Are You Upside Down On Your Mortgage?

May 11th, 2017

 Have You Considered a Short Sale?

Gaddy Group Closed Short Sales Map

   

When you find yourself with no equity in your home and you need to sell, then what do you do?

Have you considered a Short Sale? 

Are you the right candidate for a short sale?

How long does it take?

Who can help me?

What will happen to my credit score?

Will I ever be able to buy a home again?

Call Michael Gaddy (704) 975-4651 to find out more.

Understanding Short Sales - eBook

Find out if a Short Sale is a possibility for you and if it would be the right decision for you and your family.

Listing a Short Sale

The property listing process begins with an Authorization to Release Information document, given by the homeowner to their agent.  This gives the lien holders the ability to talk to the agent on behalf of the homeowner. This is not an authority to negotiate, it is an authorization to gather information and talk to the lien holders to discover what the outstanding amounts are.

There is often an investor behind the lender who services the loan. The lender has to wait for the investor to decide on what amount he would be willing to accept as settlement for the debt. The lender (known as the loan servicer) has to abide by the decision of the investor.

Once the lender has indicated they would consider a short sale, the listing process can begin. The homeowner is required to list the home with a licensed real estate agent to avoid foreclosure and have the debt satisfied for less than what is owed.

The signed and accepted listing agreement and short sale addendum are submitted to the loan servicer who puts this on record and typically halts the foreclosure proceedings if the property is heading to foreclosure. This gives The Gaddy Group time to sell the property.

As Michael Gaddy says, “there is nothing short about a short sale except the short payoff.” A Short sale can take as long as 5-6 months to close, from the time an offer is submitted to the loan servicer. It is a lengthy process and often the buyer gets tired of waiting for the property and will withdraw from the transaction in favor of a conventional sale.

The Gaddy Group does have a system in place counseling the Buyer/Buyers Agent with relevant important information about this lengthy process prior to submitting an offer in order to minimize the risk of the purchaser withdrawing from the transaction during the process.

The Gaddy Group average offer to close is 72 days

Why the Negotiation Is The Most Important Part of The Sale

April 18th, 2017

Your experienced Real Estate Agent is the most effective person you can have on your side when looking to purchase a home. They spend their lives negotiating and they know exactly how to make their negotiation work for you.

Buyer Client Negotiations

Negotiation # 1 – The Interview

When you have a Real Estate Agent working for you to find you the perfect home, its important to know that you have the best person for the job acting on your behalf. The confidence in your Real Estate Agent begins at the interview where you can build trust and rapport knowing inside that this person will negotiate for you. By gaining your confidence, that is the Agents first negotiation

Negotiation # 2 – Winning the House

This biggest part of every sale is in the negotiation. The first negotiation is acquiring the property and that could be in a multiple offer situation. Your Agent would have made some suggestions about price after looking at the Comparable Market Analysis. To win your bid, there are many factors that your Real Estate Agent would have considered in order for you to get that property. An experienced agent knows how that negotiation should look and what items to be forward to support your offer.

Negotiation # 3 – The Home Inspection

Next your agent will attend to the Home Inspection. Often the Home Inspection will cause a new negotiation on your behalf – most times it will be to get repairs done for you by the Seller or even to negotiate a lesser price.

Negotiation # 4 – The Mortgage Inspection / Appraisal

Homes in the market gain in price on a regular basis and sometimes the Mortgage Appraiser needs to be told about homes that have not yet closed, but are under contract. Your experienced real estate agent will meet with the appraiser and hand him some up to the minute comparable properties that have recently gone under contract in order to support your mortgage application.

Negotiation # 5 – The Closing

Sometimes when you get to the closing table things may not seem to be as smooth as they should be. It could be related to the walk through or even finances. At that late point in a sale, you really want an artful and experienced negotiator and a great attorney on your side. Your experienced real estate agent would have experienced it all before and would know what needs to take place in order for you to close.

Of course there are many other smaller negotiations that happen along the way, however these are the most important ones when purchasing a home.

