Jeffrey Bennett

The previous sale (in '07) is the same property. It was extensively renovated, and they're trying to flip it. It says new hardwood floors, all new 2.5 baths, new kitchen with cherry & granite, etc. - Wed Nov 12 2008, 14:06

This property started at $315K in April. It was dropped to $305, the $299K, then withdrawn for a month in September. It was active during October, then withdrawn again on the October 28th. So, it's currently off the market (a typical strategy to give people a break from showings over the holidays and, perhaps, make repairs or other improvements).

There are 18 pictures. If you're very interested, I can call to see how withdrawn it is, and send you the pictures. I can also get you the Seller Disclosure. - Wed Nov 12 2008, 14:00

I don't think there's really a significant difference. Both have school systems that are thought to be excellent (see schoolmatters.com for a comparison). USC has been ranked in the top 100 in the nation.

Comparing the average sale price of a 4-br/2-ba home (last six months), Mt. Lebanon was $260K, USC $270K. Comparing average list prices, Mt. Lebanon was $288K, and USC $285K. So, very similar.

I do sell in that area, and don't see any big difference -- but an agent who lives there might know something I don't. Let's see who else answers... - Mon Nov 3 2008, 14:33

General market forces are favorable right now. The large number of foreclosures has altered the market for rental properties as well. There are so many such properties on the market that prices are low. You can pick up an investment property quite cheaply (though it will likely need a lot of work).

Furthermore, those people who got foreclosed on have now become renters, so there are lots of potential tenants. The high number of properties would tend to lower rents (high supply), while the high number of tenants would tend to raise them (high demand). Mostly these factors have balanced out, and rents are generally fairly stable (or declining slightly).

It is tough be an absentee landlord though (if that is what you're planning), particularly of lower-end properties. I get a lot of such inquiries through my web site, from all over the country. Some have quite unrealistic expectations about what it takes to invest successfully. (It is not easy!)

Since I am in this for the long haul, and don't wish to rush people into purchases they will regret, I try to make sure they are aware of the issues they will confront. (Unfortunately for me in the *short-term*, this often scares them off :-)

Generally people either relocate, or have local partners who help them with management (perhaps family, though I've seen that go badly wrong!), or buy higher-end properties and hire a property management company. If you can afford, say, a 10- or 12-unit commercial property (which can be had in some areas for $250K or so), you can have that professionally managed and do quite well.

However, buying low-end property that needs work and trying to manage it exclusively from long-distance is unlikely to succeed.

As for finding data on demogrphics, it's all over the place! hellometro is another such portal. Trulia has some of this data. http://realestate.yahoo.com/neighborhoods is another. ZipSkinny is yet another. There are tons of sites (don't forget Wikipedia).

Hope this helps! Let me know if you want to see specific listings. - Sun Nov 2 2008, 18:42

It is required by license law for buyer client representation. Years ago, there was no such thing as buyer agency -- all real estate agents worked for the seller (hence the tradition of sellers paying the commission). Not many buyers realized this!

Agents were and are generally friendly and helpful, and buyers naturally assumed they were "on their side." In fact they were on the seller's side, and owed few duties to buyers beyond basic professionalism and honesty. Specifically, they did not guarantee confidentiality! So any information the buyers gave about their plans or financial means often went straight to the seller -- and without the buyer's knowledge.

This led to plenty of misunderstanding, and attempts to rectify this led ultimately to modfication of license law and the advent of true buyer agency. It is much more than just some assurance that the agent will be paid for services!

In fact, it is not a guarantee of payment at all -- buyers' agents still only get paid at closing, so they're already working "on contingency," same as sellers' agents. And even if an agency agreement is in place, there are still some ways an agent can lose the commission.

I once had a lawyer challenge me on the agency agreement, saying they worked on contingency, why couldn't I? I pointed out I was already working on contingency, since they didn't have to buy (in fact, that client never did buy, though they did sign the agreement!). Working without an agreement would be like a large team of lawyers all collaborating on the same case, with one or another lawyer randomly working on any particular day. Imagine they all work for months -- but only the lawyer who happens to be there on the day of the verdict gets paid. Would lawyers work like *that*? I didn't think so :-)

It is the policy of the major brokers to require their agents to use agency agreements for several reasons, including the Errors & Omissions insurance we carry, and for dispute resolution (through mediation or the courts). Working without an agreement is a little like drunk driving -- you're presumed incompetent and are automatically guilty if you get in an "accident." The company will help the agent (and you, the buyer!) through mediation of a dispute -- but if the paperwork is not in order, you're handicapped and much more likely to lose. In this way signing the agreement protects you as much as it does the agent.

E&O insurance won't pay unless all the required forms are present in the file. Also, brokers and agents can face fines and disciplinary action for incomplete files. We (the Shadyside office) just got audited by the Real Estate Commission this past summer (and passed with flying colors).

To address any lingering concerns buyers may have about signing these agreements, Coldwell Banker provides a Buyer Services Guarantee, which lets you fire the agent and get a new one within 24 hours by calling the broker. So you're not "married" to the particular agent even after signing a long-term agreement (though you are at least "engaged" to the company :-)

You should meet and go out once or twice (depending on the agent's policy) to make sure you like working with the agent before signing a long-term agreement -- but something should be in place immediately. If you're not sure you want to stay with the agent, just sign it for one day, or even for a single house. Then you're only "tied" to that agent if you buy that particular house (which is only fair, if they showed it to you). Unlike the listing agreement, which is fixed by the West Penn MLS, the Buyer Agency agreement is very flexible.

Here's a related disclaimer we're trained to use, that points out the lack of confidentiality in the absence of an agreement (or agency law disclosure):

"The real estate law requires that I provide you with a written Consumer Notice that describes the various business relationship choices that you may have with a real estate licensee. Since we are discussing real estate without you having the benefit of the Consumer Notice, I have the duty to advise you that any information you give me at this time is not considered to be confidential, and any information you give me will not be considered confidential unless and until you and I enter into a business relationship. At our first meeting, I will provide you with a written Consumer Notice which explains those business relationships and my corresponding duties to you."

That's my essay on Buyer Agency! - Fri Oct 31 2008, 08:44

I can tell you a *lot* about that! I spent several months researching all of them (since it's such a big decision), and finally decided on the Ellis School. I've never regretted it -- the experience has been wonderful. Ellis isn't an option for boys, but there are many choices for them as well (all coed).

It's probably best to email or even call me (see contact info below), and I'll give you the scoop! - Fri Oct 31 2008, 08:03