Agency & Agency Relationships

The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction.

The buyer's representative (also known as a buyer’s agent) is hired by prospective buyers and works in the buyer's best interest throughout the transaction. The buyer can pay the agent directly through a negotiated fee, or the buyer's rep may be paid by the seller or through a commission split with the seller’s agent.

The seller's representative (also known as a listing agent or seller's agent) is hired by and represents the seller. All fiduciary duties are owed to the seller, meaning this person’s job is to get the best price and terms for the seller. The agency relationship usually is created by a signed listing contract.

A subagent owes the same fiduciary duties to the agent's customer as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not the buyer’s agent, shows property to a buyer. The subagent works with the buyer to show the property but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer customer can expect to be treated honestly by the subagent.

A disclosed dual agent represents both the buyer and the seller in the same real estate transaction. In such relationships, dual agents owe limited fiduciary duties to both buyer and seller clients. Because of the potential for conflicts of interest in a dual-agency relationship, all parties must give their informed consent. Disclosed dual agency is legal in most states, but often requires written consent from all parties.

Designated agents (also called appointed agents) are chosen by a managing broker to act as an exclusive agent of the seller or buyer. This allows the brokerage to avoid problems arising from dual-agency relationships for licensees at the brokerage. The designated agents give their clients full representation, with all of the attendant fiduciary duties.

Call Outer Banks Realty Solutions.  252-261-9003  We will lead you in the professional real estate law way one step at a time!

Prepping your home for holiday entertaining

It can be overwhelming… cleaning, planning menus, prepping table settings and getting everything ready for guests for holiday entertaining.  With some planning tips, you can make holiday entertaining less stressful and more fun and festive.  Try these suggestions below to minimize stress and maximize your holiday cheer:

-        Take time to plan… set aside time a few weeks ahead of your hosted event to write down ideas about key menu items, fun activities and entertainment and important to-dos ahead of the event.  Over the weeks leading up to guest arrivals, add more details to the planning notes to solidify your plans and make sure nothing is forgotten.

-        Make a cleaning schedule… to avoid a cleaning crisis ahead of your holiday event, tackle home cleaning a little every day by making a cleaning plan for 1-2 weeks ahead.  This lets you take on a big job a little at a time and insures everything is neat & clean before your guests arrive.

-        Plan a music play list to help set the mood for your holidays.  Jot down some of your favorites & old classics and start a play list you can use throughout your entertaining season.

-        Stock the basics.  Avoid last minute trips to the store by stocking your pantry with basic baking supplies and making sure you have extra toiletries, paper towels and quick clean up supplies. 

-        Prepare your guest rooms to make guests comfortable with bottled water, extra blankets and a basket of toiletries in the guest bathroom.  Print out your wifi password and frame it on a guest side table so it’s easy to find and add a nightlight to help guests navigate their way in the dark.

-        Set the table ahead of time identify items you may needand to get the holiday spirit going throughout your home ahead of guests arrival.

-        Buy fresh greens and flowers and seasonal candles to help your home look and smell inviting for your guests.

-        Remember to enjoy the event… with all the planning and preparation it’s easy to forget to relax and enjoy time spent with your guests.. make it a priority once everyone arrives to make the most of your time together and not to stress about the little details.

Wishing you a wonderful (and stress free) holiday season from our team at Outer Banks Realty Solutions.

Preparing to list your home??  Make sure it’s ready to bring you top dollar with these steps.

Thinking of listing your home for sale?  If so, our Outer Banks Realty team can help you understand the market, list at the best price point and get your home sold for top dollar.

To see the best results, you also have some work to do to help bring top dollar and sell your home.  Data from the National Association of Realtors showed that 81% of home buyers find it easier to see themselves in a home that is staged well.  This means that decluttering and staging your home to show buyers their future is a critical task before your home goes on the market.

While decluttering can be overwhelming, taking the process one room at a time can help.  Below are some tips for helping you tackle and prepare your home to drive top dollar and a fast sale.

·        Bedrooms- remove knickknacks, personal items and toys from immediate view.  Consider storing toys or photos in baskets or storage bins in closets or under the bed and out of view when you walk in the room.

·        Bathrooms- bring some sparkle back to your bathrooms with a good deep cleaning of the tile, grout, bath and shower to make sure everything looks shiny and clean for buyers.

·        Furniture- walk through your home as a buyer would and consider if there are pieces of furniture that are making the space feel crowded.  If so, consider storing or selling a few items to make your home feel more spacious and open. 

·        Kitchens- deep cleaning appliances, decluttering counter tops and straightening cabinets will help insure your kitchen feels clean and spacious.  If you have a small kitchen, consider alternate storage for appliances you use rarely so that cabinets and pantries don’t seem overcrowded to buyers.

·        Landscaping- make sure bushes and landscaping beds are in top form.  Prune bushes, pull weeds and add some new mulch or pine straw to give your outdoor space a fresh feel.

·        Living room- here again, remove knick knacks and personal items.  Think about investing in a few pillows, lamps or rugs to update the space.

·        Repairs- if you know there are items that need to be addressed in your home, now is the time.  Investing in repairs now will avoid them ending up on the buyer inspection list or potentially scaring buyers off.

·        Repaint- while not always necessary, painting is one of the easiest and most cost effective ways to update and refresh your home.  Consider if your current paint needs an update and whether this investment in time and money would pay off for you as buyers preview your home.

While preparing your home for sale may seem overwhelming, it is worth it to make your home show well for potential buyers. Think about your preparation in simple steps, one room at a time, week by week as you prepare for your first showing or open house.  If you are ready to list your home for sale, let our team at Outer Banks Realty Solutions help you take the next step by contacting us at 252-261-9003.

09/18/2014

Purchasing a Manufactured Home Process

Not too often are manufactured homes purchased due to inexperienced Listing Agents, Buyer Agents and Loan Originators.  I would like to share with you the process of purchasing a manufactured home.

Most lenders will not finance a manufactured home through FHA if it is more then 20 years old, below flood plain or not have a permenant foundation.

The first step when listing a manufactured home is the listing agent should obtain the Title Policy.  If a Title Policy can not be found, then the seller should go to the Department of Motor Vehicles and obtain one.  He/She should also find the Vehicle Identification Number Tag.  This number may be located in a closet of the manufactured home.  

If the manufactured home is located in a flood zone, an elevation certificate will be required.  The elevation is from the grade, (dirt) not the bottom of the first floor like stick built home requirements.  Also, the manufactured home must be above flood plain in order to qualify for FHA.  

The lender will also require that the manufactured home have a permenant foundation.  This means it can not have the wheels.   This certification can be obtained through a structural engineer.

If your manufactured home is more then 20 years old a lender will lend with 20% down and most likely keep the financing in-house.