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Exactly What Is Buyer Representation? 

It is an agreement between the Buyer and Buyers Broker to “Represent The Buyers Best Interest”, and spells out the obligations and duties of both parties.

What Are The Brokers Obligations to the Buyer? 

The Broker has a fiduciary duty and owes their loyalty to the buyer.  The broker cannot disclose the buyers top dollar in negotiations or reveal other information which may be deemed ‘Confidential’.

What About Showings and Questions, Can’t I just Call the Number on the Sign? 

You should schedule ALL of your showings and questions through your buyers broker.  You want your broker to be on the same page, and by asking the listing agent, you could innocently reveal your negotiating position.  The listing agent is obligated to reveal any information you reveal to them directly to the seller.  They are bound by their agreement to get the best deal for the seller.

The Buyers Agent will make time to arrange showings in a timely manner, and will ease the burden of juggling multiple schedules with different agents.  The other added benefit of working with just one broker, is that you only have to explain your situation once.  Not every time you want to see a home and trying to work around peoples schedules.

Can I Get a Better Deal by Using the Listing Agent? 

This is often not the case.  Just because the listing agent will be keeping the entire brokerage fee, does not mean they will get you a better deal.  The listing agreement binds them to the seller to get them the best deal possible.  Not the buyer.  In fact, there is certain information they CANNOT REVEAL TO THE BUYER UNLESS IT STRENGTHENS THEIR POSITION.  Your Buyers Broker will be obligated to share certain information with you that the listing agent may withhold, such as recent sales prices of nearby homes!

Do You Really Have Access to ALL of the Listings?? 

Yes.  If it is for sale by an agent, we have access to it.  Most are through a digital lockbox requiring a special key making it easy and convenient to schedule you in.  Some properties will require advance notice, some do not.  We do like at least a few hours notice to gather information and make the appointments, afterall, not all homeowners have the same schedule. 

Do I Have to Sign an Agreement? 

It is highly recommended.  Don’t you want to know exactly what and when your broker is doing?  Without a contract, how can you be sure the Broker is really YOUR BROKER?   View Bluefax Realty LLC Buyers Representation Package Here (opens in a new window)

How Long is the Buyer Representation Agreement For? 

 Usually 90 – 180 days, depending on your time frame.  It is negotiable though, and ours may be cancelled by either party with 24 hour notice.

What Else Should I Know About a Buyers Representation Agreement? 

We want you to be comfortable, so all decision makers should attend the first showing for the Q & A.  A copy will be sent home with you to review and discuss.  This is where we have a chance to get to know everyones expectations, desires and needs.  We will also discuss:

• Loan Pre-Approval (required to even make an offer)
• Property Insurance
• The Contract to Closing Process (making an offer, getting inspections, protecting your earnest money deposit and more)
• Home Inspectors
• Scheduling Other Homes
• YOUR Schedule
• Ways YOU Prefer to Communicate
• And more…..

I hope this information helps, and please do not hesitate to contact us directly for any questions or information.

Now you have to keep in mind that “List Prices” are public information and readily available to Zillow as well as any other site. With Texas being a non-disclosure state, “Sold Prices” are not disclosed publicly and not readily available to these sites.

As of September 9, 2011, According to the MLS (Agent Database)The Current Median List Price for Helotes is: $317,320

The Median List Price for Helotes, according to Zillow……just $250,000.

Pretty big difference with readily available information. Before making an offer or listing your home based on a Zestimate, or other likewise public website, please give us a call. We are happy to help!

Want to View Homes For Sale in Helotes?

There are restrictions of course, such as income amd mandatory attendance of a home buying class.  The program is intended to help famillies of modest means, with a Maximum Income of $55,000  OR 80% of the areas median family income.

If the family remains in the home for 5 years, the grant does not have to be repaid, or if you have to sale the home early due to PCS orders.  Otherwise, repayment on a sliding scale according to how long you stayed in the home is required.  You could also rent thome out upon transfer, and not have to repay the grant as well.

For full program guidelines and restrictions, please visit Pentagon Federal Credit Union Website.

1. Furnishing your new house BEFORE it’s yours.  So, you’re almost ready for closing day, and you need to furnish the new place, so what to do?  You head out, armed with the latest classified ad for today’s “Huge Furniture Blowout!”  They are offering 90 days same as cash, so why not, right?

Well, if you sign up or even let them run your credit while your sale is pending, it changes your financial picture.  This alone could tip your debt to income ration enough to disqualify you for the loan you are already pre-approved for.  That’s right, it happens.

2.  Your closing costs were less than what you thought, and you need a New Car.   STOP!  It’s the same as the furniture…..don’t buy anything on credit until your loan has Funded and Closed.  If it is absolutely neccessary, consult your loan officer before buying.

3. Closing Lines of Credit.  Sounds like a good idea, cancel a few credit cards and clean up the credit report, right?  Wrong.  Closing lines of credit can skew your credit score.  it raises questions about what is going on why there is new activity on your report.  While this can be overcome, it could delay your closing depending on where you are in the process…. Counter intuitive I know, but it happens.

Basically, once you are  approved, don’t make any large purchases or open new credit cards or take on new loans until the deal is ‘Closed and Funded’.

Colby Sambrotto, The founder and former Chief Operating Officer of ForSaleByOwner.com has sold his 2 Bedroom, 2000 Square Foot Chelsea Apartment with the aid of a real estate agent for $2.15 Million Dollars.

It was reported in an article in the Wall Street Journal (access the article here)  by Josh Barbanel, that after 6 months of advertising the home online and in the classifieds, a buyer could not be attracted.  In November, the website’s founder enlisted a New York Broker to conduct the transaction for him, which lead to the sale.

