Lee Ginsburg

Do I Need An Agent?
December 4, 2011 · · 2 Comments

I was at a recent home buying workshop and someone asked if she needs an agent.

In the Bay Area the buyer does not pay for the agent to help them find a home, help them negotiate; walk them through the process, etc. The buyer also does not pay the agent for helping them digest the comparable properties, or get inside information concerning the home or the comparables, educate them on the neighborhood, and more. The buyer never pays the agent anything. The seller’s agent pays the buyer’s agent for assisting them in selling the home, but the agent has a fiduciary duty and obligation to their client, the buyer.

So why wouldn’t you want someone to do all the dirty work, to bounce ideas off of, and to pick their brains with no cost to you.
Every transaction is different. The buyer’s agent does all of the above and more depending on each individual situation.

realtor

The most important task the buyer’s agent performs but hardly mentioned, is helping the buyer maintain their emotions. I have seen buyer’s get so excited about a home that they would pay anything for it. Well maybe not anything but more than necessary. A good agent will protect the buyer by making them see reality. On the other hand they might be offended by the seller’s response and might react by cancelling the transaction or respond negatively and blow the deal. An agent is the buffer.

An agent will help the buyer see through the seller’s messy home to see the bones and layout of the home. An agent will keep the buyer focused on the purpose of buying a home, facing reality and prevent them from getting sidetracked. I remember helping a newly married couple with a baby purchase their first home. They liked the well decorated home in a not so good area. They were not familiar with the area. They were prepared to write an offer and I did not want to discourage their enthusiasm. I suggested on the way home we drive by again. We did and they calmed their emotions and changed their thoughts on their own.       Read more

Jean Joh

To Fumigate or Not to Fumigate…
March 11, 2011 · · 7 Comments

Within the past few months, I had two separate situations where we’ve gotten vastly differing estimates from a termite inspection.  For one home, we actually ended up getting three reports – one reported beetles with an estimate of over $10,000 to fix all Section 1 items including a recommendation to fumigate, another reported termites with estimate of $5000 with local treatment only, and the third didn’t even mention beetles or termites but had an estimate of almost $6000 for dryrot repairs.  In the second situation, termites were noted with a recommendation for fumigation with an estimate of almost $8000, while the second recommended local treatment, which would cost a fifth of the cost.  What to do?

Since I’m a real estate agent and not a licensed contractor or certified inspector, I don’t have the qualifications to determine which report my clients should believe.  Added to that, it’s interesting to note that general home inspectors aren’t allowed to give bids on the work that needs to be done (due to possible conflict of interest), termite inspectors are not subject to the same restriction and almost always include bids in their reports.  So, is there a slight possibility of some conflict of interest?     Read more

Jean Joh

Things to Consider When Buying a Flipped Property
February 14, 2011 · · 2 Comments

Lately, I’ve been seeing an increasing number of homes that have been purchased by investors, fixed up a bit and then put on the market, i.e. the “flip.”  This is to be expected with the onslaught of foreclosures that has taken place over the last few years, coupled with insightful investors (many of whom are real estate agents) who’ve seen golden opportunities in real estate and have taken advantage of the low interest rates and low home prices.  I’ve actually had two clients purchase such homes in the past six months, and have shown many more.  The most attractive part about buying these homes is that the investors usually have done some basic work to make them move-in ready.  Fresh paint, fresh carpet, new fixtures, even new landscaping – all of these help to make the home more attractive and appealing.  But here are a few things to keep in mind:

1)      Even though sellers are still required to fill out disclosure forms, the information will often be limited b/c the sellers have never lived in the property.  In this sense, it’s almost like purchasing a bank-owned property.

Read more

Lee Ginsburg

What is Market Value
October 28, 2008 · · 1 Comment

 

To determine pricing first one should determine present market value.  When assessing residential property four major factors account for I’d say about 75% of the value: 

  • Location · Living area size · lot size· condition/renovations of the property.

Other factors that come into play are the number of bedrooms, baths, bonus areas, in-law potential, color scheme, floor plan, pool, fireplace, single or multi story, attached or not plus more. Read more