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In our market, a FROG in your house is actually a really good thing. In real estate terms, a FROG means 
“family room over the garage”
How many of you out there honestly knew what this abbreviation meant? Many real estate agents & brokers don’t even know what a frog is?
Being able to decipher real estate abbreviations & terms has always been a funny, frustrating problem for many home buyers.
“Newer CC style home, 3BR, 1.5BA, WBFP, new A/C with a large FROG, no bsmt and only 209K” Can anyone please translate what I just typed here? heh, heh, heh.
Years ago, selling homes via classified ads in the back of newspapers and magazines was common place. But, now traditional real estate agents use other marketing venues, especially the Internet. So, the good news is that heavy use of vague real estate terms, abbreviations and euphemisms in real estate marketing is on the decline. But, abbreviations and euphemisms are still a problem in real estate that the homebuyer needs to be educated on.
Before I give you more important information on this problem, take a quick second and review our award winning TV commercial (SOB) below about the abbreviation problems in real estate.
I hope you enjoyed our funny commercial. You can click here if you would like to view our entire TV commercial series.
Now, back to the important information that you need to know! Our professional trade organization, “National Association of Exclusive Buyer Agents” (NAEBA) recently released an excellent home buyer informational report; “2008 Report on Home Buying Euphemisms and Lingo-How to read between the lines when you’re shopping for a home”
(you will need to have adobe software on your computer to view/print report. Click here if you would like to download the free adobe reader)
For years, I’ve told my clients that you have to be able to read between the lines when you are looking for a home. The information about the home on the main listing page usually has misleading descriptions.
For example:
Needs a little TLC or fixer upper…………really means the house is a dump and hasn’t been updated at all.
Cozy, cute home……………..really means the home is so small that it is difficult to turn around in.
Great landscaping, beautiful yard……………..really means the house is a piece of crap, but the seller has to found something positive about their house.
Damp basement in the spring…………really means we usually get 2-3 feet water in our basement once a year.
Sometimes sellers think minimizing problems in their listing descriptions, like, “damp basement” will protect them from getting sued for non-disclosure. I don’t think so!
One last tidbit of information for you. Many times in the listing description you will see the words “many updates” or “mechanical’s updated”. The problem is how do you define recently “updated”. My personal definition of “updated” is anything that has been done in the last 5 years.
You really have to be careful when you see a sellers and/or listing agents that uses “many updates” in the listing description. I had one personal experience where a listing agent stated that the roof was recently updated. After evaluating the home with my buyer client, It appeared to me that the roof had some prominent signs of aging (lost granuales, slight peeling/curling of roof shingles, etc.) and didn’t really look like the roof was recently updated. I contacted the listing agent for additional information and/or paperwork on the roof. The listing agent provided documentation that the roof was nearly 9 1/2 years old.
I asked the agent how they could describe a nearly 10 year old roof as recently updated. The listing agent’s 
explanation was that the new roof’s expected life expectancy was somewhere between 20-25 years and since the roof was still less than “half old” that they felt they could list the roof as recently updated.
Geez, are you kidding me! So again, be very careful when you see these words. You always want to make sure you have a full home inspection completed by a qualifed home inspector. Your Buyer Broker should also always ask for copies of receipts and/or invoices of any recent updates.
These are just a few of the funny, informative listing descriptions that you will find in the “Home Buying Euphemisms and Lingo report”. There are 50+ listing descpritions in this report that will help you understand the lingo when review listing information. But, remember your best protection is to have an Exclusive (True) Buyer Broker representing you.
If you thought this blog post was helpful, then you should also check out the “Problem With Staging Homes” blog post. Both articles deal with the same general topic.
Representing People, NOT Property!
Not Really!…..But I made you take a second to review our informative blog. The Homebuyer’s Advocate Blog could possibly be the best real estate blog in central Ohio. But that is for our subscribers & readers to comment on, NOT us. I’m playfully breaking one of the most important commandments of blogging.
Rule #1 of blogging, thou shall not blatantly self-promote.
10,000 Views!!!
In the last year, hopefully our readers & subscribers feel the Homebuyers Advocate has been an excellent resource for EVERYTHING real estate in Columbus, Ohio. We had a goal of reaching 10,000 views within the first year. We came extremely close to our goal. But, we fell short by only 13 days. Our new goal for next year is 50,000 views by the end of year two.
We’ve had some good exposure in the last year. Homebuyer’s Advocate Blog was used as a reference for a Columbus Dispatch news article in May, 2008. Andrew Show, Owner of Buyer’s Resource Realty Services was a guest speaker on WTVN 610 radio station. Our most popular blog post on home warranties was recently used as a reference in the current issue (September, 2008) of national magazine publication, “This Old House Magazine”.
Our mission statement for The Homebuyer’s Advocate Blog is to be the premier information resource for home owners in central Ohio with a primary focus on saving home owners money or preserving their equity/appreciation.
If you are a home owner or potential home owner in Central Ohio our blog is a growing database of important news and information that you need to be aware of.
If you take a second to review a few of our 37 blog posts, I bet you will find some information that will save you some money.
Good luck out there!
