Buying A Home

Buying a home is an exciting and complex adventure. It can also be a very time-consuming and costly one if you're not familiar with all aspects of the process, and don't have all the best information and resources at hand.

One of my specialties is representing the best interests of Utah Homes area buyers throughout the home buying process. My comprehensive, high-quality services can save you time and money, as well as make the experience more enjoyable and less stressful.

If you're like most people, buying a home is the biggest investment you will ever make. So whether you're buying a starter home, your dream home or an investment property, why not take advantage of my experience as a local market expert for Utah County Real Estate to make the most informed decisions you can, every step of the way?

The following articles provide useful information and are a great place to start if you're considering buying a home.

• How to choose a Neighborhood for Your Home Search
• Why use a Realtor When Buying a Home?
• How to Choose a Home
• Home Inspections Avert Future Headaches
• Take Charge When Buying a Home
• The Basics of Making an Offer

 

Why Use an ABR®: REALTORS® Experienced in Buyer Representation

Buying a home is no small matter. Besides being the largest financial transaction you may ever undertake, it’s probably also the most complex. There are many good reasons to work with a qualified real estate professional—especially a trained professional who has earned the Accredited Buyer’s Representative (ABR®) designation, representing best-in-class buyer services.

When you look for an ABR® before you look for a home, you’ll be served, not sold. Your interests become their interests. And you’ll be working with someone who has gone the extra mile by completing specialized training in delivering the best in buyer-representation services. Plus, a REALTOR® who has an ABR® Designation also has an established track record, with proven experience in representing the concerns of homebuyers.

The ABR® Designation is awarded through the Real Estate Buyer’s Agent Council, or REBAC, which was founded in 1988 to promote superior buyer-representation skills and services. REBAC is an affiliate of the National Association of REALTORS® (NAR).

ABR® vs. Buyer's Rep: A REALTOR® Designation

A buyer’s representative (or simply buyer’s rep) is a licensed real estate professional that represents prospective homebuyers in their property transaction. If you’ve formalized an agency relationship, typically by signing a buyer’s rep agreement with a buyer’s rep, you can expect him or her to:

• Understand your specific needs and wants, and locate appropriate properties.
• Assist you in determining how much you can afford (pre-qualify your mortgage).
• Preview and/or accompany you in viewing properties.
• Research properties, to identify any problems or issues you should consider.
• Advise you in formulating your offer.
• Help you develop your negotiation strategy.
• Provide a list of potential qualified vendors (such as inspectors, attorneys, lenders, etc.) for other related services that may be needed.
• Keep track of all the details throughout the entire transaction—to closing and beyond.

In other words, a buyer’s rep should make your home buying experience go as smoothly and successfully as possible.

But not all buyers’ reps are equal. A buyer’s rep who has earned the Accredited Buyer’s Representative (ABR®) REALTOR® designation has made an extra effort to raise the bar, with additional training and experience in serving you, the homebuyer. If you work with an ABR®, you can feel more confident that you’ll receive the highest level of buyer-representation services.

Descriptions of Agency: The Buyer Agency Agreement

There are agents, and then there are agents. Yes, it sounds confusing. That’s because the term “agent” is often used in a casual manner, referring to any real estate practitioner.

But agent also refers to someone with whom you’ve established a formal agency relationship—someone who represents your best interests in a real estate transaction and owes you fiduciary responsibilities. Agency relationships are usually established in writing with buyer agency agreements, and require:

• loyalty
• obedience
• disclosure
• confidentiality
• reasonable care and diligence
• accounting
  

The birth of buyer agency

For many years, real estate was practiced in such a manner that agency relationships were only extended to sellers. Any real estate agent who brought a buyer to the table was actually working as a sub-agent to the seller.

This all began changing in the 1980s, when buyer agency started gaining momentum in residential transactions. Today, agency laws still vary from state to state. But even if you live in a state that recognizes buyer agency, you can’t assume that you will automatically receive fiduciary responsibilities from the agent you’re working with as a potential homebuyer.

That’s why it’s vitally important to talk to the agent or broker early in your working relationship about his/her agency status. You may also want to consult your state association of REALTORS® to gain a better understanding about agency laws in your particular state, or contact the agency charged with regulating real estate professionals in your state, often referred to as the state real estate commission.

Details vary from one state to another, and each brokerage has its own contract terms within these broader guidelines. But for purposes of illustration, this table outlines how your status may affect the level of service to which you are entitled:

Are you a buyer-customer or a buyer-client? Services will vary, depending on your agency status*
If you are a CUSTOMER (no agency relationship), an agent will:	If you are a CLIENT (agency relationship), your agent will:
Maintain loyalty to the seller’s need	Pay full attention to your needs
Tell the seller all that they know about you	Tell you all that they know about the seller
Keep information about the seller confidential	Keep information about you confidential
Focus on the seller-client’s property	Focus on choices that satisfy your needs
Provide just the material facts	Provide material facts as well as professional advice
Only provide price information that supports the seller’s listing price	Provide price counseling based on comparable properties and their professional insights
Protect the seller	Protect and guide you
Negotiate on behalf of the seller	Negotiate on your behalf
Attempt to solve problems to the seller’s advantage and satisfaction	Attempt to solve problems to your advantage and satisfaction

* This chart is for general illustration purposes only. Agency laws vary by state; and specific terms of individual agency contracts will vary from one agent to another.

