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Buyer Agent Bonus...Is it a benefit?

As Realtors we seem to always want to have it both ways.  On the one hand we say that we are buyer or seller advocates and yet we are sales people too and some times those two roles can conflict with each other.  One good example is the idea of offering a buyer’s agent a bonus.

Sometimes sellers or listing agents will give the buyer’s agent a bonus for finding a buyer for a home.  That seems harmless but I have a problem with that practice.  The implication is that an agent will "sell" a home to a buyer because if they do they will make more money. That goes against one of the largest fiduciary responsibilities we owe our buyer client to promote their best interest.

We have to disclose our commission to the buyers.  Commissions for Realtors who work with buyers are listed on the MLS with the rest of the information about the home. The seller pays the buyers commission and most agents accept that as pay for working with the buyer.  The buyer doesn't see the agent bonus on the public MLS it is listed under agent remarks for members only.  Buyers usually don't know or care what the average payout for a buyer’s agent is so even when it is disclosed they may not recognize it as a buyer’s agent bonus.

We work with buyers and they choose the best home with our help. We don't or should not "sell" a buyer a home because there is a bonus in it for us. It is a conflict of interest. 

Are we acting in a buyers best interest if their is a bonus involved for us?  Each time a buyer buys a home there is something in it for us which makes sense because we can't work for free. If a buyer makes an offer we are required to disclose the commission but since the average buyer doesn't know what it is supposed to be they may not know that the agent is getting a bonus.

There are some listings in our MLS that have a very low payout and there are some with high payouts to buyers agents.  I believe it is unethical to base our decision on which home to show a buyer based on the payout.  It would be best if there was no such thing as a buyer’s agent bonus and if all buyers agent payouts were the same but they are not. So it is up to us individual Realtors to try and level the playing field. That is exactly what I try to do with each buyer client I work for. I explain how and how much I get paid and make sure that my buyer knows that if there is a Buyers agent bonus that will go to the buyer, not me.

God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.

"The buyers are knockin'...Cause the houses are Rockin"

Did you know I have my license in both states, Ohio & Kentucky?...So Please call me the Rock-n-Roll Realtor  My listings Rock because they are priced to sell, show to sell and the owners are motivated to sell. Call me and I will make your house Rock.  513-777-2402 email Gary@GaryRossignol.com.

Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.

Mason All-Stars networking Group

The Mason All-Stars is a networking group of professionals who meet together every other Thursday morning for the purpose of learning how to help each others business to grow.

This Linkedin group supports our members and is used to share schedules and information about our business activities. Membership is by invitation and is limited to one member from each business sector or discipline.

Today I am privileged with the spotlight of doing my 5 minute presentation to the group this morning. I would like them to see two videos. The first is the rehab project I did in Sharonville at 11191 Maple Street. I am quite proud of this project. It was the very first total rehab project I have attempted on my own.

The second video is of BlueStone Ivory performing a Patriotic song "God Bless the USA" in Fairfield. I am particularly proud of this video. It was recorded & produced by my friend Jim Rupp.

 

I would like to invite everyone to come out and hear BlueStone Ivory at Carlo & Johnny this Saturday night. It is a Jeff Ruby steak & seafood joint. Good Atmosphere, Great food and super entertainment.

God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.

"The buyers are knockin'...Cause the houses are Rockin"

Did you know I have my license in both states, Ohio & Kentucky?...So Please call me the Rock-n-Roll Realtor  My listings Rock because they are priced to sell, show to sell and the owners are motivated to sell. Call me and I will make your house Rock.  513-777-2402 email Gary@GaryRossignol.com.

Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.

 

 

A real Antique

This R2D2 looking contraption is an old Ruud water heater from a century ago. This is not the first time I have seen this particular old model. They must have been plentiful in the day.

In fact I recently listed a home at 1521 Wittekind in North College Hill. It is a great home on a very nice street. The only concern I have is the water heater.The seller swears by this water heater.

He has owned the home for over 30 years and admits that when he first walked into the basement and saw this contraption he was ready to leave. But didn't and became of big fan of the tankless water heater and says he will not have anything but ever again.

As old as this water heater is there is virtually no maintenance. You need hot water? Simply turn the faucet and you have it. It's that simple.

The great thing about these water heaters is they will save you around $300.00 per your in utility bills by not keeping 40 or 50 gallons of water hot 24/7.

 

Tankless Water heaters is a great resource for information about the various brands and styles. Here is a great video describing all about the various types and styles.