When working with Michael and Sara Gaddy, you can be sure that you have a great team behind your home sale and new purchase. With many years of experience in real estate, your can rest assured that your dream home is exactly that, a dream come true. We are ready to assist you with all the facts an figures to assist you to make the right decision. Experience counts and Michael and Sara Gaddy have all the experience you require.

Contact Michael Gaddy 704-9754651 for a confidential talk about selling or buying a home. Email Michael@MGaddy.com

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Baxter Village Living, Fort Mill

April 6th, 2017

Baxter Village, Fort Mill SC

Baxter Village is an attractive and well planned community situated in Fort Mill, South Carolina. This rocking chair front porch community is highly sought after and an amazing place to call home. I am local – we have lived here for many years. It is a safe, tree lined and well manicured community.

Baxter Village fort Mill with the Fountain and open plazas

The Town Center in Baxter is the heart of the Village. There are a number of quaint and wonderful shops and small businesses. There are a number of restaurants that spill out onto the pavements and on a friday or saturday evening, you can sit out and listen to music in the street.

The ethos of Baxter Village is centered around good vibes. There is no way really to explain it, but the moment you drive into the Village you feel as though you belong. It is easy to walk along to the restaurants, or climb onto your golf cart and drive on down to the main strip.

Baxter Village has beautiful walking and biking trails, kiddies parks and lots of open spaces. Despite the smaller land size for each home, you do not feel closed in as there are big trees and open spaces everywhere.

Baxter Village, Fort Mill is in the perfect situation for some of the best schools in the country. There is a fantastic YMCA locally. Grocery shops, banks etc are just across the 160. From Baxter Village there is easy access on the I-77 to the thriving city of Charlotte NC.

Fort Mill is also close to Lake Wylie, which is our summer playground. Boating, fishing, paddle boarding, waterskiing and so much more to do at the Lake throughout the summer months. For the golf enthusiasts, there are a number of superb golf courses within a short commute of Fort Mill.

If you are considering a move to the Charlotte NC area, please step across the State Line and enjoy what Fort Mill, South Carolina has to offer!  Its a great place to live, work and play.

Call Me 704-975-4651 for more information.

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Mortgage Types Explained

March 25th, 2017

Do you know what type of Mortgage you qualify for?

Mortgage Types Explained to Buy a home

Mortgage types explained

FHA Loan – Can be as little as 3.5% Downpayment

An FHA loan supports buyers who have a low downpayment. The Federal Housing Administration, a subsidiary of the US Department of Housing and Urban Development insures the balance of your down payment, allowing you to purchase a home without having the standard 20% required by the Lender. A buyer with a lower credit score can also make use of the FHA loan

VA Home Loan – up to 100% Financing

The Department of Veteran Affairs offer a guaranteed Home Mortgage to eligible Veterans allowing them the option to purchase a home with little or no downpayment and sometimes even with a lower credit score. This is a great opportunity to get 100% financing with no monthly mortgage insurance premiums added to the monthly payment.

Conventional Home Loan – Downpayment required

A conventional home loan is one where the buyer would have a 20% downpayment (can be less with PMI), a good credit score, a certain monthly income and the buyer would generally have closing costs to bring to the table.

These loans can be fixed rate mortgages or adjustable rate mortgages.

USDA Home Loan – 100% Financing

A USDA Home Loan is used for “rural” properties. However, those properties can also be in built up and urban areas and not necessarily out in the country. The loan can be 100% financing and the Seller can pay the closing costs. This is a great option for first time home buyers too!

PMI – Explained

Private Mortgage Insurance (PMI) option allows you to have a less than 20% downpayment on your home. It is an insurance that protects the lender should you default on the home loan payment. Private Mortgage Insurance is payable until such times as the home has reached a 20% equity value. At that point you could request the cancellation of the PMI

The Insurance Premium is included in your monthly mortgage payment.

Adjustable Rate Mortgage (ARM) and Fixed Rate Mortgage

An adjustable Rate Mortgage is one where the payment is flexible and based on the interest rate at the time. The payment would fluctuate and this can be a problem for buyers on a fixed income. ARM is normally for a 2 year period. If it did not work for you, there is an option to change over to a FRM. This would be a good option if the interest rate is high and you expect it to reduce over the two year period – you can save some money with that option if it works in your favor.

