Buying a Home and You Don’t Have a Buyer’s Agent?!?!?

February 16, 2012 by 3 Comments

Huh? Why don’t you have your own buyer’s agent?

It amazes me how many buyers out there don’t have their own real estate agent working on their side. New Jersey, among other states, allows dual agency. Dual agency means the real estate agent represents both the buyer and seller in the same real estate transaction. Both parties must consent to this dual agency relationship.

With the dual agency, the agent cannot diclose any information about either party to the other, including details on the condition of the house, financing, or any of the motivations of either side of the transaction. This makes it tough to negotiate, as the agent can’t tell you what you should offer or give an opinion on what repairs should be made or credit given. They can give you comparables, but it would be up to you to interpret the information and come up with your own offer price. It really handcuffs the agent and I believe it does a disservice to both sides. Now some Realtors love dual agency, because instead of having to split the commission with the buyer’s agent, they keep the entire commission. With this double payout for the agent, I might be a little nervous as a consumer that, whether intentional or unintentional, the agent in their excitement to close the deal, may do something unethical to make the deal happen.

I recently heard a story from one of my buyer clients, where their friends used the listing agent they met at the open house to represent them. Well they ended up paying an above market price for the home and were unpleasantly surprised when the light fixtures and kitchen appliances were missing, as they were lead to believe by the listing agent they were to be included in the home sale. Another fellow agent in my office told me how their cousin bought a home through the listing agent and they not only overpaid for the house by $50,000, they were never informed the house was located in a flood zone!

Even with all the research buyers can do online through Realtor.com, Trulia, Zillow etc, in their home search, it still makes sense to have a buyer’s agent represent you. It costs you NOTHING. You aren’t going to get a better deal because you are using the listing agent, they are just going to keep both ends of the commission. The buyer’s agent will guide you through the transaction (which understandably, can be intimidating), line up referrals such as the home inspector, contractors, or a loan officer for you, inform you of the market trends, neighborhoods, negotiate the sales price, and basically help you achieve your goal, finding the right house, at the right price, and in a timely manner.

Need a GREAT buyer’s agent on your side? Contact Kevin Hill, REALTOR®-Sales Associate with Keller Williams Realty-Village Square now!

Search for homes in Bergen County, New Jersey here!

 

 

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Filed Under: Bergen County, Home Sales, Pascack Valley, Real Estate Tagged With: , , , ,

Help for First Time Home Buyers in Bergen County

February 7, 2012 by Leave a Comment

In today’s real estate market in the Pascack Valley and surrounding Bergen County, first time home buyers make up the highest percentage of potential buyers. Since buying a home is your largest investment you’ll ever make, its vital to learn the entire home purchasing process and have guidance throughout the transaction until the keys to your new house are in your hand. the Spring Market is almost upon us, so get ready now!

Some quick tips for all 1st time home buyers:

Find yourself a qualified real estate buyer’s agent to represent you. Do NOT use the listing agent as your agent. When the agent represents both sides of the house purchase, its called ‘dual agency’ and it is a disservice to you. I have heard too many horror stories of buyers overpaying, not getting everything they thought was included in the sale, or just not receiving enough customer service and communication during the house purchase. You should also use an agent you click well with. If you are tech savvy, don’t use an agent who doesn’t even have a cell phone or barely knows how to turn on a computer.

You should get pre approved for a mortgage before you start seriously searching. This way you know that you can obtain a mortgage and exactly what price range you should be looking at and not wasting time looking at homes you can’t afford.

Want to see what homes and condos are available in Bergen County in a typical first time home buyers’ price range? Click here!

Intimidated by the process?

Well fear not, I will be offering free, one on one consultations or seminars for 1st time home buyers in Bergen County, New Jersey.

Sign up below! Consultations & seminars will take place in River Vale.

Fill out my online form.
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Filed Under: Bergen County, Buyers, New Jersey, Pascack Valley, Real Estate Tagged With: ,

Take Advantage of Buying a Foreclosure in Bergen County With a 203K Mortgage

December 30, 2011 by Leave a Comment

Credit: USA Today & KCMblog.com

I have discussed about in previous articles about New Jersey’s high shadow inventory. It is at one of the highest levels in the country with over a 50 month housing supply at this point. New Jersey’s courts gave the ok to the banks to start foreclosing on properties again after they will help up due to the ‘robo signings‘ controversey. The foreclosures have been slow to enter the market yet here in Bergen County, probably in part to the banks making sure all the paperwork is in order and not wanting to flood the market and drag home prices at an even more rapid rate.

One of the realities with these distressed properties, is the homes often are in the need of repair and renovation. It seems like many buyers these days, no matter what the price range, want their new home to be move-in ready, so they’ll shy away from the short sales or bank owned homes.

However, the FHA 203K Home Purchase & Renovation Program is an outstanding solution to this dilemma. A buyer could acquire an undermarket deal on a distressed property. Use a 203k loan to purchase the property, do the renovations, and have the expenses built into the mortgage. This way the buyer doesn’t have to come up with cash after the closing to foot all the renovation costs.

The 203K appeals to all sorts of potential buyers from first time home buyers to occupant investors to buyers who need a home specialized for their needs.

Depending on what type of 203K loan (Standard or Streamline) you need, renovations could go from simply needing new kitchen appliances or flooring to total renovations requiring structural work.

The FHA 203K Loan is perfect for 1st time home buyers who don’t have a perfect credit or a large downpayment. You can put as little as 3.5% down.

Kevin Hill-203K Specialist

I recently completed a comprehensive training in the use of the U.S. Government’s FHA Home Purchase and Renovation Loan program. With this designation, I became a member of REbuildUSA, a nationwide organization of real estate, lending, and home improvement professionals working in partnership with Lowe’s.

With the designation, I am able to provide professional guidance to those who want a great home, in a great neighborhood, and renovated to meet their needs, tastes, and comforts.

For more detailed information and/or have any questions on the 203K process or want a list of bank owned homes currently on the market in Bergen County, New Jersey, CLICK HERE

REbuildUSA.com

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Filed Under: Bergen County, Buyers, Home Improvement, New Jersey, Real Estate Tagged With: , , ,

Real Estate in the Pascack Valley Under $300,000

May 23, 2011 by Leave a Comment

Shop for House Bargains in the Pascack Valley!

When I was house hunting in the Spring of 2004, I was a first time home buyer. I was working full time as a real estate appraiser and observed on an everyday basis, the rapidly increasing house prices. I didn’t want to miss out on a good opportunity to buy and I was feeling the pressure of trying to purchase a home under $300,000 somewhere in the Pascack Valley of Bergen County, New Jersey.

I had grown up in Fair Lawn, but I wanted to buy a house outside my hometown and the Pascack Valley area really appealed to me. It was like trying to find a needle in a haystack though, but I was able to find a home in Westwood. At the time, there were only a handful of homes available in the area, in that price range. After years of escalating home values, the Pascack Valley is again affordable for buyers.

As of the date of this article, according the New Jersey Multiple Listing web site, there were 9 active listings, 8 under contracts, and 7 sold homes in the past 3 months under $300,000. With interest rates low again, its an excellent time to buy, especially for 1st time home buyers or condo owners looking to swap up to a house.

Want to know what’s available under $300,000 in the Pascack Valley or anywhere else in Bergen County? Click here!

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