Patty's "All Things Real Estate" Blog.

Here is a brief explanation of the responsibilities of the Buyer’s Agent and Seller’s Agent in a transaction.

In California,Real Estate brokers and their sales persons are required to disclose the type of working relationship they have with the buyers and sellers in a real estate transaction.  There are several types of relationships that are available to you.  You should understand these at the time a broker provides specific assistance to you in buying or selling real estate.  Buyer’s Agent and Seller’s Agent relationships are commonly referred to as ‘agency’ relationships and carry with them legal duties and responsibilities for the broker as well as for the buyer and seller.

Buyers Agent.  A Buyer’s Agent acts solely on behalf of the buyer and owes a fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Buyer.  The agent will negotiate on behalf of, and act as an advocate for the buyer.  The buyer is legally responsible for the actions of the agent when that agent is acting within the scope of the agency.  The agent must disclose to sellers all material facts concerning the buyer’s financial ability to perform the terms of the transaction and whether the buyer intends to occupy the property, but cannot disclose to another party that the Buyer will pay a price greater than the price offered.  A separate written buyer’s agreement is available which sets forth the duties and obligations of the parties.

Sellers Agent.  A Seller’s Agent acts solely on behalf of the Seller and owes a fiduciary duty of utmost care, integrity, honesty, and loyalty in dealings with the Seller.  The agent will negotiate on behalf of, and act as an advocate for the Seller.  The Seller is legally responsible for the actions of the Agent when that Agent is acting within the scope of the agency.  The Agent must disclose to Buyers or Tenants all adverse material facts about the property known by the Broker.  A separate written listing agreement is required which sets forth the duties and obligations of the parties.

If you are a first-time home-buyer, or a buyer who hasn’t purchased a home in the last 10 years or more, here are some basic guidelines of what to expect during the buying process.

• Find a Realtor® you can trust.  The first step in the home buying process is to find an experienced Realtor® that you can trust, who has a team of professionals in place.  This will help to ensure  that your needs are met professionally and represented throughout the entire process of buying your home.  Ask for, and check references.
• Get Pre-Approved for a Loan.  This is a very important step.  By doing this before looking for a home, you’ll save time, energy, and frustration.  You will know exactly how much home you can afford.
• Look for your dream home.  The next step is to look a various homes.  A good rule of thumb is  to look at no more than 5 houses each time you go out to tour homes, more than that can be overwhelming.  Your agent can give you printouts from the Multiple Listing Service (MLS) with details on the homes you see.  Take notes on all the properties so you can remember later what features you liked or disliked about the homes.  Remember to take notes on the neighborhood as well.
• Your offer.  Be Careful ~ this is a BIG step!  When you find your dream home, you should be prepared to present a competitive offer immediately.  Your agent must  do thorough research and be able to back up your offer with solid data supporting the price and terms  that you choose.
• The Contract.  You’re starting to jog now….When the seller accepts your contract to purchase, you are ‘in escrow’. Your Realtor®, and you, will work as a team to make sure every detail is handled accurately and immediately so the escrow can close properly, and on-time.
• Inspections.  You’re on the “HOME” Stretch!  Inspections are performed to ensure you know everything you can about the home you are buying.  Contract details are further performed and negotiated, and when all tasks are complete – you head to closing!
• Signing the Loan Documents.  Finalizing the Lender’s commitment.  Prior to the closing, you, your lender, your agent, and your title representative will sit down with you to sign your loan documents at the title company.  At this time you will bring your down-payment/closing funds.  After the signing the  lender will send their funds to complete the transaction. 
• Now it’s YOURS!  Then next Step will be into your new home.  After the Deed is recorded, you can pick up your keys and move into your new ‘Home Sweet Home’!

Sound too easy?  Keep in mind that no two home purchases are identical, they all have their own unique set of circumstances and conditions that need to be addressed.  And, yes,  sometimes problems do arise.  Having a professional team in place can help to ensure that all the issues are dealt with in a professional and timely manner.  This experience should be exciting and enjoyable, as well as get you the perfect home with the least amount of hassle!