Fixed Rate Mortgage

Fixed Rate Mortgage is fixing the rate of interest on the loan. This gives you a sure figure of the monthly payment and it will not change in the fixed period. This is a good option for those are on a fixed budget.

These are the most common types of mortgages. For these and others, contact a mortgage representative and find out which option would be best for you. It is important to be pre-qualified and pre-approved for a mortgage.

We have a number of great representatives we have worked with in the past and would be glad to share their contact details with you.

Call Michael Gaddy (704) 975-4651 or email Michael@MGaddy.com

NEW LISTINGS 

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10 Tell Tale Signs You Should Sell Your House?

March 11th, 2017

Tell Tale Signs You’re Ready to Sell Your House

Do you find yourself pouring over property websites –

  • looking at homes that seem much nicer than yours
  • finding homes that look bigger and more suited to your immediate needs.
  • wondering how long it would take to get to schools or work because you live in your car and sleep at home – traffic is killing your lifestyle?
  • wondering how much home you need, because the ones you love the most are always invading your space?
  • because other homes are more modern and your house feels like it is just too much work?
  • after all you need a new home and a new lifestyle

There are several tell tale signs that you are ready to sell your house and yet you sit on the fence and wonder if you should be doing something about it or stay where you are, because its too much hassle, or too expensive – to move house

Considering Selling Your Home

Here are a few signs that you may need to move!

The obvious ones include:

1.Family Expanding

You are getting ready to welcome a new member into your life and all of a sudden the extra teeny, tiny person is going to make a big difference in the space in the house. Not only is there new furniture for a baby room, but extra storage required for clothes and toys.

2.Aging Family Member/s

Its come to a cross roads in your life where its a great option to get your aging family member/s to move into your own space and it may be time to look for a home that could accommodate you all without disrupting everyone’s lives. It may be difficult for all concerned and you have been considering the options and a bigger home with a suite on main may just be the answer.

3.Need a Guest Suite?

You find that you require a guest suite for the family member or friend who always stops in for a few nights / weeks and its always uncomfortable putting them into your own space.

4.School Zoning

Today, more than ever, we are all aware of the benefits of a great education and you may be considering a move to be closer to schools that will suit your children’s needs. Before you chose your home, be sure that the school district you wish to be in gives you clear outlines of their designated area for school zoning.

5.Downsizing

The kids have all left home and you find yourself with too much home! Thats a great time to consider what you really want to do with your lifestyle. Consider the lock up and leave lifestyle so you can travel more or perhaps you need a smaller cozy space with less maintenance in your immediate neighborhood. Of course that could also mean an opportunity to find an active adult lifestyle community.

6.Divorce

Perhaps you are separating from a partner and its time to consider your options. Who will keep the house and what does a new lifestyle look like for you. Maybe it’s time to sell the house and get out with your credit score still intact.

Of course there are other factors that do influence the decision to move, sell your house and here are a few, less obvious things you may be considering

7.What does your neighborhood look like?

Is your neighborhood on the up and up or is it starting to devalue. If you have seen the neighborhood changing, maybe its a good time to change your address too.

8.Property Prices are High

Are property prices at an all time high in your neighborhood? Maybe you have contemplated selling to make sure you can maximize on your price of your home. Have you wondered if you should move? Then maybe call an agent and see what they have to say about the trend in your neighborhood. Often, your intuition is right and a real estate professional will be able to give you facts about the area and help you to decide what to do.

9.How Much Equity Do You Have in Your Home

If you are looking to take equity out of your home, ask a real estate agent to do a valuation on your property based on comparable property sales. This will give you a fair idea of how much equity you will have and this can be added to a new property or even give you the opportunity to downsize and minimize your mortgage in support of a better lifestyle.

10.Have You Considered Scaling Up or Scaling Down But You Are Not Sure About the Cost of Buying or Selling your House?

