Buyers Agency Agreement in Connecticut. Do you have to sign it?

When you are all ready to see houses, and excited about the prospect of seeing those homes, especially if one of them really caught your eye, there's almost nothing worse than having a piece of paper shoved in front of you the moment you meet an agent and being told that you MUST sign before you can see any properties.

It's simply not true. You don't have to sign anything. It's not the law.... (for you)
Now, the real estate agent is bound by law to discuss agency with you at the first substantial meeting. Whether or not you choose to sign an exclusive buyer representation agreement is entirely up to you. You should not feel pressured by any real estate agent to ever sign anything..

Buyers Agency agreements are intended to protect the buyer. Years ago, all agents represented the seller, and owed their fiduciary responsibility to the seller. So even though you were working with an agent who was showing you properties, that agent worked for the seller to get them the highest price. Seems a little quirky, doesn't it?

That's one of the reasons that Agency was changed, and there are all types of representation agreements. You can choose to be exclusively represented by one agency, you can choose (with the appropriate agreement and language) to work with a number of agencies, you can choose to be represented  for specific properties only, you can choose representation for the day, the week, the month, etc., or define your parameters for the agreement in most any way you want. You can also choose NOT to be represented. By the way, there is also an agreement (form)  for that, too.

What I am saying here is that the agreement, and type of agreement is also negotiable. If you are ever pushed into signing ANYTHING, run... don't walk to the next agent.

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Finding a Good Real Estate Agent: Things You Need to Know

Looking for a new home is both exciting and nerve wracking. Inexperienced new home buyers need to know how to locate a house that will suit their needs, and how to avoid costly mistakes. A good real estate agent can be a new home buyer's best friend.

It's important to know what to look for when hiring an agent. Before meeting with prospective agents, check realty web sites and advertisements in the area. Prepare a list of questions to ask, and listen carefully to the answers. A good agent will be willing and able to give specific answers to the your questions.

Information from Web Site

The web site can give a lot of information about a prospective real estate agent. Look for at least five years of experience, and some references or testimonials. A successful agent should have clients who can give a good recommendation. Also check for specific data about the particular real estate market such as median home prices and inventory.

Interview Questions and Answers

-          Describe to the prospective agent the type of property desired and specifics such as school district, proximity to work, and characteristics of the neighborhood that would be of interest. Then have the agent reiterate the objectives in his/her own words. This will reveal whether he/she listens carefully to what you say.

-          Ask about the list-price to sales-price ratio. A good buyer's agent should have a ratio that is under 97 percent, closer to 92 percent if this is a buyer's market.

-          Have the agent detail how she will go about finding an appropriate property. Expect to see 5-7 homes per day that the agent has previewed and can describe to you, or as many homes as you are comfortable seeing in one outing. Make sure the agent represents you exclusively for the type of home that you desire, and not other buyers who may be competing for the same property.

-          Find out whether your real estate agent  has real estate agent errors and omissions insurance. Just as doctors need to carry malpractice insurance, a reputable agent should have this protection.

-          Probe the agent's relationships with other professionals such as title and mortgage companies. How does he decide which companies to recommend? Does his agency receive any compensation for these recommendations? If so, choose a different agent.

-          Ask the agent, "What are the top three things that set you above the competition?" The answer should include integrity, ability to communicate, availability by phone or email, and other points in the buyer's favor.

Documents to Look Over

Before needing to make a decision, the client should be able to see:

• Buyer's Broker Agreement: This is the document that is signed when the buyer's agent is hired. It should state whether the buyer agrees to work exclusively with this agent, the length of time the contract will last, and that no fee is expected unless there is a closed deal. In most instances, the seller pays the buyer’s agency fee. Make sure that this is in your contract. All real estate fees are negotiable. Ask whether the client can cancel the agreement before it expires, should the relationship not be working out. The answer should be yes.
• Agency Disclosures
• Purchase Agreement: This should be a sample document, since no actual purchase agreement can be presented yet
• Buyer Disclosures

Final Question to Ask

What have I not asked about that I need to know? The agent should respond readily with specific information. No new client will ask all appropriate questions.