So, the next time you are faced with a water heater replacement call me for a recommendation or google it. The tankless system may be exactly what you are looking for.

God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.

Did you know I have my license in both states, Ohio & Kentucky?...So Please call me the Rock-n-Roll Realtor if you need help around the house or maybe to buy a new home. I will gladly say THANK YOU! Gary Rossignol, the Realtor with integrity. 513-777-2402 email Gary@GaryRossignol.com.

Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.

Icicles, Pretty...scary

They are pretty, but nothing to be proud of. These are hanging from a roof near my house. Actually they are everywhere in this weather. They are caused when one part of the room is warmer than another and heat is leaking out through the roof. As pretty as they look they can cause damage. Water can back up and get under the shingles and cause leaks into the house. Usually this problem can be solved by adding more insulation.

I look at a lot of houses. Yes, even in this weather. I usually look at the roof when I pull up the driveway. With all the snow you cannot see the shingles. Well, you are not suppose to anyway. If you do that isn't a good sign. The roof may be fine but chances are the home doesn't have enough insulation. If the roof is covered with snow and there aren't any ice dams or maybe a little ice here and there then chances are the home is insulated. Maybe the roof is covered with snow except for one bare spot. That is an area where there isn't enough insulation and heat is leaking out.

If the roof is covered with snow you need to rely on the residential property disclosure to see if the seller has disclosed any problems, or previous leaks with the roof. I like to open closet doors and look at the ceiling because that seems to be a good place to find water stains. An old stain on a ceiling doesn't mean that the roof needs replacing. I  recommend having a professional home inspection done and most of your inspectors will try and make their report subject to a return visit when the snow is melted and they can thoroughly inspect the roof. If time permits.

One more point about icicles. Be careful, they can be dangerous. Several years ago my daughers were knocking them down with a stick. One large icicle flew straight down and hit my youngest on her head causing a large enough cut that required a couple of stitches. Ouch!!!

God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.

Did you know I have my license in both states, Ohio & Kentucky?...So Please call me if you need help around the house or maybe to buy a new home. I will gladly say THANK YOU! Gary Rossignol, the Realtor with integrity. 513-777-2402 email Gary@GaryRossignol.com.

Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.

 

Sounds simple...but is it?

Being a buyer, any buyer (first time, second or third) isn't as easy as it used to be. Most of us know that selling your house in todays market is a real chore. Therefor if you are a buyer it should be a piece of cake. Right?

Finding the house is not a very big problem. They are plentiful in most area's of Greater Cincinnati. Sellers are really willing to negotiate too. They will pay closing costs, negotiate well below the known market value and leave items of personal property not usually included in most sales. Recently one of my buyers asked for the huge screen high definition projection TV and the entire surround sound system and got it on the first round of negotiating. WOW!

   
This photo looks so simple and serene doesn't it? That is the way some purchase deals look today. You would think if you are coming to the table with a high credit score of lets say 760 or higher, have 10% down payment you wouldn't have a problem getting a loan. Not so...

I have a buyer purchasing a home for $170,000. They have 770 credit score, and putting 10 % down. Their financing is an 80-10-10. 80% first mortgage, 10% second and 10% down. The second mortgage investor rejected their application and denied the loan. They didn't have enough active credit line. Car paid off and no credit card dept. You would think that was a dream buyer. At least I did. As it turns out if they had a car loan and a couple of credit cards with balances they would have gotten the second mortgage without a hitch. Go figure!

It is about knowing the rules of the game and playing within the rules. Call me, I know the rules and I love to play the game.

God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.

Did you know I have my license in both states, Ohio & Kentucky?...So Please call me if you need help around the house or maybe to buy a new home. I will gladly say THANK YOU! Gary Rossignol, the Realtor with integrity. 513-777-2402 email Gary@GaryRossignol.com.

Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.

Bridging the gap for extended & expanded homebuyer tax credits.

 Here is some good news. Congress and the Federal Government in agreement of President Obama has extended and expanded the buyers tax credit. These are some of the details.

For first time homebuyers the date has been extended to April 30, 2010. Therefore if you qualify as a first time homebuyer, by not have had an interest in a principal residence for 3 years prior to purchase, then you will receive a tax credit of 10% of the sale price not to exceed $8,000.00.

For details on obtaining these funds I suggest you consult a tax preparer or a certified public accountant for assistance.

The expansion of this bill is benefiting any present homeowner selling their home and moving up.