Taxes
Franklin County has a great automated monthly prepay system for paying your real estate taxes that will pay you interest. The Franklin County Treasurer will pay the “average Joe” home owner the same interest rate that the Treasurer earns on its multi-million dollar portfolio. This is really a groundbreaking achievement for the Franklin County Treasurer’s office. The Treasurer sought and obtained a change in state law that allowed them to pay interest on monthly tax payments by home owners. Banks are still NOT allowed to pay interest on escrow accounts that collect property tax payments.
The interest rate that you can earn from the Treasurer’s office will be a better rate than most short-term bank accounts (checking, savings or money market accounts). For example, in 2007, the Treasurer’s interest rate fluctuated between 3.5% – 5.5%. Last year, I had a so called “high yield money market account” with an investment company that only earned between 1.75% – 2.25%. I think the Treasurer’s new monthly prepay system for real estate taxes that also pays interest is a first-rate service. Many homeowners in Franklin County are not even aware of this service.
A Franklin County home owner could possibly earn a couple hundred dollars a year. For example, a $265,000 home in Franklin County with yearly real estate taxes of $5,000 a year would have approximately earned $200 – $220 in an interest credit for 2007. The interest that you earn will be credited back against your real estate taxes, to LOWER your taxes! To get more info, you can visit the Franklin County Treasurer web site. The process is very simple and easy to set up. You just have to fill out one simple form.
If you are currently escrowing your real estate taxes with your lender then you will need to check with your lender to see if you are eligible to stop the escrow of real estate taxes. Most lenders will allow you to stop escrowing for real estate taxes if you have 20% – 30% equity. But, every bank has different policies and procedures, so before you do anything make sure you first check with your mortgage lender. You want to make sure you are eligible and there are no fees or costs involved to stop escrowing for your real estate taxes.
As of right now, Franklin County is the only local county in central Ohio that offers this great service. If you have questions, you can contact The Treasurer’s office for more information (614) 462-7515.
I think this is a wonderful service by our Treasurer’s office. A great benefit for being a home owner in Franklin County. You have the “worry free” convenience of automatic monthly payments of your real estate taxes that also pays you a great short term interest rate that you probably can’t get at any bank. And best of all, the Treasurer’s program is FREE. There is no fee or set up charge to join the program.
Shake Down!
Don’t let the “Tax Man” shake you down! Click here for other possible ways to reduce your property taxes and/or save some “greenbacks”!
After years of failed attempts, it finally looks like we will have some licensing regulations in place for Home Inspectors in the State of Ohio by 2009. House bill (HB) 257 recently passed the Ohio House of Representatives by a wide margin (83-11). The bill will be reviewed by the Ohio Senate later this year when the legislature reconvenes after the November 4th election.
With all the problems in the last few years in real estate, it would be “political suicide” for any political official (wink, wink Gov. Ted Strickland) not to pass some positive legislation. Legislation designed to regulate & license Ohio’s home inspection industry is long over due.
For too long, any “Joe Schmoe” could print up a business card on their home computer and start a home inspection business. Because of this reason, there are inexperienced, unqualified inspectors in our area. This is a problem for a potential home buyer. The problems we have had in the home inspection industry are really “small potatoes” compared to all the other major problems in real estate (lenders, fraud, greed, non-disclosure, foreclosures, etc.). But, this is a good thing. This means legislation will probably get passed in the State of Ohio.
The new Home Inspection Licensing will probably include the following provisions:
1. Criminal penalties for performing home inspections without a license.
2. Creation of a process for investigating complaints filed against inspectors.
3. Creation of the Ohio Home Inspection Board to regulate the industry.
4. Creating minimum standards and guidelines for performing inspections.
Hopefully our state legislature will have the home inspection bill passed soon. I am confident that home buyers in 2009 will have the protection of home inspection regulation and licensing.
Home Inspector
Check out my previous past about “Home Inspection Nightmares”. This blog post also has good links to find qualified home inspectors in your area via The American Society of Home Inspectors (ASHI) and National Association of Home Inspectors (NAHI)
Good luck out there!
Finally a good article that fully explains everything the consumer needs to know about buyer agents. Broderick Perkins with deadlinenews.com has put out one of the best articles that I could find explaining the differences among “so called” buyer agents. Fake Buyer Agents have always been a problem for the average home buyer. Hopefully, similar articles will follow in the future. Watch out and good luck out there!
Another “somewhat” good article about buyer’s agents popped up over the weekend in the Columbus Dispatch newspaper. Buyer’s agents work on clients behalf, using one can help bring a better deal on home purchase. This story was written by Mary Ellen Slayter of The Washington Post. Mary has a decent history of writing informative articles (for example, Watching Out for You, the Buyer) that help educate home buyers and explain the virtues of using a buyer’s agent.
But, like many writers, Mary’s articles fall short of providing accurate information. Mary’s main sources and references in her articles are mainly tainted by traditional real estate agents and organizations that are trying to promote the real estate industry in general, and NOT really promoting true buyer advocacy. The most important issue for any potential home buyer is to first find a qualified Exclusive (true) Buyer Agent (EBA). Articles like Mary’s do more harm than good because they don’t clearer state the important differences between a traditional real estate buyer agent and an Exclusive Buyer Agent.
