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Real Estate Tips For June 2014

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Here are another 10 Secrets about how I view the world of real estate and that you can significantly benefit from.

Secret #1
Home buyers have the option of working with real estate agents either as clients or customers. If they work with agents as clients they are owed 6 fiduciary duties because they are in an agency relationship with the agent and their firm. A buyer agency agreement should be signed by both parties. If home buyers opt to work with real estate agents as customers, they are owed 3 fair and honest duties because they are in a non-agency relationship with the agent and their firm. A transaction broker agreement should be signed by both parties.

Secret #2
Home sellers also have the option of working with real estate agents either as clients or customers. If they work with agents as clients they are owed 6 fiduciary duties because they are in an agency relationship with the agent and their firm. A listing agreement should be signed by both parties. If home sellers opt to work with real estate agents as customers, they are owed 3 fair and honest duties because they are in a non-agency relationship with the agent and their firm. A transaction broker agreement should be signed by both parties.

Secret #3
Whether home buyers and home sellers work with real estate agents as clients or customers they are still owed the duty of “disclosure.” Disclosure as defined by real estate law means that all pertinent information that would affect a home buyer’s or home seller’s decision to buy or sell real estate must be disclosed by agents.

Secret #4
Home buyers should always have agents or loan officers provide them with a written breakdown of “maximum” monies needed for deposit, down payment and settlement costs prior to looking at homes.

Secret #5
Home sellers should always have agents or loan officers provide them with a written settlement costs and net proceeds breakdown based on realistic current market value prior to putting their home on the market.

Secret #6
Real estate agents should always have sellers acknowledge in writing that their home is priced above current market value when agreeing to take overpriced listings. Doing so will prevent ethics violations, complaints, arbitrations, mediations, threats of lawsuits and actual lawsuits from occurring between sellers and agents.

Secret #7
Real estate agents should never bad mouth other licensees under any circumstances because doing so is an ethics violation and it’s also potentially legally actionable.

Secret #8
Real estate agents should never file false complaints against other licensees under any circumstances because doing so is an ethics violation and it’s also potentially legally actionable.

Secret #9
Real estate agents should never deliberately overprice a seller’s property in order to obtain a listing under any circumstances because doing so is an ethics violation and it’s also potentially legally actionable.

Secret #10
Every home has potentially 7 different values and each one must be accurately calculated in order to determine its current fair market swing in value with laser beam accuracy. The 7 different values are as follows: 1) base value, 2) upgrades and extras value, 3) adjusted base value, 4) swing value, 5) fair market swing in value, 6) special value and 7) deficiency value. I go into great detail about these 7 types of values in other real estate articles that can be found in the National Examiner, in the blog section of PhilMitschForAmerica.com and on Twitter @philmitsch.

Remember to look for my Real Estate Tips For July 2014 article in about four weeks.

Respectfully,

Phil Mitsch

Agents’ Note: Phil Mitsch is America’s leading economic recovery, real estate, lending and motivational coach. He is also the real estate industry’s all time, top producing residential Realtor. His 1) biography, 2) testimonials, 3) seminar topics, 4) books, 5) videos, 6) audios, 7) economic recovery tips, 8) real estate tips, 9) lending tips and 10) motivational tips can be found at www.PhilMitschForAmerica.com. For further information, contact Phil Mitsch Enterprises in Cherry Hill, New Jersey at 856-665-6569, on Twitter at @philmitsch, or by email to philmitsch@verizon.net.

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