To qualify you must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. As long as a written binding contract to purchase a different home is in effect on April 30, 2010 and close no later than July 1, 2010 you will receive $6,500.00 tax credit.

Limitations have been increased and added. Annual Income limits for buyers was $75,000 for singles and $150,000 for married couples. That has been increased to $125,000 for singles and $225,000 for married couples. The added limitation on the cost of home purchase is $800,000.

Again, For details or further questions on obtaining these funds I suggest you consult a tax preparer or a certified public accountant for assistance.

These changes are designed to enhance and improve our national home sales. The initial first time home buyers tax credit seemed to be quite successful so lets hope these enhancements make a big difference.

For more information click here: The Internal Revenue Service issued a memorandum on this subject matter.

God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.

Did you know I have my license in both states, Ohio & Kentucky?...So Please call me if you need help around the house or maybe to buy a new home. I will gladly say THANK YOU! Gary Rossignol, the Realtor with integrity. 513-777-2402 email Gary@GaryRossignol.com.

Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.

 

Seasons change

 
This is a beautiful picture of the Little Miami River. I just took this photo two days ago. By now more leaves have changed color and soon they will all be off the trees leaving bare branches throughout the winter months.

Along with the leaves changing color it is getting dark earlier. That makes it difficult to show property. Many buyers plan to do their looking after work. That is usually sometime after 5:00 or 6:00 PM. It is pitch dark by 7:15 these days. That leaves very little time to view homes in daylight hours.

I suggest make plans and try to work in a vacation day or work late for a couple of days and try to get off early at least once a week. That will give yourself time to spend leisurely with out rushing through. You will be able to pay attention to more detail that way. Your time investment is very important in this stage of the home purchase.

God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.

Did you know I have my license in both states, Ohio & Kentucky?...So Please call me if you need help around the house or maybe to buy a new home. I will gladly say THANK YOU! Gary Rossignol, the Realtor with integrity. 513-777-2402 email Gary@GaryRossignol.com.

Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.

New equipment can be a challenge

My Cannon Power Shot S60 point and shoot camera died. It was 4 years old. Time for newer technology. The one benefit of the S60 was that it came with a 28 mm wide angle lens. I hate to look at house photos on the MLS (Multiple Listing Service) and all they can fit into the photo is part of a wall and a chair. That is because the photographer (usually the listing agent) is using a standard 40 mm lens.

I searched and researched and found a terrific camera with all the latest stuff. A Panasonic DMC-ZS3. This camera is a 10 mega pixel, 25 - 300 mm wide angle to 12x optical zoom. The real cool thing about this camera is it records HD movies in stereo with an active zoom. This is tremendous for a very small hand held point and shoot. It is so automatic there are very few self settings available. It does everything automatically. And it does it well too.

I call this photo "Fresh Picked Peppers" That is what they are right out of my garden. Boy are they hot. Jalapeno, Habenero, Holy Moley, Cayenne, little Hot Chilies and Hot banana. I love it spicy and hot.

This camera can fit an entire room into a small photo. Watch for my next listing and see how much of a room will fit into my photos.

It's not just about how much content you can fit into a photo, but the lighting and staging has everything to do with a pleasing photo. This basket of peppers is a very pleasing photo. Don't you think it could be framed and hung on the kitchen wall somewhere? I did not use the flash. This is all natural. Nice mixture of colors and different shapes filling the basket just so.

Here is my segway back to a real estate topic... I like my real estate hot too. And the market is really heating up. I am now working with a full complement of buyers. From first timers planing to take advantage of the $8,000 tax credit to investors who are looking to take advantage of the buyers market and wholesale a few handyman special rehab style homes for some quick cash.

There is a deal out there for everyone. You need to know where to look and that is where my expertise comes in. I know where to find them. If they are out there I will find them.

God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.

Did you know I have my license in both states, Ohio & Kentucky?...So Please call me if you need help around the house or maybe to buy a new home. I will gladly say THANK YOU! Gary Rossignol, the Realtor with integrity. 513-777-2402 email Gary@GaryRossignol.com.

Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.

Congratulations Kelli

I met Kelli two years ago. Owning a home was but a far reaching lofty dream for her. I suggested she at least talk to a mortgage lender and see what she would qualify for. She did and was quite surprised.

We looked at several homes and she fell in love with this home in Norwood and bought it. This turned out to be the longest pending sale of my career.

As it turned out the mortgage lending qualifications changed drastically in October 2008 and many including Kelli were caught in a catch 22. Her credit scores didn't meet the new minimum requirement just before the closing was to happen.

