"I Only Work With The Listing Agent"

Frequently we get a phone inquiry at our real estate office where the caller is insistent on speaking only to the listing agent. In that instance there is no discussion. The call will go directly to the listing agent... no questions asked.

But, often, we are having a discussion at an open house, or maybe just a casual chat at a bar or a on a park bench and we will hear someone say, "Yeah, I've been looking for a house for quite a while, and when I see one I like I call on it." Our agent will offer, "Would you like me to help you with your search?"... ""No... I just call the listing agent. I'd rather work with the listing agent."

Depending on the circumstances this is where a "buyer" could use a little educating and help in the Common Sense Department. Quite often we find that the buyer doesn't really fully understand the fiduciary relationships and how working "only with the listing agent" can be a recipe for financial loss.

Simply.... Keep this in mind. When a real estate agent lists a house for sale, who are they working for? You should already know this, but the answer is THE SELLER. So when you are chatting and inquiring and musing about buying that house what do you suppose the LISTING agent is doing? Working for the seller! Not you. the seller! They are gathering information.. they are plotting ways to SELL you the house. They are scheming as to how they can get you to pay the highest amount of money and the best terms for their client... the SELLER. they are working against you.

OK... I know what you are thinking. The listing agent says to you, "I know these guys (the sellers) pretty well, and they'll listen to me. I think I can get them to cooperate with you... work with me and we'll get this done." And that all sounds good. But think about this. Is that the kind of agent tat you want to work with? The kind that told you when they listed their property that they would be loyal to your best interests and get you as much money as possible with the best possible terms.... and then they turn around and say this sort of thing to someone they just met??? I don't think so.

So here is my suggestion. Find a Realtor who you connect with. Insist on them representing you. Actually you won't have to insist on it... they will already be geared up to do just that if they are worth their salt. They won't sell you you a house. they won't SELL you a house.

They'll help you BUY a house. With good counsel and no other person's best interest even close to yours!

Happy house hunting! I hope you are in your new home in 2011!!!

Sorry about that....

It has been a while since I wrote in here. Actually my Dad reads this and he commented on that. I have been very involved with summer type stuff ranging from real estate to family to rock and roll to recreation! But A lot of stuff has been going on in real estate so I think I'll ramp it up soon and put my thoughts out there.

In the meantime, think about mortgage rates right now... Do you think they'll get lower ? Really?

And the economy.... can it get worse... better... where is it going.

Let's talk!

Buy A House That's NOT for sale!

So, you've looked and you've looked, and you've looked. Your agent is great. Stays in touch and keeps feeding you leads. But nothing seems to do the trick.

If your agent hasn't already done it let's start thinking about buying a house that ISN'T for sale.

That's right. ISN'T for sale.

What is the harm with approaching the owners of a house that is not on the market and suggesting that if they ever gave any thought to selling their home maybe we have a buyer? I tell you I've done it. And more often than not I have gotten no response. And on occasion I've been more or less told to take a hike.

That's probably why you don't want to "cold call" homeowners and it's also why you should put this project in the lap of your agent... But if you can I.D. a couple of houses that you think you might be interested, your agent can "go to work" !

Your agent will know the way to put together a pitch that will illicit a response... say and explain the right things, so as to pique their interest, and hopefully describe your dilemma and situation to get you an opportunity.

You know what's good about this? You aren't in competition with other buyers. It's a quiet and less stressful sequence of discussions and meetings.

It will never be a "slam dunk". Who knows if it will work. But, hey.... you'll never know unless you try.

What Do You Want ?

What is it you REALLY want from your agent ? You want them to sell the house, right? Or find you the best deal there is around, as the case may be! Right?

Now, if you think for one moment your agent is not all about that, then switch. But, who do you switch to? Let's face it, we all have good days and bad days! There are days when I feel like my clients have really gotten EVERYthing from me. And there are days when I maybe could've done more...

So I'm not suggesting that your agent get fired because one day he or she didn't call you back in less than ten minutes.

But, here is what I think you should expect. Your agent should use all the resources available to them. RealtyUSA agents have fantastic marketing department that can design and publish top notch pieces and campaigns. The Internet and web offer countless opportunities to get your property promoted, not to mention there is an incredible database of homes for you as a buyer! Automatic emailing should be the norm when you're looking for a home. How about single property websites... try this one: www.31keeler.info

How about Facebook? How about Linkedin ? Is your agent utilizing all the servers such as Trulia, Yahoo!, MSN.com ,etc.