You need to move but you are not sure of the cost of such or even if its possible. What would a mortgage cost and do you even have enough cash to afford a move? When you are sitting on the fence and not sure at all, you can call a real estate agent and get them in to look at your home, do a valuation of your property and discuss your options and get a clearer picture of the costs relating to a move. Real Estate agents deal with this all the time and you are not obliged to sell your home, its a decision you get to make once you have all the facts.

A call to your mortgage company will tell you the settlement amount on your mortgage. Your real estate professional will be able to give you a list of things that may need to be covered when selling your home. A real estate attorney and mortgage representative will assist you with other costs that need to be accounted for and with all the data, you get to make an informed decision.

When working with Michael and Sara Gaddy, you can be sure that you have a great team behind your home sale and new purchase. With many years of experience in real estate, your can rest assured that your dream home is exactly that, a dream come true. We are ready to assist you with all the facts an figures to assist you to make the right decision. Experience counts and Michael and Sara Gaddy have all the experience you require.

Contact Michael Gaddy 704-9754651 for a confidential talk about selling your house and considering your needs. Email Michael@MGaddy.com

More Information to Help You With Your Decision

EIGHT STEPS TO SELLING YOUR HOME

HOW CAN A REAL ESTATE AGENT HELP ME SELL MY HOME

HOW TO PRICE TO SELL AND STILL MAKE A PROFIT

PRACTICING GOOD SELLER’S ETIQUETTE

UNDERSTANDING THE BUYER

INCREASING YOUR HOME’S APPEAL

MORTGAGE CALCULATOR

CONTACT US ABOUT SELLING A PROPERTY

 

Existing Home vs New Construction? What Should You Do?

February 23rd, 2017

Should You Buy an Existing Home or Opt for New Construction?

When Purchasing an existing home you have the advantage of purchasing something that you can see, walk around in and know the room sizes. You can see the flaws, know the issues and can almost budget for repairs and maintenance. Basically, you know what you are getting! Older homes have a a character of their own – they come from a particular era and they may have had a different construction method to the modern day homes.

New Construction vs Existing Home

Existing Homes

Existing homes are normally situated in established and known neighborhoods with infrastructure and amenities. The landscaping is established and the neighborhood has a style entrenched.

Negotiating opportunities on an existing home are easier than it would be on new construction. Often you can get the existing home for less than you can a new constructionhome in a new neighborhood.

Existing homes are easy to finance – the appraisal is done, the lender makes their offer, the home inspection completed and repairs and maintenance done and once that is completed and the finances are in order, you can close on the sale and move into your new home and begin making it your own, a seamless process.

New Construction

When choosing new construction you are using your imagination and building a dream. The wonderful thing about new construction is you get to choose everything that goes in to your home, the carpet color, the paint, the cupboards, the style of the house and everything is new and personalized to suit your needs. The construction would be modern and new methods used and of course all the appliances, the pipes and the fittings would be modern choices and possibly even energy efficient.

New construction homes are financed a little differently. The builder would prefer you get a construction loan which allows periodic financial payments as the construction progresses. This is a little more complex, the interest on the loan is different however it converts to a regular mortgage at the end of the construction period. Its just different, not difficult.

A new construction home may cost a little more to build but all with good reason. Everything is new, there should be little or no maintenance or repair to the bigger ticket items in the home, like the HVAC and Hot Water Heater, so you can almost rest assured that the home would not cost you for a couple of years.

When building  a new home one often forgets about added items that need to be done and are not always budgeted for or included in the contract. Be sure to check what the builder is including in his contract. Often the Buyer does not account for the cost of landscaping.  New landscaping takes a long time to grow and of course will need the extra cost of watering and maintenance while it establishes.

Of course there is also the risk that the builder may not complete the home in the expected time period, however the builder will consider the season he is constructing in to allow for delays and issues. Discuss this factor upfront with the builder, or let your experienced real estate agent work with you to get all the aspects of the contract sorted out before you sign the contract.

Michael and Sara Gaddy have many years of experience. They have worked in all aspects of real estate. Your home purchase or sale is their priority. If you are considering purchasing or selling a home, you are in good hands with The Gaddy Group.

Contact Michael Gaddy on 704-975-4651 or email Michael today

 

Do You Need a Home Inspection?

