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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!

 

HomeBuyer Advocate Mike

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As an Exclusive (true) Buyer Agent since 1996, I have had to consistently deal with the false manipulation of real estate statistics by real estate agents that is often encouraged by our local real estate board and multiple listings service (MLS).  Recently the “days on the market” (DOM) statsitic has been in the news lately because multiple listing services in other parts of the country (for example, Southern California) are debating on removing DOM from reports that home buyers view.

 A quote from the SoCalMLS (Southern California Multiple Listing Service) online newsletter, “the bottom line is that you, the real estate professional are in the best position to explain to your customer-buyer or seller-what the true DOM figure is and what it means”.  Part of this quote is true, you need to use an exclusive buyer broker that you trust to help explain the pros and cons of ALL real estate statistics.  But one thing I’ve learned from being a buyer broker is that you have to be able to “read between the lines” or “filter out the garbage” when disseminating information. In my opinion,  the MLS systems and real estate boards will ALWAYS favor the Seller, and not the Buyer or the consumer in general.  The above quote from the SoCalMLS is a perfect example of what I am talking about.  It does make sense to have a qualified, experienced agent help explain the DOM statistic to a Buyer or Seller.  So, WHY hasn’t this been SoCalMLS policy from the beginning?  Isn’t it strange, that they now want to implement this change in a slow real estate market that is now cosidered a BUYERS MARKET?   In my opinion, the real estate boards feel that the depressing DOM stat is making it harder to sell homes in this slow market.  Why are their so many people out there that have their heads so far up there $%&*@#.

I agree that many times consumers are “bombarded” or overloaded with a lot of information and statistics.  Sometimes the information and statistics are meaningless.  But the solution to the problem is not to limit, delete or “hold back” information from the consumer. The best type of market for any industry is where the products, services and information are totally open and available to all consumers.  That’s my opinion!

HomeBuyer Advocate Mike
 

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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!

HomeBuyer Advocate Mike 

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Finally some good news for Central Ohio home buyers.   Cincinnati’s largest home builder, Fischer homes will be entering Framingthe new build home/condo market in the Columbus, Ohio area.  Fischer homes saw a good opportunity to finally enter the Central Ohio market.  Fisher homes was able to purchase land and lots from Centex homes, that pulled out of the Columbus market last year.  Fischer Homes acquired more than 280 lots in Central Ohio.

Fischer Homes appears to be a fairly strong builder with a good reputation.  As an Exclusive Buyer Agent I looking forward to working with my new home build clients to compare Fischer Homes to the other good home builders that are already established in our market.  The increased competition with new home builders will be GREAT for my buyer clients.  In my opinion, the competition between builders will increase QUALITY and LOWER PRICES in the long run.  For more information on buying a new build home or condo check out this section in our main company web site.  Good luck to Fischer Homes!

HomeBuyer Advocate Mike

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This is not Real Estate for Dummies.  But, it probably should be.  The basic definition of dual agency is “The same real estate agent is representing both buyer and seller in the same transaction”.  Dual agency is the single worst issue involved in real estate.  The average “Joe” out of the street easily understands that dual agency is WRONG.   This seems like common sense to the regular guy.  So, why can’t the politicians and many real estate agents & brokers understand this simple terrible concept?  The main reason why dual agency exists is because of the glorious MOOLAH.  Real estate brokers and agents have a huge financial incentive to be involved in a dual agency transaction at the detriment of their buyer or seller.  Dual agency has no benefits to protect the consumer (buyer or seller).  One of the simplest and best examples that I’ve ever read about the problems of dual agency actually came from a traditional real estate agent (Matt Difanis) in Illinois and not an Exclusive Buyer Agent.  A few years back, Matt had a sent this letter to the Realtor Magazine.

Here is another real simple definition; agency is when a real estate broker discloses “who” & “how” they are going to represent a buyer or seller.  Home buyers need to STOP spending all their time on the Internet looking at pretty pictures of potential homes and START spending more time fully understanding all types of agency (dual, single, transactional, limited or designated).  Understanding agency is definitely not the most exciting part of the home buying process.  As a matter of fact, it is down right boring.  But, PLEASE, PLEASE, PLEASE; before you start down the path of buying a home make sure you spend time fully researching everything.   As with many major financial decisions (car, home, vacation, etc.) most of us end up rationalizing decisions based on emotion, don’t make a decision based on emotion!!

Non-disclosed dual agency is ILLEGAL in all 50 states.  But, only a few states have made (disclosed) dual agency illegal.  Dual agency should be”outlawed” and made illegal in all 50 states.   If you are a buyer or seller involved in a dual agency transaction and you don’t completely understand dual agency than you should immediately contact or RUN to your nearest real estate attorney.  

Here are a few other good blogs and web sites that just say NO to dual agency:   Bloodhound Realty & Homebuyer Representation

HomeBuyer Advocate Mike

Representing People, NOT Property!

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Great News!  The Federal Reserve (Fed) on Tuesday had a bigger than expected drop in the federal funds rate.  The aggressive drop will really help the local real estate Market Chartmarket.  Lenders in central Ohio now have approximate 30 year mortgage rates in the “low” 6% range.  Many “so called” experts predict additional lower adjustments by the Fed over the next three to nine months.

In my opinion, in 2008 we will see many loan program rates between 5.50% – 5.99%.  The low rates and Buyer’s (slow) market continue to make it a great opportunity to purchase a new home. 

Current homeowners should continue to watch the mortgage rates to see if it would be advantageous to refinance their mortgage.  You can click here to check your local mortgage rates.  If you have questions about possibly refinancing then I would recommend that you contact your mortgage originator/lender or your Buyer agent for more help and information.

HomeBuyer Advocate Mike

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Did you know that the “Do Not Call” list is expiring?  Don’t fret, most of us didn’t know either!

The National Do Not Call Registry was started 5 years ago (September 2002) to protect us from annoying telemarketer jerks and “phone spammers”.  The “Do Not Call” (DNC) list has been an extremely popular piece of legislation with the public.  Nearly half of the 140 million phone numbers in the DNC list were registered within months on the new law taking effect in September 2002.  Your phone number is only vaild on the DNC list for 5 years after you have registered.  You have to re-register every 5 years or your phone number will expire from the DNC list.

So take a few minutes to re-register all of your phone numbers (up to 3 phone numbers).  You can also register cell phone numbers.  In the past, fake email scams and bogus information circulated on the Internet that cell phone numbers would be under attack by telemarketers because cell phone numbers were exempt from the list.  This is totally FALSE.  Get the real scoop here: http://www.ftc.gov/opa/2007/02/dnccellphones.shtm 

Please make sure all of your friends, family members and co-workers are aware of this information.  No one wants to start getting “bombarded” again with phone calls at dinnertime regarding lawn care specials, 20% discounts on duct work cleaning for the next 30 days and the “most popular” annoying telemarketing call of all time; how to save money on your long distance service.

Here are some “FAQ’s” that also might help you.

Good Luck!

HomeBuyer Advocate Mike
 

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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

HomeBuyer Advocate Mike

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Exclusively 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 4258661.jpg

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.

HomeBuyer Advocate Mike


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BUYER'S RESOURCE
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614.918.3336

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HomeBuyer Advocate Mike


Representing People, NOT Property in Columbus, Ohio. If you are a home buyer, then you need me to protect you. I can help you get the best price and terms for your next home purchase. You must use a true Buyer Broker! 1.614.805.7607

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