Here's a sample of some work done by one of my agents here in Loudonville, New York :

http://video214.com/play/DXUdHcf5wVChQnGaArIUdA/s/dark

He's putting this up in places like YouTube.. Facebook, Google, etc. Your agent can do this sort of thing, but the next step is understanding how to use keywords and methods that will garner the most views possible!


There are many services available to assist real estate agents in helping to promote their listings (read: YOUR house)... These opportunities also are there to help agents find properties for their clients!

So what do you want from your agent? You want them to understand today's technology and resources... to increase your chances of a satisfactory outcome in your real estate endeavors.

That's what you want! Demand it!

Didn't take advantage of the government's home buying credit? Might be GOOD NEWS!!!

Believe it or not I'm being told that the persons who did not take advantage of the Home Buyer's Credit may actually fare better than those who did!

On a 200,000 purchase the interest rate has dipped low enough that the difference may have save those who did NOT partake as much as $18,000 over the life of their 30 year mortgage!

Who'd of thunk it!!!???

Move the date!

Aren't you glad you didn't hit the panic button?

I'm talking to you folks who bought a house this spring before April 30th and were told you could get the government's tax credit AS LONG AS YOU CLOSED BEFORE JUNE 30th! So what did you do? You kinda rushed and thank God! You got an offer accepted by April 30th!

Whew! But wait... a new stress thing! You need to close by June 30th! OK, sez you. But it wasn't really up to you was it? Your bank had to get their stuff done in order for you to close. Really almost had NOTHING to do with you at all.

So you kept in touch with the bank.... "are we OK ?"... "did we get the committment yet?"... "are we 'cleared to close'?"... "hey that June 30th date is getting close! We are depending on that $8,000 credit you know!"...

There were many out there who were sweating bullets! Yup, they didn't think the bank was going to get the file closed in time! Oh no!!!! In fact there were a few that were threatening to cancel ther contract because of this.

What's going on ???? Well, any time a deadline is imposed, everyone and their brother is "pushing" toward that date! The banks were "overwhelmed"! So the powerful banking world lobbied our fearless leaders and asked for a NEW date.

So guess what? Here's what your government is saying now, " As long as you really did have a contract by April 30th... we are going to extend the deadline... Your bank will have until September 30th!"

Well, it's not totally OK yet... the House has to approve this measure... but the Senate already did... Keep your eyes and ears open! Your government is all over it!

Good luck my friends!

Do you know what the BIGGEST stumbling block is?

One word: Appraisal.

Yup. That's the big stumbling block. We get a buyer that wants to buy. We have a seller that is agreeable to the price proposed by the buyer. We do all the inspections. We apply to the lending institution The bank sends out the appraiser. The appraiser reports that they can't "find any suitable comps".

Now what? The bank sends a letter to the buyer and tells them that the mortgage application is denied because the house is not worth what the buyer and seller (and presumably two real estate agents) thought.

Rules and regulations tightly monitor and restrict what the real estate agents can do with the appraiser in the lines of saving the transaction. One of the most frustrating factors is that the appraisers are told they can't go any further back than 3 months. In many areas this means they really DON'T have any similar sales to use.

About the only solution is that the seller agrees to take the lower appraised price. If they can. Often they can't. Often they owe too much money. they'll end up upside down as they say in the business!

This recent re-occurrence is pretty difficult to avoid and predict.

So what can be done to safeguard against it ? My sources at 1stPriority Mortgage suggest that we avoid seller concessions whenever possible. Seller concessions as a general rule skew the actual fair market value, by adding thousands of dollars to the sale of the property.

I am counseling my agents to "think like the banks/appraisers" when obtaining a listing. That means doing an appraisal when speaking with a potential home seller that is more like what we can expect when the house goes under contract. This procedure is referred to in our profession as a CMA... comparative or competitive market analysis.

So, you as a home seller, need to make sure that the real estate agent who is pitching to get your listing is aware of these conditions. They need to be savvy and realistic in detailing their perception of where to list your property and what is the most likely sales price.

Appraisals. A tough pill to swallow right now, but it's real and it's here... right now. Be advised!

-Your friend in Real Estate... Steve