February 9th, 2017

Home Inspection – Should You Get One Done?

When purchasing a home, even a new build, we often get asked about the necessity of having a home inspection done on the property. Our recommendation to safeguard you, would be to order one. The initial financial payment aspect certainly outweighs the long term peace of mind.

Home Inspection

One would think that there would be nothing wrong with a brand new home, right? Wrong! New homes are also subject to issues and a Home Inspection can iron out problem areas before you make that final payment and move into the home.

A Home Inspector is not a building inspector. His job is not to make sure that the Builder has done his job. His work is to ensure that your home is safe for you and your loved ones.

The Home inspector will typically do a thorough investigation, checking a multitude of areas and items in and around the property. On his list will be many items including, but limited to,

Plumbing

The Home Inspector will check to see that the plumbing is in a good working condition and that there are no visible leaks. He will check the joints, the type of piping and be sure that the water pressure is good. He will do a thorough investigation of all accessible areas of the plumbing which will give you peace of mind knowing that it all functions well.

Electrical

All electrical points, the electrical fittings and visible cables, together with the electrical board are thoroughly checked. They need to be legal and in a good state of repair and not a fire hazard for you and your kin.

Heating and Cooling

The HVAC is a very costly item to replace. The Home Inspection report alone would be worth all its money to ensure that you are not going to land up with a replacement bill early in your occupation of the home. Not only will the inspector make recommendations regarding the HVAC, he may suggest it needs servicing or needs to be restored to the correct installation code.

Gas

Gas is often an issue in a home. The Home Inspector will check for leaks and issues and see that it will work well without harming your loved ones.

The Hot Water Heater

The inspector will let you know approximately how old the water heater is and when you could expect to replace it. That can be a costly issue so its important to know that this item is not going to be one of the first things you need to spend money on.

Structure

The Home inspector will take a thorough look at the structure of the property. He will check the siding and the footings for cracks or sinkage. He will check the crawl space for mold and damp and assess the condition of the general structure of the framework. He will look for evidence of termites and the safety of the building.

Roof

The condition of the roof will be assessed and a thorough report on possible issues completed. This includes the state of the rain water gutters and also the chimney. All of which can be a safety issue and a costly repair.

The Home Inspector works for you. His job is to uncover all the issues that could be a reason for you to not close on the home. His list is often significant. Not all repairs need to be done, but its good for you to be aware of them. Sometimes the seller will pay for such repairs, other times he may ask you to accept the home as is. At least if you know what the issues are, you can make a calculated decision about the home purchase. Do lean on your experienced real estate agent who will guide you with their knowledge, helping you to make an informed decision.

Your purchase contract will define what the terms are relating to the home inspection and whether the Seller would be covering the costs or repair.The contract defines whether you would be purchasing the home if the home inspection report is not to your satisfaction. All these items need to be discussed and written into the contract when purchasing the home.

A great buyer’s agent with experience, will assist you with the purchase of your home, walk you through the Home Inspection and make requests and negotiate in your favor. The will be able to write a contract and negotiate to suit your needs.

When working with Michael and Sara Gaddy, you can be sure that you have a great team behind your home purchase. With many years of experience in real estate, your can rest assured that your dream home is exactly that, a dream come true.

Contact Michael Gaddy 704-9754651 or email Michael@MGaddy.com

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Dealing with Renters when Selling a Home

January 24th, 2017

Renters and Selling Your Home

Buying a house is an investment, whether you live in it or not; but when you come to selling a home, having renters living in the house can be more challenging than you might like.

Home For Sale

The simplest route to take is probably to wait until your lease with the renter expires; but this isn’t always possible. For instance there are some areas in the US where local renter-landlord regulations state that renters must be given the option to buy a property they have been leasing. Check this with your local real estate agent before you consider selling your home.

