Dual agency definition: Occurs when the same brokerage represents both the buyer and the seller under written agreement. This means that if you have a buyers agreement with a real estate agent and find a home you are interested in that is under the same brokerage that your agent works for, another agent (or the same agent) within the same office can represent the seller.
A buyers agreement…that sounds pretty legal right?
Think again. Dual agency can be devastating to a buyer in certain situations. A company that allows dual agency may let on that they work as a dual agency but actually conduct business more closely to a single agency. In small companies, phone calls with the buyer regarding pricing and terms may be overheard or faxes accidentally viewed. Unintentionally, an agent may be talking about a buyer in the office and be overheard by the sellers agent. This can give the sellers agent information that may benefit the seller. A sellers agent’s fiduciary responsibility is to the seller and they must disclose any information they have that can help the seller.
By using a dual agency, buyers are giving up their right to have complete 100% buyer representation and loyalty from their real estate agent since the agent (agency) is representing the opposite side of the transaction as well. If you are using a dual agency, be careful with the information you divulge to your agent as this could be intentionally or unintentionally used in the real estate transaction.
The only way to completely avoid this issue is to use an Exclusive Buyers Agent like a Colorado Exclusive Buyers Agent. There are never any listings within the entire office of Colorado exclusive buyers agencies.
If you are ready to buy a home remember that you have the right to have complete buyer representation and an agent whose fiduciary responsibilities are to you and only you.
To get a FREE consultation with a Colorado Exclusive Buyers Agent in your area click here!
Do you know your neighbors? Are they good neighbors? Are you a good neighbor?
If you are a teacher, firefighter, EMT, or law enforcement officer in Colorado (or anywhere for that matter) you may qualify for the Good Neighbor Next Door Sales Program. The US Housing and Urban Development section offers a 50% discount to eligible employees in these professions on homes in “revitalization” areas.
What is a “revitalization” area (besides the wrinkles on my face)?
A revitalization area is an area that is designated by the HUD and authorized by Congress under the National Housing Act. These are areas where household income, rate of homeownership, and activity of FHA-insured mortgage loans are taken into consideration. By offering this program, it promotes new homeownership activity in these neighborhoods. These areas change on a daily basis. Currently, there is a 2 bedroom, 1 bath home in Adams county listed at $132,000. That means through this program an eligible employee can get this home for $66,000!
There are some crazy good deals here!
So let’s say you are a teacher, firefighter, EMT, or law enforcement officer. Now what? You must meet the requirements of that profession. For example, a law enforcement officer must work full-time for the government, state, local government unit, or tribal government. They must also be sworn to uphold the laws and promise to arrest those who violate those same laws. Watch out bad guys!
A teacher must also be full-time and work for a state-accredited public or private school. Also, the house they are buying must be in the same school district they teach in. A teacher from Jefferson County wouldn’t be able to buy a home in Douglas County under this program.
Firefighters and EMTs must be a full-time (man, they really like to make people work for it!) employee for the state, government, or tribal government as well. I am hoping my firefighter neighbor doesn’t secretly work for the Canadian government as a firefighter…..
The Fine Print….
A requirement for the Good Neighbor Next Door Program is for the buyer to sign a second mortgage for the discounted portion. This is a kind of insurance that the other requirement that the buyer has to use the home as their sole residence for 36 months is fulfilled. As long as it is made the sole residence for the 3 years, then no interest or payment has to be made on the second mortgage.
Show Me The Money…
VA loans, FHA loans, conventional mortgages, and cash can are all accepted forms of payment to buy a home under this program. Local Colorado Exclusive Buyer Agents can provide more details and answer questions about eligibility of a buyer or information on loans that will work through this program.
CLICK HERE FOR A FREE CONSULTATION WITH A COLORADO EXCLUSIVE BUYERS AGENT!
If you haven’t read the first half of this Top Ten list, check it out here. So the second half of this list does not include any Colorado towns, but I added a #11! Just because I love Colorado and think it deserves TWO spots on the list!
6. Winner of Best View for the Money: Deerfield Beach, Florida
When you hear under $100k do you think $99,999? How about a whopping $89,400 for a beach town?!?!?! Yes please. This city is located between Miami and Ft. Lauderdale, which is great for sports fans and cultural enthusiasts as well. If you chose Colorado as your home base, it looks like you could have an affordable second home in Florida!
7. Winner of Best City to Retire in: Durham, North Carolina
For the low, low price of $178,700 a retiree can have access to a world-renowned medical center at Duke, golf courses galore, and the greenest green of the Durham trees one can imagine. Duke not only provides excellent medical care, but they also offer over 100 senior learning classes. If that is not enough, there are also hit Broadway shows, hiking and biking to keep you busy.
8. Winner of Best City for Generation Y: Portland, Oregon
The average home price in this amazingly green city is $282,100. With the mountains a car ride away, the ocean a short drive, coffee shops to chill in, and green trees surrounding you this town is a sweet place to land. The community is generally a laid-back, environmentally conscious group of people. The large big name companies provide many great employment opportunities as well.
9. Winner of Best, Most Affordable Vacation Home: Pocono Mountains, Pennsylvania
With an average home price of around $110,000 (varies by region), you will not only enjoy an affordable home in a beautiful place, but everything the great outdoors has to offer you. Pocono lake offers you a peaceful place to sail, the ski slopes are always a blast on a powder day, ride a horse through the mountains, hike, fish, bike…your imagination is the limit here.