Many traditional buyer agents will sell homes and take listings. This creates a huge, conflict of interest to any home buyer and exposes them to being “sold” properties by their so called buyer agent instead of their buyer agent being their advocate and adviser. Almost all Exclusive (true) Buyer Agent have access to all homes in their market but they do NOT SELL homes or take listings at all! An Exclusive Buyer Agent is the highest, best representation possible for any home buyer.
Many traditional buyer agents are just using the “title” to try and capture business. Mary’s suggestion for finding a buyer agent, “Another way to find a buyer’s agent is to visit open houses” is probably one of the most negligent and craziest suggestions that I’ve ever heard. Home buyers should start at the National Association of Exclusive Buyer Agents (NAEBA) if they are trying to find a good, qualified buyer agent. Good luck!
In 2000, we won FIRST PLACE in the television advertising category for a medium/small real estate firm in the State of Ohio. The advertising & promotion contest was 
sponsored by the Ohio Association of Realtors (OAR). These television commercials were conceived & produced in Central Ohio by a good friend of mine who is in advertising. We produced these commercials for the National Association of Exclusive Buyer Agents (NAEBA). NAEBA is our professional trade organization. I hope you enjoy these spots. I am really proud of the commercials. I think the messages of these commercials are very powerful. Today’s home buyer really has to question their “so called” buyers agent’s loyalty, competency and advocacy. The home buyer really has to be aware of their agents duties and required disclosures to them or LACK OF! The 30 second spots are funny, informative and controversial.
Cannonball II http://youtube.com/watch?v=agN7p1lGvtQ
(This is not a clip of that great Burt Reynolds sequel movie in the 70’s – Cannonball Run)
Problem http://youtube.com/watch?v=1c15qPWkAz8
Flight Path http://youtube.com/watch?v=1ASHpSARguU
Watercooler http://youtube.com/watch?v=5OR8JSETKVs
SOB http://youtube.com/watch?v=C1KfYDx_DAI
Thinking http://youtube.com/watch?v=mTaiJqGDmPg
Hounds http://youtube.com/watch?v=cKFtTGCzHJ0
Cannonball http://youtube.com/watch?v=1xD37nhebGU
In the future I hope to have more home buyer advocate clips on my main youtube site:
http://youtube.com/profile?user=OSUMike64
Ohio Association of Realtors Award Certificate
I hope you enjoyed these funny, informative spots.
The National Association of Exclusive Buyer Agents (NAEBA) is back in the news again. The July 17, 2007 Newsweek Magazine touts the huge benefits of using an Exclusive Buyer Agent that belongs to NAEBA. Not all Buyer Agents are the same. 
Don’t be FOOLED! Many traditional real estate agents just use the title of a Buyer Agent in order to “drum up” more business. The best representation and protection for any residential or investor home buyer is an Exclusive Buyer Agent. Exclusive Buyer agent simply means that the agent will NEVER take listings or sell homes. You will not be steered toward company listings or SOLD a home.
An Exclusive Buyer Agent is the guaranteed highest and best form of representation available for a home buyer. Exclusive Buyer Agents will have access to all the homes on the market and probably have access to more homes then even a traditional real estate agent. Every potential home buyer should read this Newsweek Magazine article. It is great information.
I also really appreciate that the author of the article quoted Stephen Brobeck of the Consumer Federation of America (CFA). For nearly 30 years, the CFA has been the PREMIER consumer advocacy group in the country. The CFA works to advance pro-consumer policies dealing with food, agriculture, real estate, finance and communication. From nearly day one!, the CFA has always advocated using an Exclusive Buyer Agent instead of any other type of “so called” Buyer Agent.
So don’t settle for anything less then a true Exclusive Buyer Agent from NAEBA
Excl
usively representing your interests as the Home Buyer
Buying a new or existing home can be a “nerve–racking”, stressful event in anyone‘s life. Past studies have indicated that purchasing home is in the Top 5 of most stressful events in a person‘s life. The Other most stressful events being marriage, divorce, death and loss of a job. For most people, purchasing a home will be the single, largest financial transaction that they undertake in their lifetime… But you already knew that.
Serving Columbus Ohio Home Buyers 
Hello, my name is Mike Marshall. I am an Exclusive Buyer Agent with Buyer‘s Resource Realty Services. I have been representing homebuyers since 1996. It is my responsibility and my duty to try and get my clients the BEST price & BEST terms on any home they buy. I help my clients with financing options, locating the home, determining a home‘s worth, negotiating the contract, inspections and closing the transaction.
Before becoming an Exclusive Buyer Agent, I worked 7 years in banking as a bank manager. Part of my responsibility as a manager was originating mortgages. So I bring extensive mortgage loan knowledge to my clients that hire me. It‘s a fact that if a homebuyer makes a wrong decision on the type of loan or program that doesn‘t match their goals and objectives, then this mistake could cost them thousands, if not tens of thousands of dollars.
My Buyer Broker Advocate! 
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