REALTOR© CARE DAY

The second annual Realtor© Care Day took place on June 5th and was a terrific success. I worked on the Columbus Board's Committee to oversee the project and witnessed a great collaborative effort on the part of many to make the day a success. This year the CBR partnered with the Columbus Housing Partnership to enhance the Tray Lee Community Center, part of the American Addition community at Joyce & Sigsbee Roads.

The Tray Lee Community Center was raised up by Reverend Traylor and four dedicated women who wanted to provide an after school center for area children. A mural has been designed in their honor by Columbus artist, Greg Cantwell, depicting their faces and the faces of many important historical figures. It is a lasting tribute to the people whose contribution continues to enhance the lives of others.

Local area Realtors© took on projects closer to their home base. Here in Upper Arlington, Realtors© worked at the corner of Northam & Camden to assist a homeowner who was unable to care for the increasing overgrowth of bushes, weeds, etc. It was a great day to give back to the communities in which we live and work!

Bike the C-Bus

One of the perks of being a real estate agent is the opportunity to meet and network with interesting people. Recently I met Ray George, one of the coordinators for the Long Street Tour's, Bike The C-Bus. The event is scheduled for August 23, 2008 and is going to be a terrific opportunity to tour through some of the most interesting neighborhoods in Columbus. Cyclists will be spinning through King Lincoln District, Downtown, Short North Arts District, Italian Village, University District, Harrison West, Victorian Village, Arena District, Franklinton, Brewery District and German Village. It's a 30 mile ride designed in segments to make it easy for every level of participation. So... pump up the tires, fill up the water bottle, join The 4forU Team & come see the best of urban renovation!

Importance of Home Inspection

The importance of a qualified home inspector can not be underestimated. During the initial phase of a purchase contract, the buyer generally has 7 to 10 days to have the home inspected. There are many service providers to choose from, and prices may vary substantially.

Recently, I called to get price quotes for one of my buyers, and two companies based their estimates on the purchase price of the home. The other companies were interested to know the age of the home, location and square footage. These seem like more appropriate variables to consider!

It's a very good idea for the buyer and their Realtor to be present during the home inspection. This is an excellent opportunity to learn about the house, and any areas of particular concern to the inspector. These items can then be addressed during the Request to Remedy phase of negotiations.

Following is a list of some of our favorite home inspectors:

Richard Harmon, RMH & Assoc.: (w) 614-527-0320 (#1 - Angie's List)
Rod Berning, Brickkicker: (w) 614-864-9261
World Inspection Network: (w) 614-781-1070

If you know of someone good that you would like to add to this list, please submit their name and phone number. We are always looking to work with good people!

Hip Happening Harrison Park

Recently, I was introduced to Harrison Park while on a whirlwind buying mission with a young surgeon relocating to Columbus. In my opinion, this little community has it all!

Located near the Short North & Victorian Village, there were 64 single family homes built in 2006 and only four remain (my buyer bought one). Nothing short of amazing in this "down market". There are also flats and luxury lofts to choose from in this trendy urban mecca.

A private clubhouse, fitness center, pool, and a much anticipated 4-acre riverfront park are special amenities available to homeowners. The quality construction is consistent and evident throughout the development. This is one developer who doesn't seem to cut corners!

This is not "paid for" advertising... just a treat to be able to promote something really outstanding in Columbus!

CLOSING THE DEAL!

You have just signed a contract to purchase your first home and find there are still several hurdles to jump before "closing the deal". Most offers are contingent on the buyer obtaining financing within a specified period of time and a satisfactory home inspection. In today's market, there is the additional challenge of the home appraising for full purchase price.

The home inspection and the appraisal can open a contract for further negotiations and create added stress on both buyer & seller. The inspection usually takes place within the first 7 to 10 days of the contract with additional time allowed to reach agreement on any necessary remedies requested by the buyer. During purchase price negotiations, sellers often come down to their "bottom line". Inspections create opportunity for further reductions to the seller's net proceeds.

The appraisal is a relatively new challenge to contract negotiations and is increasingly relevant in today's volatile market. The lender will have an appraisal done on the property prior to closing. Buyers are not going to want to pay more than an appraised value for their new home, and lenders are not going to want to provide a loan for the home.

Your real estate agent should be able to provide helpful insights throughout the entire purchase process. The 4forU Team has developed a referral list of reputable home inspectors to assist buyers with property inspections. Additionally, we have the skills necessary to negotiate this element of the contract. A comparable market analysis (CMA) is useful in assisting buyers and sellers with sale & purchase price decisions. A thorough analysis of the market helps insure that there will not be any surprises during the appraisal process.

Looking to learn more about selling or buying a home? Jeanne Gauer, Maggie Chudik, Kelly Cantwell & Susan Sutherland all have the necessary knowledge to help you close the deal!

Advice on Agency

Recently, I had an experience with Dual Agency that was quite challenging. In most real estate transactions there is an agent representing the seller and an agent representing the buyer. On occasion, there is a gray area called "Dual Agency", where the selling agent is also representing a buyer in the same transaction.

The drama of my particular story unfolded this week when I presented an offer for my buyer to purchase a $740,000 home. At the time our offer was open, I received a call from the listing agent to inform me that there was a second offer being submitted. Coincidentally, she was representing the buyer on this offer. I called my clients, explained the situation, and suggested they consider strengthening their offer if they were interested in purchasing the home. This was their "dream home" so they decided to increase the offer. Again... coincidentally... the listing agent called to tell me that her buyers had also strengthened their offer. The sellers would be reviewing both offers and establishing one as primary and one as secondary. They would then counter both offers.

The counter offer from the sellers placed us in a secondary position - no big surprise! In an effort to level the playing field, I insisted on presenting our best and final offer directly to the sellers. Unfortunately, the listing agent tried to obstruct that request. The sellers were divorcing and in deposition with their attorney so I submitted our offer to the attorney in a sealed envelope to be opened simultaneously with the primary offer.

If all of this sounds confusing, it is! Obviously there are revisions that need to be addressed by the Ohio Board of Realtors to protect buyers in this situation. Until that time, buyers need to be represented by an agent who knows how to negotiate these challenges. My buyers did not get their "dream house", but at least we all know that their final offer was presented properly.

Now we'll see if this home appraises :)

Consumer Needs

A lot of time and money is invested by real estate professionals in an effort to capture the attention of consumers. A quick glance through any neighborhood paper displays countless ads featuring agents promoting themselves. Real estate is an increasingly competitive business and self-promotion is the name of the game.

The people at 1000watt Consulting have put together this clever vox pop to clue us in on what's really important to people looking to buy or sell a home. This business is about relationships, and Realtors have a responsibility to provide expert guidance through very important decisions.

Best advice to buyers & sellers... select an agent that you connect with and trust. This can be a long-term, sometimes emotional, process. It's important that your Realtor be accessable, reliable & caring!

Take a look at this vox pop: http://www.wellcomemat.com/video/6DF8FF1C76

The philosophy of The "4forU" Team is all about service. It is the key to our success and brings each of us a sense of accomplishment. You can contact Jeanne Gauer, Maggie Chudik, Kelly Cantwell or Susan Sutherland with Real Living HER to find about more about what we can do for YOU!