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Representation

Many consumers are unaware that in many instances, the real estate agent showing them property is not representing their best interests. In fact, quite the opposite is true; they are representing the sellers, and are legally obligated to pass ANY information along to the sellers which you might provide to them...information which could dramatically adversely impact your ability to negotiate a good deal.

In Georgia, agents are required to disclose up front who they represent. As a buyer, you should always insist upon your agent representing you, not the seller. You will likely have to agree to work with this agent for a prescribed period of time and commit to buy a home through that agent. This will give the agent the security of knowing that he or she will be paid for his or her time; remember, an agent that is representing you will be investing considerably more time with you than would an agent who simply shows you homes. Your buyers agent will show you homes but will also provide you with comparable home sales and other information which will help you make a wise decision regarding the offer you should make on the home you have found.

Of course, if you are selling, you should expect your agent to be loyal to you and work for your best interest.

Clearly, in selecting a real estate professional, you should not just look at the sales numbers that an agent may possess, but you'll want to know if he or she can be trusted. Like an attorney or CPA, a real estate agent who represents his or her own interests over your own is one to be avoided.

There is a third choice concerning representation. It is called "dual agency". Dual agency means that the agent you are working with is "committed" to being neutral, and represents both sides equally. Although this arrangement is legal, it is the opinion of this author and many other real estate professionals that dual agency is unworkable and downright unethical. You wouldn't want your attorney representing both you and the party you are negotiating a settlement with to be in cohorts together. Don't let a real estate professional try to do the same. You can only play for one team at a time.

All of our contracts provide for a home inspection. You should always insist on it. Never waive it unless you are buying a distressed property being sold "as is"...and even then, do not waive it. You want to know what you are buying.

In Georgia, home inspectors are not regulated. Unfortunately, many inspectors do a woefully inadequate job. What's worse is many of these inspectors are recommended by unscrupulous agents who do not want their contract jeopardized.

You should select a home inspector very carefully. Do not allow your real estate agent to select one, unless you have (as discussed earlier) a good relationship based on trust. You want an inspector who is looking out for you, and if your Realtor is looking out for you, they will want you to get a good inspector.

If the home you are considering is listed with a real estate firm, the seller is required to produce what is called a "Seller's Disclosure." In this document he or she is required to disclose any known defects in the home. Be especially wary if you are purchasing a "For Sale By Owner." These are homes for sale without Realtors, and they are not subject to the same degree of disclosure as is a home listed with an agent. It's possible that the seller did not want to disclose certain defects and no agent was willing to list the home without making them known. While it is certainly not the case in each, or even most, FSBO's, it does happen and you need to know it.

The inspector will look at your home and tell you what works and what does not. You will then have the option of requesting repairs or terminating the agreement. In many instances, the seller will not be willing to repair small items. In most cases, that will not be a concern. However, it is not unusual for the inspector to find major problems that were undetected, such as a leaky roof, malfunctioning heating/cooling systems, wet basements, plumbing leaks or dangerous electrical wiring. Armed with a qualified, professional home inspection I have been able to successfully negotiateto secure new roofs, new furnaces, waterproof basement treatments and a host of other items for my purchasers. Remember, most items will be cosmetic or minor in nature, and those you should accept. But if you are paying for a home, you want to be sure it is safe. I once had an inspection reveal that carbon monoxide was being pumped throughout the house when the furnace was running. Clearly, a health item such as this needs to be addressed...and it was. They got a new furnace from the seller. If your agent discourages you from a home inspection, you have selected an agent of dubious integrity...regardless of how many sales he or she has.

A good agent knows what is typically replaced or repaired in these situations and what is not. Again, a good real estate professional can help you decide which battles are winnable and thus worth fighting, and which are not.

Financing

Does financing vary from lender to lender? You bet it does. While it is true that most of the interest rates will be fairly competitive, closing costs can vary significantly. A good Realtor knows which lenders in his or her area has good service coupled with good rates. You may find a lender with a rock bottom rate, but if the service is subpar, it is likely that the closing could be delayed due to a mixup on their part, costing you more money than you saved in the first place.

You'll also find that while qualifying for standard government loans is pretty much the same, different lenders have additional programs from investors. So, while one lender may not be able to qualify you for conventional or FHA financing, another lender may be able to find some financing for you elsewhere. Banks will sometimes lend money with a balloon payment due after five to seven years. Other lenders will grant credit to borrowers with less than stellar credit, though at higher interest rates.