I sometimes  have people ask why they need a real estate agent to assist them with buying a home.  Here is my answer.

A REALTOR® brings a wealth of knowledge and experience to the business of buying a home.  In fact, a licensed real estate professional provides much more than the service of helping you find the home of your dreams.  Realtors® are not just sales agents, they are expert negotiators and superb navigators around the local neighborhood.  They are members of the National Association of Realtors® (NAR), and must abide by a Code of Ethics and Standards of Practice enforced by the NAR.  A professional Realtor® is your best resource when preparing to buy a home.

Here are just a few more reasons:

• Working with a Realtor® can save you endless amounts of time, money, and frustration
• An experienced Realtor® will know the housing market in the area and can help you avoid many a ’ wild goose chase’.
• A Realtor® can help you with ANY house, even if it is listed elsewhere, or is being sold by the owner directly.
• Realtors® often know the reputation of the best lenders in the area.  This is essential when helping you get pre-approved for a loan, discussing down payments, closing costs, and monthly payment options.
• A Realtor® is an excellent source for general information about the community, specific information about schools, churches, shopping, transportation, plus tips on house inspections and pricing.
• A Realtor® is experienced at presenting your offer to the homeowner and can help you through the process of negotiating the best deal.  They bring objectivity to the buying transaction, and can point out advantages and disadvantages of a particular property.

And the best thing is that all of  this help normally won’t cost you a cent!  Generally, the seller pays the commission to the Realtors®.  However, as a Realtor®, that doesn’t affect our dedication or the spirit of teamwork that is put into helping you find and buy the home of your dreams. 

This is just a first in a series of  blog’s about home buying, check back tomorrow for more….

As of today, July 10, 2009 there are 232 Active listings on the Multiple Listing Service (MLS) in Pleasanton.

 There are 159 Pending sales (58 of which are Pending Subject to Lender Approval as they are a Short Sale/Potential Short Sale). 

 From the period of July 1 – July 10, 2009, there were 16 Closed sales (escrow closed) with an average time of 42 Days on Market (DOM).

 The lowest priced home in Pleasanton is at 4614 Cochise Court; it is a 2 Bedroom/1 ½  Bathroom, approx. 988 sq.ft. Townhouse offered at $255,000 (DOM 106). 

 The highest priced home in Pleasanton is at 3040 West Ruby Hills Drive; it is a 7 Bedroom/9.5 Bath, 6-car garage home, approx. 14,586 sq.ft. Single-Family residence offered at $10,000,00 (DOM 71).

As a California licensed real estate Broker I am constantly researching the market and analyzing home prices so I can serve you with the latest and most accurate information. As always, I offer my services to you as your neighborhood real estate specialist.  For more information, contact me, or visit my website at:  www.PattyManzi.com.

The DRE recently issued a fraud warning alerting consumers about loan modification scams and informing consumers of what they can do to protect themselves. The alert is available in both English and Spanish.  Last July, the DRE had fewer than 10 complaints involving loan modification companies; today the department has 750 pending investigations. In addition, since last October, the DRE has filed more than 200 Desist and Refrain Orders. A list of the companies and persons the DRE has filed an action against can be viewed at http://www.dre.ca.gov/cons_drs.asp.

It is worth noting that not all firms who collect advance fees for loan modification services do so illegally, the DRE said.  In general, only licensed real estate brokers and attorneys operating within the scope of their license may collect advance fees. Real estate brokers must have their advance fee agreement reviewed by the DRE prior to its use to ensure it is compliant with real estate law.

C.A.R. also has learned of what appears to be a loan modification assistance program and lead generator, from a company using the legislative bill number 3648, that looks as if it’s a government entity, complete with a misleading seal closely resembling a governmental seal but that is not affiliated with the government. C.A.R. cautions all members to be on the alert for schemes seeking funds from REALTORS® or consumers with no value, or that may be misleading or unlawful.

From: CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) Newsline, 6/24/09.