C Tann-Starr's Outside Blog

head_left_image

Searching For A Home (Buyer's Brokerage)

Searching for a home can be the cause of a lot of stress for buyers who are unprepared for the realities of the process. I spend a lot of time on-line researching housing trends, building records and permits, certificates of occupancy, market value history, liens, taxes, school districts, crime rates and recreational activities based upon targeted areas my clients express an interest in. I own and maintain multiple websites to make the selection process interesting and help the public start their buying and selling research. I also spend a lot of time jogging and blogging, hanging out in social media and being pretty transparent about a lot of issues.

I do this because I am a Buyer's Agent. My business model is 70% Buyer Agency, 15% Listing Agent, 15% Rental Agent. A buyer’s agent is an agent who is engaged by a buyer to represent the buyer’s best interest. I am going to quote the department of state on what I do: "...negotiating the purchase of a home at a price and on terms acceptable to the buyer. A buyer’s agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyer’s agent does not represent the interest of the seller. The obligations of a buyer’s agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyer’s agent should (a) exercise reasonable skill and care in performance of the agent’s duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyer’s ability and/or willingness to perform a contract to acquire seller’s property that are not inconsistent with the agent’s fiduciary duties to the buyer."

You may think because you don't know anyone who has ever used one before that you don't need me, however I beg to differ on that matter because the seller was smart enough to engage a listing agent for their home. That listing agent is going to get as much money for the seller as possible because that is their job. My job, as a Buyer's Broker, is to negotiate to save you money and/or come to an equitable agreement on the matter after researching the property and providing you with enough information to make an informed decision.

Some buyers are very good at conducting this type of research on their own while others have no idea how to download their e-mail, set up a RSS feed, bookmark research pages, manipulate search engines, etc... Some people have no idea where the buildings department is. Some people have never been to the county clerk or finance department. Most people have never laid eyes on a certificate of occupancy and do not understand the significance of one. Point is, as a Buyer's Broker I get all types of personalities and persuasions who leave me very interesting questions via voice messages and e-mails to follow up with a response because they honestly don't know where to start, what they need or what to look for. They only know they want to see the property with the for sale sign and wonder how much they are asking for it...

Here's a fun fact: Most listing agreements with the seller have a commission split set aside for the buyer's agent because the smart seller is assuming you have already engaged a professional to negotiate on your behalf and they have factored in the payment because they expect someone to bring a buyer and negotiate for their home.

Think you can't afford me? Think again, my friend. The seller expects to see someone like me. They know if I show up your paperwork is done and you are a qualified purchaser. If you are a buyer you are doing yourself a disservice by not engaging the broker of your choice to represent your best interests. Here's something else you also need to take notice of:

"Now is the time to buy," is a manta you are all familiar with, but what if it isn't a mantra, what if it is true? Interest rates are currently  5, 5.5, 5.75, 6 and 6.25%. In January, some of my clients were lucky to lock in at 4.5%. Every week the rates fluctuate so if you are sitting around thinking you have to wait for an announcement of some miracle lowering, you are doing yourself a disservice right now. Negotiate your rates from where you are in reality and stop speculating. Credit scores and debt ratios will always sway the final numbers, so if you are serious about buying a home, go to the lender or mortgage broker of your choice and get pre-approved.

If you are not pre-approved for a mortgage you are not a buyer, you are a looky-lou thinking about the possibility of investing in a home. There is nothing wrong with being a looky-lou who may turn into a prospect, then a customer, then a client. That is the normal progression, however, you need to understand that without a mortgage in place (or all Cash) you are not a buyer. You have no idea what your spending cap is, or even if you can purchase a home because your credit has not been run, your debt ratio analyzed,  your W2s, pay-stubs and other documentation including proof of funds required to complete your pending transaction has not been collected and assembled into your power package.

Buyers have power. They move the market. Having your paperwork in place means you get to make powerful decisions. Committing to spend six figures (or more) is not a game, it is serious business affecting a lot of people because it takes a team of people to make your dreams come true. All dreams of home-ownership start with you. Are you shopping with representation, a checkbook and a blank binder, ready to make an offer or are you day dreaming about one day while the reasonable homes on the market are being snapped up left and right because of the downturn and glut of inventory?

In case you didn't notice, homes are still selling across the country and everyone is not a distressed property owner waving a mythological bargain-basement-burning-flag of .50 cents on the dollar advertisement. May I introduce you to the NYS Home Equity Thef Prevention Act?

82% of a home's equity as a first offer is a decent point to start negotiating from. If you do not want to start there, do not bother to call me. I am not the broker you want.

There are lovely properties for sale where the sellers are not upside down in their mortgages with equity to be had. You do not need a short sale or foreclosure to make an excellent buy, you just need to be educated on what it is you are actually purchasing. Each property is unique and no two houses will ever be exactly alike the moment two families move in and make it their own.

What are you willing to do to make your dreams come true?

 

 

 

Disclaimer: Any comments and contributions provided on ActiveRain.com (or other electronic or print media) does not establish an agency relationship with any third party. Blog posts are intended to be informational only. Please be advised that real estate practices vary in regions and from state to state and market to market. The information contained herein does not constitute legal advice. All parties in need of legal, accounting, tax, or real estate guidance are directed to consult with the licensed professional of their choice. Please seek specific guidance from a retained professional in the specific field(s) required to service your interests. I and/or team blog writers make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information contained in or linked to this web site and its associated sites inclusive of but not limited to CarolynTannStarr.com MySpace/TannStarr 46486 NY Working Moms Examiner ActiveRain Group Club Chaos ClubChaosAgents.com CyberMinions.net CTannStarr Outside Blog CTannStarr Localism Blog TannStarr.net UberMental.com

© Carolyn Tann-Starr, 2008-2015. Unauthorized use and/or duplication of this material without express and written permission from the re-blog authors (when appropriate)and Carolyn Tann-Starr is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Carolyn Tann-Starr, (the re-blog authors when appropriate) and Wordy C's Blog with appropriate and specific direction to the original content.