Kelli was lucky. She was working with understanding, motivated sellers willing to work things out with her. So they let her move into the house as a tenant until she was able to obtain financing.

A couple of months turned into almost an eternity to Kelli. In fact she was ready to give up several times. I had to assure her things were going to work out. I needed some magic about now.

Kelli was a hard worker, responsible, caring and very honest. She also was a very good trumpet player in her spare time. That is where I met her. She sat in with a few members of the West Chester Symphony Orchestra in a small dixieland ensemble for our fundraiser two years ago.

What I did was refer Kelli to Joe Frey of The Credit Store dba TR & Associates Credit Services. Joe is not a fly by night credit fixing ripoff. He is licensed with the State of Ohio Division of Consumer Finance. He will actually find discrepancies on your credit report and take the necessary measures to get the items corrected. Then follow through until your credit scores are at an acceptable number. He took Kelli from 548 to 600 in less than two months. The lender was then able to finance her with a straight FHA loan. Seller had agreed to pay up to 3% in closing costs so we were able to close on this last Friday September 11, 2009. Only a year and a month after the original closing date was negotiated.

Kelli is one happy lady. And I learned a great deal through this ordeal. I'm very glad I joined Tri-State Business Network. That is where I met Joe. And he is a miracle worker to Kelli and in my humble opinion also.

God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.

Did you know I have my license in both states, Ohio & Kentucky?...So Please call me if you need help around the house or maybe to buy a new home. I will gladly say THANK YOU! Gary Rossignol, the Realtor with integrity. 513-777-2402 email Gary@GaryRossignol.com.

Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.

Is a final walk-through necessary?

In the contract to purchase approved by the Greater Cincinnati Area Board of Realtors Legal Counsel, on page two paragraph 10 under MAINTENANCE it explains that the Seller shall continue to maintain the Real Estate in good condition. Seller shall repair or replace any appliances and/or equipment currently in normal operating condition that fail prior to possession. That the Real Estate will be in as good condition as it is presently except for normal wear and casualty damage from perils insurable under a standard all risk policy. If prior to Closing, the Real Estate is damaged or destroyed and is not restored by and at sellers cost as it was prior to the damage, then the buyer has the option to terminate this Contract by written notice to Seller.

It further states: Buyer and Seller agree that Buyer shall be provided the opportunity to conduct a walk-through inspection of the Real Estate within 48 hours prior to closing, solely for the purpose of ascertaining that the Real Estate is in substantially the same condition as it was at the time the Contract was executed.

What does this mean?

I did a final walk-through today with my young first time buyer. Although He is a student of my class "Guide To Home Buying" that I teach at the University of Cincinnati, there is no alternative to first hand experiencing every step of the way and asking a lot of questions. You really cannot fake your way through this process.

Naturally he didn't quite know what he was to do. I led him to the utility room where the furnace was and gave him the written receipt from the HVAC company that just completed servicing it. We noted that the filter was brand new and they had placed a sticker on the unit with the date they completed the service. So I checked that required repair off my addenda list.

Then we moved to the family room and tested the window that had fallen apart during the home inspection. We asked the seller to have the window repaired to open and close properly. They agreed, they fixed it and it worked.

The seller was present, doing the final cleaning, getting ready to move the final boxes of their stuff before the closing tomorrow. She asked my young buyer if he would like a wooden corner cabinet. They had no use for it and would be willing to leave it for him it he wanted it. They also planned on leaving the oldrefrigerator in the basement for him. Both of these items worked and since he is coming from a small apartment he said "YES" and was grateful for the offer from the seller.

She continued to point out a few details on the operation of certain items and showed him where they were leaving all the manuals. It was a very good visit.

My young buyer was happy with the results of our walk-through and is ready to go to the closing tomorrow afternoon.

The above photo is taken of the front garden area of the small condo complex my young first time buyer is buying.

God Bless You and pray for all of our troops to come home safe and for our Country leaders to make the right choices to help us get through this turmoil.

Did you know I have my license in both states, Ohio & Kentucky?...So Please call me if you need help around the house or maybe to buy a new home. I will gladly say THANK YOU! Gary Rossignol, the Realtor with integrity. 513-777-2402 email Gary@GaryRossignol.com.

Also, My Video Newsletter is loaded with up to date Real Estate News and Advice. Some of its features include: Current Interest Rates, National Real Estate News, Mortgage Advice, Question & Answers. Plus much more. It is "real time" and changes each week.