This is a REACH OUT to the AR community. I NEED YOUR INPUT on a class we are teaching to our local board of Realtors!!!
We have been asked to teach a class at a few Realty board meetings and local brokerage offices within the next two months. We have TONS of topics and info to share, but we really want YOUR input to help be most effective in reaching our real estate community! Sometimes the most valuable input comes from the agents working beside us in the trenches everyday... and no better place to reach out than the ActiveRain community!
Please answer ONE question from the following OR if you are up to the challenge pick two or three! It will be used in our presentation to the boards we serve in the Los Angeles area. Thanks my fellow Active Rainers!!!
1. What is the first thing you look for in a house when viewing it with clients?
2. What is the most common property repair request given by buyers?
3. What is the most common repair issue that delays escrow?
4. How is "diligent" defined in agent inspections in terms of liabilities and client expectations?
5. FHA 203K streamline, Title-1, Energy Efficient Loans: Are they useful? Are most agents aware of them and how they work?
6. If agents made money on repairs and liabilities were not an issue when making note of them to the client, would agents be more active in pointing them out and offering solutions to get them fixed?
7. What is the biggest concern of buyers in the market today?
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25020 Avenue Stanford #110
Santa Clarita, CA 91355
#6 I pretty much point out what I see, and liable or not, I am confident in my opinion. It may also be used to bid less on a property.
John- Good point, and thank you for being the first to contribute!
I'm surprised you haven't gotten more responses. I would be interested to see the answers. I suggest you post in a couple more groups, you are allowed five. Maybe you will get more replies.
I am surprised too, very little response to this so far... I was really hoping to get help from the AR community on this. Will try more groups :) Thanks Sharon!
1. What is the first thing you look for in a house when viewing it with clients?
Is the house clean and well organized. That will usually indicate good maintenance.
2. What is the most common property repair request given by buyers?
Rotting wood on trim, sills, etc..
3. What is the most common repair issue that delays escrow?
Clouded double pane windows, rotten wood, over the hill roofs.
4. How is "diligent" defined in agent inspections in terms of liabilities and client expectations? Agents don't inspect. I don't understand the question.
5. FHA 203K streamline, Title-1, Energy Efficient Loans: Are they useful? Are most agents aware of them and how they work?
Most agents are not aware of them and most buyers want to repairs included in the price and not added.
6. If agents made money on repairs and liabilities were not an issue when making note of them to the client, would agents be more active in pointing them out and offering solutions to get them fixed?
This is insulting. If an agent is a true fiduciary, they always point out defects before buyers decide to buy. If the roof is beyond it's useful life, I write a new roof as a condition of the contract. Why make the buyer pay for a home inspection to learn the obvious. If the furnace filter hasn't been changed in ages, you know the furnace has aged faster than it should. If the basement has standing water, DAH. If the brick exterior is cracked through the bricks and the windows and door don't open and close easily, it doesn't take a engineer to know that they might not want that property.
Agent experience is what counts.
7. What is the biggest concern of buyers in the market today?
Price, price, price, getting loan approval.
Lenn,
Thanks so much for responding with thoughtful insight!
#4: In California, agents are required to conduct a reasonably competent and diligent visual inspection. CA civil code 2079.
#6: I hope the majority of agents have your philosphy on this.
1. What is the first thing you look for in a house when viewing it with clients?
Is it in their price range. Take into consideration repairs needed, as is condition or truly in move in ready.
2. What is the most common property repair request given by buyers?
Safety and certification issues..ie electric concerns.
3. What is the most common repair issue that delays escrow?
I am not finding delays. Repair issues can be taken care of with money.
4. How is "diligent" defined in agent inspections in terms of liabilities and client expectations?
Point out what you see! Make sure you have a competent inspector!
5. FHA 203K streamline, Title-1, Energy Efficient Loans: Are they useful? Are most agents aware of them and how they work?
A good agent who works the 203 K can make a difference and get the right buyers in the right property.
6. If agents made money on repairs and liabilities were not an issue when making note of them to the client, would agents be more active in pointing them out and offering solutions to get them fixed?
I am choosing not to go there...in fact..this one should be deleted!!
7. What is the biggest concern of buyers in the market today?
They want a home that will knock their socks off but are still able to replace those socks after paying the mortgage. Buyers want a solid roof and a dry basement!
Margaret
#4. I take a flashlight and look into every nook and cranny. We want to know the house before writing an offer. I don't trust seller disclosures.
1. What is the first thing you look for in a house when viewing it with clients?
good bones
2. What is the most common property repair request given by buyers?
decorative (paint/carpet allowance)
4. How is "diligent" defined in agent inspections in terms of liabilities and client expectations?
signed disclosure recommending using a qualified home inspector etc... or why they decline to use one
6. If agents made money on repairs and liabilities were not an issue when making note of them to the client, would agents be more active in pointing them out and offering solutions to get them fixed?