 

Carolyn Tann-Starr Outside Blog Outside Blog Minion Report on Facebook Carolyn Tann-Starr on Blogger  CTannStarr on Twitter Tann Starr on YouTube TannStarr.net

Tann Starr on iTunes

Tann Starr on IMDb

Kim Harrison  Vicki Pettersson  Jocelynn Drake  Jaye Wells  Amy DeZellar  Lynn Rush  Jeannie Holmes

Ward Nasse Gallery

Kendall Grey  Jeaniene Frost  Faith Hunter  Stacia Kane  Sherry Soule

Alicia Anderson: Touched By People Places and Things

CarolynTannStarr.com

Tann Starr on Amazon.com

Life With Wee People

Outside Blog Minion Report

MySpace

Ask me something...

Tann Starr on Jango Music

Tann Starr on Blip.fm

Felix Lipov, Official Photographer, Ambassadors of Chaos

 

 

 

Comment balloon 8 commentsC Tann-Starr • February 14 2009 08:27AM
Searching For A Home (Buyer's Brokerage)
share
Searching for a home can be the cause of a lot of stress for buyers who are unprepared for the realities of the process. I spend a lot of time on-line researching housing trends, building records and permits, certificates of occupancy, market value… more
Why Do Kids Wear Their Potty Seats On Their Heads? Seriously…
share
I think the strangest moment I had today was when my 7 year old walked by wearing Stephen the Minion Blur's potty seat. He was happily sporting it like a crown. I was shocked to discover it actually fit quite nicely. I know, I know, bad… more
The Little Minions Love New York (and select their fave 2008 pictures…
share
VideoAd by Mixpo The interesting thing about letting the little minions run a-muck in the Photoshop files is that I never know which folder they are going to select or which… more
REBarCamp Seattle
share
REBarCamp Seattle is this coming Friday (Feb. 13th) from 9am to 5pm at the Wells Fargo Building. The address is 999 3rd Ave., Downtown Seattle, 41st floor (Zillow Offices). I was hoping I'd be able to hop a plane and surprise a few people, but… more
Have You Done Your Monthly Compliance Review?
share
I tend to do this in the middle of the month because it always seems the best time to pause and catch my breath. Instead of wondering what I want to do next, or where I want to be, it's more like I know where I am now and where I need to be going. I… more
Fannie Mae Officially Eliminates its 4-Financed Property Limit
share
Friday, Fannie Mae rolled-back one of its least popular mortgage guidelines updates of the last 12 months. Effective March 1, 2009, real estate investors can once again own and finance up to 10 individual properties. The restriction… more
Outside Blog Minion Report: Kathy Passarette, Creative Home Expression
share
The Outside Blog Minion Report Carolyn Tann-Starr on Kathy Passarette Creative Home Expressions It is my pleasure to introduce you to Creative Home Expressions. This firm provides Interior Decorating, Redesign,… more
I Love This! Check Out What My Tweet Peep Laura Has To Say. :-)
share
http://www. twitterwebinar. com You guys know that I am an Internet-junkie and I make no bones about being in love with my virtual family. Twitter is a fun place if you meet your brick and mortar plus virtual friends there. It's pretty easy to… more
Between AR and the Facebook Meme Crazies I guess It's Time To Fess Up…
share
I owe Elayna Fernandez 7 facts, Susan Mangigian 25 and now Karen Hurst has slapped me upside the virtual noggin with a Facebook request for 25 more. You fabulous ladies are lucky I like you.. 57 facts people. Hmm… Are you ready for… more
The Outside Blog Minion Report: Shea Stadium Citi Field
share
The Outside Blog Minion Report: Shea Stadium / Citi Field Carolyn Tann-Starr http://www. TannStarr. com 44 years… I am 43 years old and all I can think about is the fact that for my entire life Shea Stadium was a place of… more
The Quaker Man Charity Challenge… Help The Little Minions Fight…
share
I thought this was an interesting thing to do for charity. I volunteered to participate in a 25 BLOGGERS/25 DAYS contest that is part of the Start With Substance program. The goal is to get readers to join the Start With Substance… more
@CTannStarr is very proud to introduce my Twitter-peep @HolisticMamma
share
http://www. holistictwitter. com/ The above link is to the website belonging to @HolisticMamma Andrea Tannouri hails from San Diego, CA. Her Twitter Bio states that she is a (1) Blogger, (2) Talk Show Host, and (3) Eco-RE Broker who wants… more
First Time Homebuyer Tips : Summary - Red Flags to be aware of --…
share
My friend Jeff Belonger was kind enough to make this available for a re-blog. If you want to read the entire series, please feel free to select the links embedded in his post. If you do not subscribe to his blog, you may want to reconsider… more
Permission To Talk Does Not Equal Short Sale Authorization
share
Ever have a listing agent place a property in the MLS as a short sale without speaking with the bank first? Just because the homeowner agrees to list the property as a short sale does not mean that you, the buyer, are dealing with an actual… more