Probably the worst place to look for a mortgage loan is your local bank. They were charging upwards of 3 to 3.3% of loan amount. They may be more competetive now, but you'll have to shop around. Closing costs are negotiable...your Realtor can help you here, too.

For Sale By Owner...a good idea?

You might think I'd say "never" but I'm not. I'm going to say "rarely" instead. There are instances where a fsbo might be the best way to go. For example, if you have no equity and cannot afford to sell at market price AND pay a commission, you should probably go FSBO. Or, if you have lots of spare time to take telephone calls, show your home and advertise, and if you don't have small children or loved ones who could be at risk in the event an intruder or robber stops by to have a look, you might consider it. The truth is that most FSBO's do not sell. One reason is that most people that are seriously looking for homes use Realtors. Most people that shop FSBO's are people that are looking for rockbottom prices...and that's what they usually offer you, the fsbo...rock bottom prices.

However, when a FSBO sells, its usually because it is in a subdivision that is highly sought after. Some people "keep their eyes on" a neighborhood and drive by it once a month or so to see if there are any new listings. In that case, a FSBO might sell. But if its still available after 30 days, you might be wise to go ahead and list...at the same price. Don't jack the price up in the amount of the commission. Any sophisticated buyer with a sharp agent will see through that one.

Still, go ahead and try it if you like. Some people can do it. But even if you do sell it yourself, go ahead and spend a few hundred dollars and hire a realtor as a "consultant" to handle the contract paperwork for you and lead you through the landmines of getting from contract to closing. There is much, much more to it than you realize. Many agents will gladly do this for a fee, and the money they may save you is worth it.

Finding an Agent

In selecting an agent, look for someone who you can trust, who will be honest with you. The guy with the big numbers may or may not be.

Look for experience. Be sure he or she knows the real estate business.

Use someone who exudes professionalism. This may or may not be your friend who is a Realtor.

Ask others who have used agents. Who they liked...and why. Who they disliked...and why.

Look for an agent who is flexible, and who can tell you exactly what he or she will do to sell your home, whatever that may be. If your home does not sell, it will prevent disagreements over whether or not the agent did all they could.

Lastly, look for someone who knows how to use technology to your advantage. Computers, cellular phones, pagers, home offices, executive suites all have combined to allow the real estate community an avenue for serving your needs better. Be sure your agent understands and uses this technology.

Fees and Commissions

Commissions vary from region to region, depending on the type of services your Realtor is providing.

You may be able to strike a deal with your agent if you have a house for sale. I have listed homes at a discount when my clients are going to buy another home and utilize my services to do it. Fees are negotiable, but remember...you get what you pay for. If your agent agrees to a lower commission, he or she is going to have to cut a service somewhere in order to make less money and remain in business.

If you find a home on your own, go ahead and hire a real estate agent to write the contract for you. I've done this for a low fee. Its well worth the price. There are many hoops to jump through, and a well written contract can protect you and ensure that you are protected by contingencies. Furthermore, your agent can also act as an intermediary to advise both parties as to what the "next step" is. Never conduct a real estate transaction without the services of a Realtor or Attorney unless it is your business to do so.

Georgia Real Estate Contracts

If you are purchasing a new home, you will likely be asked to sign one of two contracts. One is written by the Georgia Association of Realtors (GAR), and the other is authored by attorneys for the Home Builders Association. As a purchaser, you'll prefer to use the contract from the Realtors, if possible. It's more friendly to you. If your builder wants to use the HomeBuilders form, have it reviewed carefully by an attorney or real estate professional. Be sure you understand the differences. For example, some contracts specify that if for any reason you cannot complete the transaction, you are entitled to a refund of your earnest money. Other contracts (sometimes not so clearly) state that the money is non-refundable. You really need to have an agent representing you when you buy a new home. If the builder you are considering makes it clear that they do not want you to have representation, proceed with great caution. Just because it's in the "boilerplate" contract, doesn't mean that it has to be there. Clauses can be eliminated or stricken...but you need a real estate professional to walk you through that minefield.

Do not rely on contracts purchased from office supply stores. Laws vary from state to state, and even one sentence missing can cause you great distress later. Most realtors purchase the GAR forms and have them available to you, so if you are working with a Realtor he or she should have them. Written by attorneys, these forms cover a wide variety of different and complex situations. A well written contract is critically important.

Incidentally, most professionals have these forms incorporated into their computers.

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