All Forum Posts by: Lydia S.

@Cody Culberson

A few things that catch my attention include the mix of gold tone and silver fixtures in the kitchen and bathroom.  

Shoot for consistency.  It may lead people to wonder ‘if the seller left some of the old plumbing fixtures and towel bars, etc, where else were corners cut’.

The kitchen appears rather small and even an island on wheels would add more counter space.

As mentioned previously, curb appeal and staging would absolutely make a difference here.

Good luck with your sale!

@Ariana Grace

Open houses are a great source for first time buyers as they often don’t have a Realtor yet and are just looking.  Remember though, they may take a few years to be ready and will appreciate the education you can provide, which is why you stay in touch until they are ready and able.  Afterwards, they become a great resource for referrals to other first time buyers because you did such a good job educating and not giving up on them like many other Realtors do.

Or get together with Lenders and create first time home buyer classes.

 You are referring to seller financing or an REC/wrap, rather than an assumption.  The seller may or may not be willing to accept one as they are not free and clear from their mortgage until the buy-out.

@Eli King

Only FHA, VA and USDA loans may be assumable. Do a little google search of assumable loans and you'll find some answers for pros and cons.

For example investopedia.com has a good summary.

@Eli King

The seller would need to contact the servicer of their loan and confirm it’s assumable.

You would then need to qualify with that servicer plus have the funds to cover the difference between what remains on the loan and the purchase price for the home.

Will the servicer of the original mortgage allow a second?  I have heard that sometimes they don’t and that’s what prevents an assumption from working out.

I’m doing some digging and am aware of people who have used Traveler’s Insurance and USAA. 
If I hear anything else, I will contact you directly.

@Mike Dymski

What I described is not what led to the lawsuit.  

Each Realtor, agent or Brokerage may work for whatever compensation they desire and must outline it clearly in their agreements with their clients.  
Compensation is negotiable, always has been, and either the seller and/or the buyer will be responsible for any agreed-upon expenses per their listing contract or buyer broker contract.
Disclosure about compensation is more important than ever, and remains at the discretion of the representative and their clients, hence the need for those agreements which will be a requirement after the settlement.

Buyers and sellers must know how their representatives are compensated and by whom before they commit to a working relationship.  If I have a buyer client who has contractually agreed to whatever fee we discussed, and they are interested in an off market property, you bet I will attempt to save my client money by negotiating all or some of my compensation from the seller. That’s my job, to represent my client’s best interests, negotiate to help them best achieve their goals, abiding by all the laws, Fair Housing and Code of Ethics along the way.

If someone doesn’t want to sign an agreement with me, they are free to consider another Realtor® who has a different business model and practices, or even go forth unrepresented.  Fortunately, no one is forced to do something they don’t want to.

A couple of options exist.  
If you have a Buyer Broker Agreement in place with your agent, it may include the language that says all inquiries go through the agent, as well as what amount of compensation is due to them with any purchase you make as their client. So if you have such an agreement, they should be one making the connection with the off market property owner, even if you find it or hear about it somehow. Part of the agent’s process will be to reach out and find out how much compensation the seller would be able or willing to commit to, versus how much compensation you are responsible for.

If there is no buyer broker agreement in place, you are free to do as you wish, however, if you want representation and were hoping the seller will pay your agent, the agent should be the one to reach out to the seller first to make inquiries and secure a compensation agreement with the seller.  If you personally reach out to an off market property, the seller may say they will not pay your agent, leaving the compensation up to you.