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Home Buying in 19301 : Real Estate Advice

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  • Home Buying9
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Activity 9
Sat Sep 3, 2011
Lynn Hayes answered:
You are entitled to receive the best representation you can possibly get. An ethical agent will not try to drag you through procuring cause issues. Call the broker of the 1st agent and I guarantee he/she will be happy to provide another agent for you to work with. The agents will work out the procuring cause question so that you can focus on your househunting. ... more
0 votes 6 answers Share Flag
Sat Jul 9, 2011
Cat Mayo answered:
Hi Firsttime!

In PA, realtors are required to get an Exclusive Buyer Agency contract signed along with the Consumer Notice. The Exclusive Buyer Agency Contract is an employment contract between you and your agent.This is theoretically done before you go out on your first viewing. In practice, it is sometimes done at time of signing an agreement of sale.

The verbage of the Exclusive Buyer Agency is there are three scenerios that will bring about the commission sum 1. 3% of sales plus admin fees 2. whatever the MLS offers plus admin fees or 3. The final amount negotiated by sellers agent plus admin fees. Who pays? It says that the Buyer is responsible for the difference of what had been paid by the seller and the greater sum of the scenerios above. Does the Buyer ever pay out of pocket? Sure, for the admin fees. I have never seen or even heard of a Buyer having to pay a difference in commission. I usually explain the agreement and get it signed before even seeing the first property so the client understands. Just to let you know, it is the law to get the Buyer Agency Contract signed.

I feel your pain about the agent not fully understanding the contract. It has probably made you wonder if she knows what she is doing... That being said, if the agent showed you the home and provided you with all the information about the home, etc. that agent procurred the sale and they will get paid for the sale even if you could find another agent to help you with that house.

As for SSN and DOB ~ it is standard in PA to get that info from both Buyer and Seller.

I hope that answer helps you understand the situation a bit more.
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Thu Jun 30, 2011
Bela Vora answered:
Hello Homebyer

Maybe my blog post will help answer your question -
http://downingtownrealestate.blogspot.com/2011/06/real-estate-designations.html

I personally feel education affects how you approach anything in life - I have an MBA - certainly not a requirement in this business, but I have been told by clients that they appreciate my level of analysis. My education does help with how I articulate, my ability to simplify - to separate the nuggets of good information from the massive info now available to through the internet....

Depends on what is important to you - we all have our strengths and are proficient with the rest. Meet atleast 3 and go with your gut feel.

Good Luck
Bela Vora
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Sun May 15, 2011
nabila quraishi answered:
Hell,
I would suggest you get reliable figures for Paoli rental properties and consider the following when 'crunching the numbers'.
The GRM formula uses the monthly potential rental income and doesn't account for a vacancy factor which could have an impact on the accuracy of the property value estimates. Many investors understand the above limitations and uses the gross rent multiplier to get a quick feel for the potential market value of an income property.
The GRM is sometimes calculated using the effective gross income rather then the potential rental income thus incorporating the vacancy factor in the GRM calculation. Effective Gross income equals potential rental income minus the vacancy amount. When vacancy rates are a factor, using the effective gross income will produce a more reliable estimate.

The capitalization rate is a more reliable tool for estimating the value of income producing properties since vacancy amount and operating expenses are included in the cap rate calculation. The GRM is useful in providing a rough estimate of value.

Regards,
Nabila
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Tue Oct 6, 2009
Karen Barrett answered:
Sorry TF, I have a question for Elizabeth. How is your on site septic so expensive?? My Parents had an old system, installed in the 50's and we never had a problem with it. Of course, we pumped the Tank every 2 years as suggested and once every maybe 5-10 years had to put a chemical into the system to keep tree roots from disturbing the leach field. Because of a MANDATE by our local town, we now pay $83/per month currently for the REST of Eternity. Not to mention the hook up fees and the collapsing and filling of the old system. We paid $165 for each time the tank was pumped, every 2 years. That's less than $10/mo extrapulated over 50 years. Sorry, there is no comparison here.

Your system, sounds like it was not taken care of.

TF, If you are considering a home with a septic, GET it inspected. Go to the Health Department, or have your agent do their job and do this for you, pull the drawings and permits for the septic and well (if there's a Well too). At the Health Department, they should have a book on how to care for your septic. Or you can research on line. Let's look at the reality of things, have your waste water pumped away at a monthly fee, where it goes to a plant, is treated with chemicals, then is sifted thru a man made system of layers, to be recycled into drinking water. OR, The natural way of the earth and its many layers filtering out the waste water.

There's something to be said about Nature taking care of things, vs. Chemicals Don't you think?
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Sun Sep 13, 2009
Brigita McKelvie answered:
Hello!

Normally the sellers are asked to respond within 24 - 48 hours. If the seller happens to reside out of state, it may take longer to respond in writing. In the case of a bank owned property, a short sale or a relocation company, it will take longer. As Nick mentioned, the banks do not normally work weekends and holidays and they tend to work slow when it comes to short sales and bank owned properties.

Many different items come into play when a seller is considering an offer. It is not just about price. The settlement date may be an issue, or other terms of the aggreement may be another. This is where the negotiations occur. An agent should be able to negotiate a contract knowing what is important for their client and where both sides will be happy with the end result. Yes, the agent his looking out for their client's best interests, but they also work towards having all parties involved walking away with a good experience.

If multiple offers are on the table, the agent should inform the potential buyers that there are other offers, but not the details of the offers. Each buyer is informed by the agent whether or not their offer was accepted.

Hope this helps.

Brigita McKelvie, REALTOR, e-PRO, GRI
Keller Williams Real Estate, Bethlehem, PA
Office: 610-867-8888 Direct: 610-393-9424
E-mail: brigita@brigitamklv.com
Web: http://www.brigitamklv.com
Blogs: http://activerain.com/blogs/brigitam
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Sun Sep 13, 2009
Heather Moriah Martin answered:
Hello Buyerseller09!

Yes, when you make your offer on a home there is a field in the PA agreement of sale that you need to fill it that says the low and high interest rate you will agree to. So, If for some reason before the seller signs your offer and excepts it...and the interest rates go up then you do not have to purchase the home. Soon as the seller signs your offer....you mortgage company should lock your rate so then you do not need to worry about the interest rate moving from the time that your agreement gets accepted from the seller and the time that you go to settlement.

I hope this helps. I have other Home Buying Tips for PA buyers at my website...I do not cover your area but my video's cover all of PA.
... more
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Tue Sep 1, 2009
Shehla Karim answered:
If you qualify for mortgage on your own, there is no point in having your wife on the note. Note is a contract that you sign at settlement, promising to pay the mortgage.

Where as, you definately need your wife's name on the purchase contract inorder for her to be on the deed.

I hope it answer's your question.

Shehla Karim
Weichert Realtors
Paoli, PA 19301
Cell: 610-659-4869
... more
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Tue Aug 18, 2009
Nick & Trudy Vandekar answered:
As the buyer the agent represents you if they are your buyer's agent and not representing the seller. So any changes made before the agreement of sale is presented to the seller can be made. Once the agreement of sale is presented to the seller and signed it becomes a contract and any changes need to be made with an addendum and both parties must negotiate changes and agree to them before signing that addendum.

In your buyers agency agreement papers simply negotiate with your agent and both of you need to initial any changes made.
... more
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