Judy Luna

This is not in my area, but I checked the link provided by Trulia. My advice is to find a buyer agent who can represent your interests and get the information you need. In Arkansas (where I practice) and other areas there is no extra cost for you to have your own agent.

To find a good agent I can recommend agents in many parts of the country through various organizations that I belong to. As it happens I specialize as a buyer agent, so if you would like recommendations for your area, let me know and I'll get you in contact with someone.

The other alternative is to find someone in your area who specializes in helping buyers. Look for someone who is an Accredited Buyer Representative (ABR) and/or a CRS (Certified Residential Specialist). Normally there is no extra cost to you. Following are some web addresses for the above:

http://www.crs.com
http://rebac.net/

If you have further questions, don't hesitate to write me and I can try to get the answers you need. Thanks. - Mon Nov 10 2008, 19:53

I'm not really sure what you are referring to, but there are some situations where at least part of some land you purchase may be under water. For example, if there is a pond on the property, that would be land under water. Many ponds are small, but I have seen land parcels with large ponds.

Similarly, often a land parcel will have a boundary which is a river. In that case, usually the boundary goes down the middle of the river or creek and the amount of land that is under water will depend on how wide the river or creek is.

Because of issues like these, it is important to get a survey when you are purchasing land, especially land in the country. With this, items in the legal description of record will be drawn--so you can actually see where fences, bodies of water, etc., lie with relation to the land you are purchasing. A survey is a negotiable item when making an offer on land--the buyer can either ask the seller to pay for it, the buyer can pay for it himself (if it's an issue that is important to him) or the cost can be split 50-50 between buyer and seller.

Hope this helps. - Sat Nov 1 2008, 14:18

I agree. Interview a number of different companies and see what they have to offer. My choice is Keller Williams--great splits, training, potential for passive income, and models to grow your business. If you will be working in a profession (i.e. real estate) where you are considered an "independent contractor" pick a company that treats you like an independent business person. Keller Williams lets you run your business the way you want to run it, gives you the tools to do so. A very "agent-centric" company. If you have questions, don't hesitate to write. - Mon Oct 27 2008, 21:24

Tony,

What I would suggest is that you get yourself a knowledgeable buyer agent who can help you. You can probably write something into each contract which indicates that you are making offers on more than one property and that if one of your offers is accepted then the other offers are null and void. You might also want to put something to the effect that if more than one offer is accepted, then you (as buyer) have the option to select which offer you wish to pursue.

I am not a lawyer so you might want to consult a lawyer who can dictate some verbiage to protect you. An additional protection would be to have your earnest money deposit be tendered upon agreement between buyer and seller (instead of tendering it with the offer).

I should warn you, however., that sellers do not like buyers who are trying to get "something for nothing" so to speak. In many parts of the country it is a buyer's market, but most sellers still have an inflated idea of what their properties are worth.

I had a listing earlier this year where I received an offer from an agent representing a buyer who made a number of "lowball" offers on several different properties, including one I had listed (a "starter" home). The agent included verbiage as I have described above. My seller was totally offended and didn't want to waste his time with someone who was not serious about purchasing his home. On the other hand, he wanted to sell his property, so he made a verbal counter offer.

The result was that evidently no one else responded positively to this strategy so the buyer accepted the verbal counter, we wrote up a contract, and my seller sold his property. The actual situation was that the buyer didn't have a lot of time--he was purchasing a home for his daughter who was attending the local university and had to be there by a particular date. He was not playing games and trying to get the cheapest price for the best house possible. But when I received the offer, I didn't know this, so my seller was offended by the strategy. And I think most sellers will be offended by what appears to be a buyer trying to take advantage of needy sellers.

This is a weird market in many areas. My recommendation is to make an offer on one property at a time if you can. In most parts of the country this is a buyer's market. There are not multiple offers as in past years unless a particular property is a spectacular buy. Also if a property is a bank-owned property, banks don't want to play games with "greedy" investors (I don't mean to offend here but this is usually the perception on the part of the seller in this type of situation).

A good buyer agent can advise you as to what similar properties nearby have been selling for. This will give you an idea of what is a "fair" price for the properties you are interested in. Much will depend on whether you are an investor or someone actually looking for a place to live. In any case, a knowledgeable buyer agent can advise you about what's going on.

If you need help in finding a good buyer agent, I recommend that you find someone in your area with both a CRS (Certified Residential Specialist) and an ABR (Accredited Buyer Representative) designation. Below are websites where you can search for agents. In all cases, interview them--find someone you feel comfortable with and who seems to understand your home purchase goals. For most homes listed by realtors, there is no extra cost to you to have a buyer agent (commissions paid by seller and included in purchase price).

http://www.crs.com
http://www.rebac.com

Good luck. If you have questions and would like me to help you find a good agent, I do have contacts all over the country and can help you find a good agent.

Judy Luna - Mon Oct 27 2008, 20:27

I would not do business with someone whose credentials are in question.

If you are purchasing a home, I recommend having a buyer agent. In most states (I think also in CA) there is really no extra cost to you as a buyer to have a buyer agent who will represent your interests and guide you through the transaction. All commissions are included in the purchase price, normally paid by the seller.

A good buyer agent can recommend reputable lenders. I'm not sure why you would want to work with a mortgage broker rather than a bank, especially someone whose credentials are in question. I'm not sure about CA, but in Arkansas, normally working with a mortgage broker rather than a bank ends up costing you more in closing costs. Often during the past several years these were the folks giving the risky mortgages to folks who couldn't really qualify for normal loans.

If you have a less than stellar credit rating, no matter who you work with you will have a problem getting a loan now. If you have a good credit rating, shop around for the best interest rates and loan programs.

If you need a buyer agent, get someone with a CRS and ABR designation (those funny letters that realtors have after their names on their cards). ABR is Accredited Buyer Representative and CRS is Certified Residential Specialist. If you can find someone in your area with both designations, even better. Interview the agents who may be your buyer agent and interview your lender. Find someone who you feel comfortable with. Trust is important. If you need extra help, don't hesitate to contact me--I have contacts with realtors all over the country.

http://www.crs.com
http:/;/www.rebac.com

Judy Luna, Keller Williams Realty, Fayetteville, AR - Sun Oct 26 2008, 19:26

I would not do business with someone whose credentials are in question.

If you are purchasing a home, I recommend having a buyer agent. In most states (I think also in CA) there is really no extra cost to you as a buyer to have a buyer agent who will represent your interests and guide you through the transaction. All commissions are included in the purchase price, normally paid by the seller.

A good buyer agent can recommend reputable lenders. I'm not sure why you would want to work with a mortgage broker rather than a bank, especially someone whose credentials are in question. I'm not sure about CA, but in Arkansas, normally working with a mortgage broker rather than a bank ends up costing you more in closing costs. Often during the past several years these were the folks giving the risky mortgages to folks who couldn't really qualify for normal loans.

If you have a less than stellar credit rating, no matter who you work with you will have a problem getting a loan now. If you have a good credit rating, shop around for the best interest rates and loan programs.

If you need a buyer agent, get someone with a CRS and ABR designation (those funny letters that realtors have after their names on their cards). ABR is Accredited Buyer Representative and CRS is Certified Residential Specialist. If you can find someone in your area with both designations, even better. Interview the agents who may be your buyer agent and interview your lender. Find someone who you feel comfortable with. Trust is important. If you need extra help, don't hesitate to contact me--I have contacts with realtors all over the country.

http://www.crs.com
http:/;/www.rebac.com

Judy Luna, Keller Williams Realty, Fayetteville, AR - Sun Oct 26 2008, 19:24