no payback or penalty as long as you stay in home as your principal residence for 3 years.
- You must CLOSE on your new home on or after January 1, 2009 or before December 1, 2009.
***IMPORTANT: Congress passes tax credit extension. Must have binding sales contract dated on or before April 30, 2010 and close on or before June 30th, 2010.
This is the quick & dirty information that you need right now for the $8,000 Tax credit. For more detailed information you can go HERE.
It is a great time to be a home buyer. This is the perfect time to by a home, especially 1st time home buyers, as long as your job is secure. If you feel safe in your current employment/job, then there are just so many positive reasons to now buy a home. Don’t miss the “gravy train!”
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Buyer’s market
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Really low mortgage interest rates
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High inventory levels. Plenty of home options
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Depressed, low prices (buy low, sell high)
Please contact me if you have more questions or need help.
IMPORTANT: I’m just trying to help the “average Joe home owner” to understand the new $8,000 tax credit. I have to put this” CYA” disclaimer in my post. Please consult a tax professional or accountant for more details and eligibility questions regarding the $8,000 1st time home owner tax credit. I’m not an accountant or tax professional.
Good luck out there!
Great article in this past Sundays, The Columbus Dispatch newspaper about home inspections. “Inspector aims to open eyes”. Local home inspector, David Tamny of Professional Property Inspections will be the new president of the American Society of Home Inspectors (ASHI).
David has been a home inspector on our company approved list for nearly 13 years. His company web site is also on my blog roll link on left. David is a very competent home inspector.
Suprisingly, home inspectors in the state of Ohio are still not licensed. Home buyers have to be very careful when selecting a qualified home inspector. A good option for home buyers to find a qualified home inspector is to check and see if the inspector is a member in good standing with one of the two big professional trade associations.
National Associaton of Home Inspectors (NAHI) and American Society of Home Inspectors (ASHI) are the two largest home inspector trade associations in the United States. David Tamny will be the new incoming president of the 5,800+ member AHSI.
Make sure you take a second to read the article link on home inspections. It is great information for possible home buyers.
Please feel free to contact me if you need help or have questions
Another new home builder in the Central Ohio area has called it quits. On Tuesday, Joshua Homes unexpectedly shut down its web site and disconnected their phones. Joshua Homes appears to be the latest, in a long list, of new home builder casualties in our market. In the past few 
years Central Ohio area has lost many new home builders:
- Toll Brothers
- Joshua Homes
- Centex Homes
- CV Perry
- Beazer
Many current Joshua home owners are very concerned about their new home warranties. This latest new build casualty really magnifies the potential problem of new home warranties. Joshua Homes had one of the longest home warranties (40 year) in our area. But, a warranty is only as good as the builder or warranty company. Does it really matter if you have a 40, 45 or even 50 year new home warranty if your builder is out of business in a few years?
The home buying consumer needs to realize that new home builder warranties are NOT regulated by any State agencies or the Department of Insurance. It is buyer beware! So, make sure you use an Exclusive (true) Buyer Broker when purchasing your next new home. An Exclusive Buyer Broker will protect you during your transaction and act as your advocate.
Good luck out there.
Representing People, NOT Property!
My Buyer Broker Advocate! 
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