If you are trying to sell your home, and need some advice, feel free to give us a call.  Because Real Estate is NOT one size fits all, we can customize a plan just for you.  Call us direct at (210)445-2631.

The banks are not in the Real Estate Business, no should they be.  What with the whole monopoly issue.  Truth is, by the time a ‘Foreclosure’ becomes available for sale, it is listed by an agent as well as managed by an Asset Managent Company.

The Super Great Deal of buying a home for half of the value would more likely be bought at the courthouse steps, also known as ‘The Auction’.  Risky process, and you have to close almost immediately on the property, as-is with no recourse.  Once you buy it there, it’s yours. Problems and all, including title issues.

At the auction, the home is sold for at least what the balance of the note is.  This may not always be a bargain…. I have purchased properties the regular way, after seeing them sell for higher at auction!  How does this happen?

The bank will bid what they owed to protect their interest.  If someone bids higher, they get the home.  If not, the bank at least keeps it. Then turns over to the department in charge of liquidating the asset.  The asset manager will have a valuation done on the home, and list the home accordingly.  Sometimes at a loss, sometimes for a gain.  It all depends on the condition of the home and the current market.

If a property was purchased with very little down, at the height of the market…the bank may loose on that one.  If the home was nearly paid off, and in good shape, they will make out.  It all depends.

What most buyers think of as foreclosures, are typically listed with an agent, and available to the general public.  This way, at least you have an opportunity to research the title to the property, have a home inspection performed, and then purchase or back out based on what you know about the property.  Even though the seller (the bank) may not fix anything at all, at least you know what you are getting.

Most banks require the buyer to sign not only a State Promulgated Purchase Agreement, but their agreement and addenda as well.  Be careful, and read these documents.  They often will spell out procedures for inspections, cancellations and other important matters that may affect your rights later in  the process or even alter the State Agreement. (I am not an attorney, and this is not legal advice.  If in doubt about contract language, please consult an attorney.)

If you are interested in purchasing foreclosures in the San Antonio area, please give us a call and we will be happy to answer any questions you may have before beginning the search  with you.  We are here to help!

A home inspection is a snapshot in time of the condition of a property.  It is non-invasive in nature, and covers items that are visible to the inspector.  Inspectors are not authorized to tear apart items to get into them, they observe and report conditions that are present.

For example, an inspector cannot tear into a wall and inspect for insualtion or the condition of the wiring inside the walls.  Yes, I have heard people request this…..  Could you imagine as the seller, coming home and finding holes in your walls where an inspevctor was looking for insulation??

So what CAN an inspector do?  Think of it as a “Physical for a Home.”  The inspector will test the lights, outlets, major systems such as A/C and Appliances to see if they are functional, visually inspect the condition of the roof and so on.  Want to see a sample report?  Visit Shawn Thompson’s site to View a Sample Report.

Pricing is typically based on the age and size of a home and varies from one inspector to another.  Though they are typically very competitive.

Do I recommend getting an inspection?  Absolutely!  Your home is a major investment, and you should know what you are getting.

Can you use the inspection report to ‘renegotiate’ your contract? It depends on the terms of your contract, ask your agent to explain this one to you, as each contract can be different.  As a Buyers Agent, I negotiate that right into your contract for you, though there is a time limit for thse items. And I will be happy to explain the ins and outs as they pertain to YOUR situation.

Most buyers are going to need some type of financing, so the bank will need an appraisal by a 3rd party company to protect their investment. Understanding the process can help you price your home correctly, and get it sold quickly. Appraisers will use the same techniques described below, so this should help you get ont the right track to a smooth transaction.

To get into the lingo, homes used for an appraisal are called ‘Comparables’, or ‘Comps’ for short. The term is derived from Comparable Sale. Notice the term ‘Comparable’. This means a home similar to yours, with similar location and features. The home does not have to be indentical, adjustments can be made after all, but similar.

1) Location. The homes chosen should not just be within a mile or two fo yours. If at all possible within the same subdivision. If none are available, then with a mile for urban areas and up to 5 miles for rural areas. More than that, and the appraiser wil have to explain the extraordinary circumstances as to why a comparable cloer in proximity could not be found.

2) Size Matters. The comp should be within +/- 20% of the same square footage of your home. Also Bedroom count, should be within +/- 1 bedroom of yours. The closer in size though, the fewer adjustments required.

3) Timing is Key. The comparable sale should have closed no more than 90 days ago. This can be stretched to 6 months if needed. The reason is to determine the homes value in ‘Todays’ Market’, not last years….

4) Quantity. You’ll need at least 3 Active Listings and 3 Completed Sells to make a good comparison. The comps are adjusted for in price and size, so that they can be brought to as near yours as possible in features, location and size.

5) Type of Sales. With recent legislation changes, Foreclosures and Short Sales can now be used as comparables in a regular transaction. If your market has an abundance of foreclosures and shortsales, this could affect your chances of selling and the final valuation givento your homes value. Speak to your Realtor about this.

The condition of the homes should be taken into account when using these types of sales for a comparison, but if they are similar in size and condition, they could very well be used.

If you don’t agree with the valuation, by all means get a 2nd opinion.  Appraisals or other types of valuations are not an exact science and can be open to interpretation.

Under this bill, the law limits the purposes for which a property may be seized under Eminent Domain, and MUST be made available for resale to the original owner if not used for its intended purpose after 10 years.

Want to read the bill for yourself? Visit The Texas Legislature Online.