It’s July and the summer has started. As things heat up and buyers rush into the market, they are faced with new challenges and require proper representation. Virginia Association of REALTOR® (VAR) has developed and passed legislation that will enhance the agency relationship and disclosure requirements. These new laws go into effect on July 1, 2012 and as with any legislation, the actual language can be boring and dull so I’ve tried my best to briefly explain everything. If for some reason my explanation isn’t enough or you’d like to learn more, please visit VAR’s site at www.varealtor.com/agency.
What has changed?
Inform the consumer: The law is to make sure consumers are fully informed about the real estate services they’ll receive and the nature of the relationship with the licensee.
Mitigate REALTOR® liability: The law is designed to protect licensees by making sure full disclosure is provided and the nature of brokerage relationship is reduced to writing. It’s to eliminate much of the consumer confusion that can come back and bite the licensee.
Discourage opportunisitic dual agency: The law is intended to make sure that licensees who practice dual agency are fully informing consumers about the risky nature of that relationship.
So, what does this mean for you?
Once you’ve found a REALTOR® you want to represent you, you need to enter into a written brokerage relationship that will outline a minimum of the following:
what services the REALTOR® will provide;
how long the REALTOR® will provide those services for; and
what fees will be charged and how they will be paid.
VAR has created a very informative flyer that will help you understand the changes of this law and better answer any questions. You can view the PDF document by going to the following link: Your Realtors Role – Understanding Your Options.
Now if you’re ready to start looking for homes or are interested in selling your home, please contact me at 703-577-4320 and I’ll be happy to further explain the agency relationship and help in “Giving Your Dreams An Address!”
The kids have finished school, the pools are open and it’s the perfect time to sell your home! Summer is typically the ideal time to sell homes because people are generally feeling “warm” and have a better desire to move before school starts again. So as you interview various agent, make sure to ask these questions to find the best agent: Continue reading →
The interest rates are as low as 4% and fixed for 30 years and has generated a lot of buyers in today market almost making most of the Northern Virginia area a “normal” market. This has lead to a lot of seller’s getting lots of showings but no offers. Is it possible to have 30 showings and no offers?……YES!
This is something that has been really hard for some sellers because they tend to get discouraged about their home not selling. If you’re not a seller that has an over-priced home, chances are you’ve had lots of showings but no solid offers! So you’re probably wondering “Why haven’t I gotten any offers yet?” This could be for various reasons, here are two of the most common reasons that I’ve heard from some of my buyers lately: Continue reading →
Whenever you decide you want to move into a bigger home, you have to decide what to do with your current home. For most people, selling is the only option in order to qualify to get a loan on a new home. But for a small percentage, the option to rent is always available. There are many reasons you may choose to rent, it could be because the market isn’t there to get the sales prices you want or you have a temporary job assignment for a few years. Whatever you reasons may be, here the pros and cons of renting your house: Continue reading →
It’s only a matter of time before your dishwasher starts to leak, the dryer overheats or a pipe breaks and floods the basement. With the current economy, most of us don’t have money laying around to be able to pay for a new dishwasher, dryer or fix the basement pipes and replace the carpet! In times like these it’s important to have home warranty! A home warranty is a type of insurance that covers different types of household items, major appliances and pay for the repair of the covered items in case they break down. Some types of home warranties may even pay for replacing the damaged appliances with new ones.
A home warranty can be beneficial for both buyers and sellers. Before I start discussing the benefits for each, here are some of the appliances that are routinely covered by most home warranties: Continue reading →
Whether you like it or not, short sales are part of real estate and they’re not going away anytime soon. Roughly 40% of home sales in today’s market are short sales or foreclosures! Distressed properties are well worth their value but before you get involved in the short sale, it is important to really understand the basics.
What is a short sale? Short sale is defined as a sale where the debt owed against the property exceeds the property’s market value. The lender normally incurs a loss and must agree to the sale in writing, thus preventing a foreclosure if the home sells.
What are the seller’s benefits? The number one benefit for the seller is that they will avoid foreclosure or bankruptcy, both of which Continue reading →
With modern technology, real estate information is readily available and buyers are more educated and informed than ever before. The chances of you pricing your home high and selling it to an uneducated buyer are slim to none. Whether you plan to list your home or already have an overpriced listing, consider these dangers as you implement your marketing strategy:
PITFALL #1 – TIME: Historically, the first 30 days on market are the most critical for any home since it’s the greatest potential for new buyer traffic. Often seller’s think that if they start high they can always come down later. Even though the price can be brought down later, you’ve already lost on your best buyers during the 30 days. Another downside is the time the home sits on the market. From the buyer’s perspective, the length of time a home sits on the market can be a sign for red flags since it could mean a possible sign of unmotivated seller or just problems with the home itself.
PITFALL #2 – COMPETITION: An overpriced home not only sits on the market but also helps the competition. It is a cue to the buyers that they can get the same or similar home just down the street for a cheaper price. A buyer will choose a home with fewer amenities and less upgrades if there is a large price difference. Continue reading →