If I find it I notify my client of it, with recommend to get a qualified professional to repair it
7. What is the biggest concern of buyers in the market today?
trying to get a steal (bargain, instead of market price)
here due to Lenn's reblog. hope it helps. good luck with the class
1. What is the first thing you look for in a house when viewing it with clients?
Condition and that it fits their needs.
2. What is the most common property repair request given by buyers?
Windows to be replace from failed seals and GFIs.
3. What is the most common repair issue that delays escrow?
Water damage to wood and caulking - but we don't have many issues with repairs delaying closings.
4. How is "diligent" defined in agent inspections in terms of liabilities and client expectations?
The biggest issue in our area would be checking that the septic system installed matches the home as its being marketed.
5. FHA 203K streamline, Title-1, Energy Efficient Loans: Are they useful? Are most agents aware of them and how they work?
Not in our area
6. If agents made money on repairs and liabilities were not an issue when making note of them to the client, would agents be more active in pointing them out and offering solutions to get them fixed?
We never hesitate to point out anything and always recommend a home inspection - even on new homes with builder warranties.
7. What is the biggest concern of buyers in the market today?
That they could get it for less $$$ if they just wait a little longer.
1. What is the first thing you look for in a house when viewing it with clients? Condition
2. What is the most common property repair request given by buyers? There is not one "most" common. Several more likely to come up: dry rot, double-lugging in the electrical panel box, furnance needs to be cleaned/serviced, GFCI's.
3. What is the most common repair issue that delays escrow? Nothing delays escrow, since repairs are done prior to the close of escrow.
4. How is "diligent" defined in agent inspections in terms of liabilities and client expectations? Agent inspections?? As a home inspector? You'd have to ask them. In my state, Oregon, there are state mandated items that each home inspector has to inspect.
5. FHA 203K streamline, Title-1, Energy Efficient Loans: Are they useful? Are most agents aware of them and how they work? Are most agents aware of them? How would I know what "most" agents are/are not aware of?
6. If agents made money on repairs and liabilities were not an issue when making note of them to the client, would agents be more active in pointing them out and offering solutions to get them fixed? WHAT?!? Agents are not home inspectors. We are prevented from offering advice outside our scope as licensed Realtors. It's against the NAR Code of Ethics. AND why would agents make money on repairs?? I don't follow your question at all. Of course, I point out the obvious (to me) defects. And if the buyers want to proceed with a contract then the home inspector writes it up, and we tell the sellers "look at what the home inspector found," and we negotiate repairs based of the licensed, bonded and insured home inspectors' report and findings.
7. What is the biggest concern of buyers in the market today?
Are they paying too much, will the market drop off even more?
1.
What is the first thing you look for in a house when viewing it with clients? Reason why they should buy it.
2. What is the most common property repair request given by buyers? To service the A/C system. .most homes tend to forget this detail and some instances we find the filter has not been replaced in years!
3. What is the most common repair issue that delays escrow? Never had this problem for a repair.. if I experienced before it was because the loan was not completed on time.
4. How is "diligent" defined in agent inspections in terms of liabilities and client expectations? An inspector is only liable for the amount of the home inspection paid by the consumer. I actually feel embarrassed for them(inspectors) when my client asks about this.
5. FHA 203K streamline, Title-1, Energy Efficient Loans: Are they useful? Are most agents aware of them and how they work? I feel that they are. . and they are useful and needed for the sale of some properties.
6. If agents made money on repairs and liabilities were not an issue when making note of them to the client, would agents be more active in pointing them out and offering solutions to get them fixed? You are insulting us with this question. . .you are implying that at this moment Realtors aren't pointing out bad situations on a house because it is not their job and they are not getting paid. Far from thetrue
7. What is the biggest concern of buyers in the market today?
That the house they buy do not become like their parents house. . underwater with thousands of equity loss!
1. What is the first thing you look for in a house when viewing it with clients?
-Condition of the property. Especially if it is a foreclosure or investor flipping
2. What is the most common property repair request given by buyers?
-Termite, radon or any material defects
3. What is the most common repair issue that delays escrow?
-Not completing the home inspection items agreed by the parties.
4. How is "diligent" defined in agent inspections in terms of liabilities and client expectations?
-I recommend my clients to hire a professional home inspector & other professional needed.
5. FHA 203K streamline, Title-1, Energy Efficient Loans: Are they useful? Are most agents aware of them and how they work?
-I have couple of my clients go with FHA 203K, they like the fact you can roll into your mortgage but these are the buyers who can afford to spend time & energy fixing the place up.
6. If agents made money on repairs and liabilities were not an issue when making note of them to the client, would agents be more active in pointing them out and offering solutions to get them fixed?
-No kick backs in my life!!
7. What is the biggest concern of buyers in the market today?
-Further decline in the real estate market.
Great questions Jerry, I have flagged to be featured. Hope we can read more responses from the agents across the country.
# 1 Since I have qualified this buyer emotionally I know their wants and needs. When we view properties I first want to see how this home matches their wants and needs. If we have a match then why not write an offer.