If you don’t have to give your renters the option of first refusal to purchase, and you are able to wait until the lease expires, there are other potential problems you should be aware of. The most obvious is that there is no guarantee a house will sell immediately it is put on the market, which means you could sit with an empty house for several months. And for a homeowner who has been letting the house out, an empty house means no income. But there’s another issue. While there are some excellent renters, a large number of them tend to ignore maintenance issues, and so when it comes to selling a home with renters in it you may find it has some maintenance to be done before the home can be presented to the market place. This leads to the problem of having to do repairs while the renters are still living in your house. You will also find it more difficult to stage a home when you are not the occupant.

It can be more challenging if the renter does not want to move because then they can become very hostile and not allow prospective buyers to view the home. This can be also be difficult for your real estate agent and can put even the most eager buyers off looking at your property. There are also ways that very reluctant tenants can delay sales on your property.

The number one choice would be to have an empty home, maintained and ready for the market with no renter issues.

Tips for Dealing with Renters

Clear, honest communication is essential when you’re selling a home and dealing with renters. Just as renters can become hostile, landlords can seem threatening too, even when they don’t intend to be. Be sure to explain your selling process with your renters and reassure them that their privacy will not be exploited. For instance, make sure they know you will give them ample warning before buyers are invited to view their home. It’s usually best to choose one or more specific days and times that suit tenants. This doesn’t always work for real estate agents and prospective buyers, but if they know they can view the property on particular days, it certainly makes it easier to arrange. Be sure the renters know when they will be expected to vacate the property and how much notice you will be giving them. This may already be included in your rental contract, so check that first, but its always a good idea to remind the renter in writing about the process. If you have a managing agent for the property, he/she will be familiar with a process that works for them.

Another excellent ploy is to offer some type of incentive to your renters to persuade them to do their best in terms of keeping the house looking good while it is on the market. You would like them to be pleasant and accommodating when agents and prospective buyers are coming to the home and sometimes a little effort on your part could go a long way. For example you could offer them a discount on each months rent that the home is on the market. You could also offer a gift certificate for dinner for two for each month your home with tenants is on the market.

A good landlord (which is what you should aim to be) will also be concerned about their renters’ belongings. Suggest they keep valuables safely locked away whenever strangers are in the house.

Ultimately you need to remember that while selling a home with renters in it is challenging, for these people your house is their home. It’s difficult for them too.

Michael and Sara Gaddy have many years of experience. They have worked in all aspects of real estate. Your home purchase or sale is their priority. If you are considering purchasing or selling a home, you are in good hands with the Gaddy Group.

Contact Michael Gaddy on 704-975-4651 or email Michael today

Reduced Price Homes for Sale in Fort Mill | Rock Hill | Lake Wylie | Matthews | Pineville

and surrounding areas

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How To Select The Right Real Estate Agent

January 10th, 2017

When searching for a home or selling a home, selecting the right Real Estate Agent that can be on your side and to represent you in your transaction is of paramount importance.

In legal terms, once you have selected a Real Estate Agent to represent you, that person is an extension of you. Everything that agent does on your behalf is as if it is your action and your reaction, so it is very important to interview an agent and do your checks to see if this is the person that you can trust to be your personal representative.

Buyer and Seller

When choosing an agent, look at the Company that backs them. A big Company, with training programs and a support system of knowledgeable people should be an important part of your decision to work with them, but not the only decision. The right Real Estate Agent is important too.

How do you select the right REALTOR®?

Sellers:

  • Interview a few agents, the slickest dressed agent with the best presentation portfolio may not be the right one
  • Ask for their recent sales lists – this will show experience
  • Ask for testimonials and request 3 recent contactable references
  • Look at their marketing plan, what is their personal value proposition. All agents need to act with Honesty and Integrity, what else can they offer you besides that?
  • Do they have a team of people to support them or are they acting on their own?
  • If they work on their own, who is going to ensure that the marketing is done on a sellers home?
  • Can the agent show you how their sold list of homes have compared with the original selling price they quoted and how long it took to sell the home?
  • Ask questions – this will show their experience
  • Get referrals from your family and friends – but still interview the agent thoroughly
  • Drive around your area and find the agents with the most boards
  • How knowledgeable is the agent about your neighborhood and your location
  • What does their online presence reflect – what do their social pages look like?
  • Can you find them on the internet easily?
  • Most importantly – do you relate to the agent? Are they your kind of service people? Are they who you would like to represent you and are you confident to entrust your home with them?

