Now what?

Purchasing a home, for most people, is probably the largest financial decision they’ll ever make. A real estate transaction can be quite complicated therefor having an experienced and educated Buyers Broker, on the side of the purchaser, could make a huge difference in the overall outcome and experience of the purchase process.

Imagine for a moment the people who are selling their home through a real estate brokerage. They have entrusted an agency to represent them on the sale of their home, which again is likely to be their one single largest asset. They have relied on an understanding that the agent will be acting in their best interests at all times. This relationship is legally and ethically defined as a fiduciary responsibility. In such a relation good conscience requires one to act at all times for the sole benefit and interests of another, with loyalty to those interests.
It is quite unpractical for a seller’s agent to act in a fiduciary responsibility to two parties to a transaction. As a matter of fact many states across our nation have made it unlawful for a real estate brokerage to represent both buyer and seller in a real estate transaction. Many real estate brokerages in California have policies in place that precludes any salesperson employed by that brokerage to act in a dual capacity in a real estate transaction.

Whether you are buying or selling a home, take caution when your agent is acting for both buyer and seller.

Your thoughts?

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However, they conclude that a glut of properties on the market will continue to impede recovery. New homes are moving at a record low pace and will remain sluggish, according to the report, but there is some evidence of a pickup in resale activity.

Source: Washington Post (04/20/10)

© Copyright 2010 Information Inc.

1. Ignoring the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Muddying the waters by shopping for other things before closing. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimping on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buying without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.

a. Detached homes in North County rose 6.83 percent, from February 2010 to March
2010, from $439,000 to $469,000.

i. Detached home prices OUTSIDE North County increased 0.86% from February
2010 to March 2010, from $348,000 to $351,500.

ii. January 2010 median single-family detached homes in North San Diego County
increased 28.85%, from $364,900 in March 2009, continuing an eight-month trend of
rising year-over prices. The median price OUTSIDE North County for single-family
homes rose 15.25 percent from the $305,000 a year ago; the sixth straight month of
year-over increases.

iii. The countywide median price of homes sold increased from $375,500 in February
2010 to $396,000 in March 2010 and was up 21.85% from the March 2009 number
for the seventh month of year-over price increases countywide.

b. Attached home prices in North County increased during March 2010 by 2.08%, from
$240,000 a month earlier to $245,000.

i. Non-North County attached home prices rose to $202,000 from
February 2010 to March 2010.

ii. North County attached homes increased 31.72% from $186,000 a year ago; the
eighth month of year-over price increases (the last two months exceeded 30 percent)
after 24 months of year-over declines.

c. Median days-on-market for single-family detached homes in North County decreased to
36 days in March 2010. The number of North County single-family homes sold rose 35.96%
last month, from 545 to 741. This continues a trend of year-over sales increases since
summer 2008 (with the exceptions of year-over decreases January 2010 and October 2009).

To read the full report, click on link here

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