You may not know if you’re a customer or a client.

Depending on the laws in your state, you may find yourself working with someone who is actually negotiating for the seller, not you the buyer. The best way to be certain your interests are being considered and protected is to sign a buyer agency agreement with a trained buyer’s rep, which clearly establishes client-level services and spells out what services you can depend upon.

What about dual agency?

In some cases, it will become necessary for your real estate professional to deviate from the single agency model. For example, a buyer-client may become interested in a house that also happens to be offered for sale by a seller-client of their buyer’s rep, or by the same brokerage firm. How can a buyer’s rep, in this instance, maintain complete loyalty to their buyer if he or she also owes complete loyalty to the seller?

Obviously, they can’t. But, depending on the real estate license laws in your state, and your status with the brokerage firm, the manner in which this situation is handled will vary. To get concrete answers, you should read and discuss the brokerage services disclosure statement, which should reflect your state’s agency law. If your agent hasn’t supplied a disclosure statement, you should ask for it. It spells out the different categories of agency services they provide and how they address dual agency.

Almost all states require disclosure of dual agency and often require that a buyer’s rep (or his or her brokerage firm) only act as a dual agent with the written consent of all parties to the transaction. In such a situation, the brokerage agrees to endeavor to be impartial between both parties and will not represent the interest of either party to the exclusion or detriment of the other party. Neither will they share the confidential information of one party with the other party. This is how brokerage firms and their agents strive to create win-win situations for everyone involved. There are a few states that prohibit dual agency even with disclosure and consent.

Other types of relationships

Some states also allow different types of relationships beyond agency relationships. For example, a transaction broker assumes responsibility to facilitate the transaction, rather than represent one side over the other. Further obligations may also be set forth in a written contract with a client.

Even though the laws concerning agency can vary from one state to another, one thing that is constant throughout the U.S. is the obligation for all REALTORS® to comply with the National Association of REALTORS® Code of Ethics.

Issues to discuss with a buyer’s representative

Real estate agency relationships, like all business relationships, can be formed in a number of ways. In order to help talk through your options, here are several questions to ask your buyer’s rep:

• Do you represent buyers, sellers or both?
• What services are provided to (or excluded from) me, based on my status as a buyer-customer or buyer-client?
• When does representation begin? When does it conclude?
• If I’m not ready to commit to your normal term, can you offer me a one-day buyer agency agreement or a 24-hour opt-out clause?
• How is dual agency addressed in your firm?

Utah County Home Values Search MLS Listings	Utah County Home Values Get Pre-Approved	Utah County Home Values Buyer Tips
Utah County Home Values Relocation Guide	Utah County Home Values Zip Code Guide	Utah County Home Values Why Use Me?
Utah County Home Values Buyer Guarantee	Utah County Home Values Dream Home Finder	Utah County Home Values School

 

Selling A Home

Utah County Flat Fee Listing Program

The recent Housing an Mortgage Crisis has brought about a lot of change in Real Estate and the way we operate our business today. We all need to adapt to the changing market in order to survive. Home Seller's have been put in very unusal situations unlike nothing we have seen before. Many homes are being sold today by the Short Sale Process because Home Owners are unable to sell their home at Market Value and be able to pay off their existing Home Loans with the proceeds. When Home Owners are unable to complete the Short Sale Process the Bank who owns their loan take possession of their home. Next in the process is when the Bank tries to Sell the Home themselves allowing for unusually low selling prices. With the combination of Short Sale and Bank Owned properties being sold at a discount, Home Values continue to drop as well. Sellers are forced to sell their homes at a discount to match the undervalued Market that has been created. Many are forced to sell their property "For Sale by Owner" FSBO, because they can't afford to pay the normal 6 or 7% that Real Estate agents demand these days.

That is the reason why I have developed a new Utah County Flat Fee Listing Program, to help Sellers list their homes and be able to compete with the Short Sale and Bank Owned discounted homes on the Market. I am very flexible with the programs available, everyone's situation is different which has forced me to adapt as well. I have develope a few different scenerios that I hope you will find to meet your needs as a Home Seller, but, like I said "I need to be flexible to make these programs work for you," Follow the links below to learn more about my new Utah County Flat Fee Listing Program, then contact me by phone or e-mail so that we can discuss how I can help you.

Utah County Homes Flat Fee Listing Program
Utah County Real Estate Flat Fee Listing Program
Utah County Realtor Flat Fee Listing Program

Utah County Flat Fee Listing Blog

List your Home Today, with my Utah County Flat Fee Listing Program, for as little as: $195*
*See Website for Details and restrictions.

For most families, their home is their largest financial asset, and deciding to sell it is a big decision that involves a lot of preparation and work. When you're ready to sell it's important to have an experienced real estate professional handle the details involved in the successful sale of a home for top dollar.

As an experienced professional who has helped many Utah County residents sell their homes, I know how to handle every aspect of the sales process - from strategically marketing and showcasing your home to making sure everything's signed, sealed and delivered by the closing date.

Providing you with comprehensive, high-quality listing service is my top priority. So when you decide to sell your home, please contact me and let's get started!

The following articles are a great place to start if you're looking for information about the sales process and how you can get more for your home when you decide to sell.