Buyers:

  • Check that the agent is licensed
  • Are they a full time agent or part time agent
  • The agent you work with needs to have a great local knowledge. They should know about the
    • Schools
    • Roads
    • Planned shopping centers, malls, highways etc
    • Valued information about the area
  • Your agent of choice should have expertise around assessing the general condition of any property
  • Ask Questions –
    • How long  have you been a realtor?
    • How many homes have you sold?
    • Recent Contactable references
  • Does the agent work in a team or on their own?
  • Who is going to make sure you are getting the latest list of homes for sale?
  • Do they have a good network of professionals that they can recommend – an experienced agent will have a list of great people
  • How will the agent be communicating with you and do they return calls quickly and personally or will you be hearing from a support team member
  • How many people on average are they working with right now –  This will give you a fair idea on how much attention you are going to get from your agent
  • Does the agent appear responsible and are they attentive to your needs
  • They should be good listeners

Choosing the right real estate agent is very important when buying or selling a home. The best agent for the job, is the one you feel most comfortable working with. Do your ‘homework” and feel confident that this person will act in your best interests at all times.

Looking for a great agent? The Gaddy Group are a great choice. We have an office manager, a marketing partner and a finger on the pulse. Buying or Selling in the Greater Charlotte Metro, including Fort Mill, Rock Hill, Lake Wylie and surrounding areas. Contact us 704-975-4651 or email Michael@MGaddy.com

 

Buyer Client vs Buyer Customer – What does that mean?

December 29th, 2016

When Buying a Home the Agent that you are working with is going to want you to become their Buyer client. What does this all mean and why should you become the client vs remain the customer?

Buyer Client Negotiations

When you are the customer, you are not represented by anyone. That effectively means that the agents are working for the Seller.

When a listing comes onto the MLS, I am a representative of that Seller and my fiduciary duty is to work for that Seller. If you contact me to look at that home, I am still responsible to the Seller until we mandate a Buyer Agency Agreement at which point I no longer am responsible to the Seller, I become your advocate and I will be looking after your best interests from the time you begin looking for a home, throughout the subsequent purchase and closing.

Buyer Customer:

As a Buyer Customer, my loyalties lie with the Seller and not with the you. My fiduciary duty to you is to:

  • give you only the material facts about the Seller’s property
  • only answer questions that are public knowledge
  • treat your needs fairly and honestly
  • be diligent in my business relationship with you
  • uphold fair housing protocol
  • be responsible for the accounting function
  • write a contract for you but negotiate in favor of the Seller
  • Offer no financial advice about purchase price or offer price.

However

  • I must look after the Seller’s best interests
  • negotiate on behalf of the Seller
  • protect the Seller’s personal information
  • Work for the Seller completely
  • Focus on getting the Seller’s property sold

Buyer Client

When you hire me as your Buyer’s Agent my loyalties lie with you my Buyer Client. My Fiduciary and statutory duties are bound to you and I will

  • be loyal to your needs
  • Disclose everything I know about the Seller
  • Disclose all I know about the property
  • share other pertinent information about the location with you
  • assist you to get pre-approved for a mortgage
  • ensure you have options in terms of mortgage
  • be responsible for ensuring your accounting is done correctly and in your favor wherever I can
  • protect your interests
  • protect your personal information as best I can
  • find you a home that suits your needs 
  • be honest and diligent in all my negotiations on your behalf
  • negotiate in your favor wherever I can
  • offer advice and tips to you exclusively
  • write a contract to benefit the Buyer Client whenever I can
  • do a CMA (Comparable Market Analysis) to ensure you pay the correct price for the property
  • look after your needs throughout the transaction and beyond

However

  • I have to uphold Real Estate Law and be fair in my dealings with both parties

As a Real Estate Professional I do not get paid by the Buyer / Buyer Client. My fees are paid for by the Seller. That means that you are getting my professional service for FREE. Let me assist you with finding your new home and sharing my expertise with you as my Buyer Client.

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