10. Winner of Best Military Town for the Money: Warner Robins, Georgia
Any family could be happy with an average home price of $110,400. In Warner Robins, the Robins Air Force base is the main employer. Because of this, the variety of people who call this place home is vast. Your new neighbor may be a rocket scientist, an architect, in the medical field, or be the wife of a serviceman. The recession didn’t affect this city as badly as most. There are plenty of things to do as well: aviation museums, parks, motor speedways….With the home prices being so low there will be cash leftover to enjoy the amenities.
So there is the list…OH WAIT! What’s that? One more????
Here is my top pick
11. Winner of Best Colorado Town: Ft. Collins, Colorado BABY!
Ft. Collins boasts the mountains on one side with awesome hiking, biking, and fishing. The town itself is alive with activity. Amazing microbreweries everywhere, ahem…Fat Tire. If you are a dog lover, they have plenty of fun dog parks. You can walk along the river and just meander your day away. There is always something artsy going on somewhere in town to feed your creative side. Colorado State University calls this city home and has several trial gardens and horse shows to check out, not to mention the football team. The list goes on and on for Ft. Collins. In fact, the next time I am up there I plan on taking the famous Foam on the Range tour of the breweries with my sister. Cheers Ft. Collins!
Wherever you are make sure you check out the local Colorado Exclusive Buyer Agents who can give you 100% buyer representation when you are buying a home.
I am sure you each have your own favorite part of Colorado. What city would you pick for your number 11?
I came across an article recently on walletpop.com that gave “Top Tens.” Of course they had the top 10 locations to buy a home in 2011. These are not in any particular order, and I believe them to be somewhat biased. I will let you decide for yourself whether these are in fact the winning cities of the following categories:
1. Winner of Best City All Around: Austin, Texas
The average home price in this college town is $119,788. This city is the capital of Texas and contains many quality colleges. The cultural aspect is hard to beat with a thriving music scene. Their unemployment rate is roughly 2% lower than the national average. It is a beautiful city (been there, done that) and the job growth over the last ten years has risen by just about 14%. The riverwalk is a beautiful place to take the family or significant other for a walk, and there are many great places to stop and get a bite along the way.
2. Winner of Best Jobs: Broomfield County, Colorado
Our pride and joy is…Broomfield? That’s right, with an average home price of around $239,000 you can be right smack in the middle of 2 great cities, Denver and Boulder. Though the job growth rate in Austin might seem appealing, Broomfield puts them to shame with a growth rate of nearly 50% over the last decade! Who wouldn’t want to live a stone’s throw away from great ski slopes, a great Denver nightlife, and amazing outdoor activities in the ever-eclectic Boulder?
3. Winner of Best Place to Raise a Family: Woodbury, Minnesota.
Most of us are no strangers to harsh winters, ours just happen to be riddled with warm, sunny days. In Woodbury, the average home runs $240,100. Close to St. Paul, Woodbury is known to locals as “the most livable city in the US.” The school systems are highly acclaimed. There are hiking and biking trails galore. Don’t forget about the 10,000+ lakes (they mean it!). Just make sure you save enough money for some cute sweaters.
4. Winner of Best City…Period: San Francisco, California
So what if the average home price is $628,000? With the Golden Gate Bridge, Alcatraz, Fisherman’s Wharf, local parks with regular Tai Chi classes, museums, coffee shops, cable and street cars it is worth the money. Not to mention the weather is actually pretty doable…
5. Winner of Best College Town: Madison, Wisconsin
$209,400 will buy an average home in the diverse college town. With lakes on either side, there are plenty of things to keep a person busy here. Intelligent conversations are a dime a dozen with the city boasting many schools as well as a Big 10 school. Farmers markets, Little Amerikka, Cave of the Mounds, fairs and breweries are just a few of the activities locals enjoy year round.
What is most important to you as a buyer? What kind of city holds the necessities in your life?
Stay tuned for the 2nd half of the Top 10 Places to Buy A Home in 2011 next week!
As always, if you are considering buying a home in a Colorado town like Broomfield, be sure to check out the Colorado Exclusive Buyer Agents!
Many of us realize that one of the best ways to avoid foreclosure is to make sure you made a smart investment in the beginning. Exclusive buyers agents are dedicated to helping buyers evaluate their financial status, finding homes in good neighborhoods, and making sure the offer is competitively priced.
If you’ve done all the right things at the beginning, but are still finding it’s tough to maintain paying the mortgage on your Colorado home, consider an interesting fact: Many people lose their homes to foreclosure because they never answered their lender’s letters, or phone calls.
Many of us are embarrassed to be in a situation where we are coming up short on cash. However, in most cases, responding to the lender is a better alternative than ignoring them, because they are motivated to avoid foreclosure as well. They don’t need more forclosed homes on their books.
They may even be willing to put you in touch with one of the many groups out there who have sprung up to assist homeowners with alternatives to foreclosure. Since a foreclosure can put a huge ding on your credit for years to come, it is an action worth considering.
Look for legitimate organizations such as the Short Sale Association of America. You may wish to also alert the buyer agencies in your area that you are willing to sell your home as a For Sale By Owner at a good marketable price. Distressed homeowners who are not yet in the foreclosure cycle can take many proactive steps to take charge of their financial situation.
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