Armed with good questions and some prior knowledge, a new home buyer should be able to find an agent who will work in his/her best interests. This working relationship is an important key to making the experience of buying a home pleasant and rewarding.

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Trust Your Gut. Spot Red Flags When Negotiating the Sale of Your Home

Your gut instincts are usually right on target. Learn to trust them. Sometimes, we get that gut feeling that something can or will go wrong, and we dismiss them for whatever reason. Maybe it's because  the reason we got those gut feelings is because of something totally unrelated, and we recognize that. Or, maybe the other party did something  to diffuse the initial concern.

Nobody ever wants to tell you, "I told you so", and you should not ever have to feel like saying to yourself, "I should have listened to my gut and I didn't. That's what got me into this predicament"

So let's talk about those gut reactions, and gut feelings when it comes to negotiating. When you can chalk those up to past experiences when there are many of the same factors involved, it is time to listen.

This may seem out of context, but it really isn't, if you think about it.  A few years ago,  I went to a Realtor safety class that was given by a seasoned detective. He gave us a great presentation and went on to say that we (as Realtors) put ourselves at risk  on a daily basis. He said something that resonates with me to this very day, and that not only involves personal safety, something that is smart thinking in day to day life- and I have taken that one step further to include negotiating.

What he said is that is if you have a concern, you learned that (physical and/or) emotional response from a prior event. Listen to your gut. If it says you need to be concerned, then be concerned. Period. And take an appropriate course of action.

Now what does all of this have to do with negotiating? We are not talking about safety issues, we are talking about negotiating. And that, we are...

You probably have not been involved in a large number of home negotiations, but I am assuming your real estate agent has. There are few obvious red flags to concern yourself with.

When the party on other side of the transaction displays some behavior that just doesn't seem right and it's right there from the beginning, don't expect it to get any better throughout the transaction.

If a buyer or seller is nickel and diming you from the very beginning, expect it to last right up through and including the closing.  That doesn't mean that you shouldn't work with that buyer or seller, it just means that you should know what you are in for, and to be ready for it. That may mean holding back some negotiations that are inevitably bound to happen before the closing.

If a buyer or seller agrees to a contingency or modification of the offer, and then reneges, expect that to happen throughout the transaction, if it ever comes to fruition.

On the other hand, when the other party tends to be reasonable, they will most likely be reasonable throughout the transaction. So your gut isn't always telling you that there is something to be concerned about.

Your agent (that would be me) knows how to negotiate and counteract those  seemingly little items that tend to pop up, and that could very well amount to much more than they initially appear. So count on your professional agent to guide you in the right direction and handle the bumps along the way.

 

Best Fairfield County Connecticut Towns and Cities - Trumbull CT

 

 

Trumbull, Connecticut - The real estate market here is outperforming many of its neighbors, and now is a great time to either buy or sell in this well priced community. Here are some facts, trivia and demographics about Trumbull.

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Incorporated in 1797
23 Square Miles
35,500 Residents
12,300 Households
89% Owner occupied
17.2% homes built prior to 1950

The town of Trumbull is located just a few miles inland off the coast of Long Island Sound in the mid-eastern section of Fairfield County. One of the many fine qualities the town of Trumbull has to offer is a very well planned mix of old and new, of residential and commercial, and of town and city.

Historic Nichols is a lovely enclave in town, and you'll hear townsfolk give directions based on the Bunny Fountain.  Play golf at Tashua Knolls, or go shopping at the mall. You'll be pleasantly surprised at how this comfortable town has many amenities that only larger cities generally offer.

Trumbull was named after Connecticut Governor Jonathan Trumbull, who was a widely respected figure during the revolutionary war.His second son, Jonathan Trumbull, Jr., also resided as Governor of CT. Brother John was one of our nations most noteworthy early American artists. Famous works include The Declaration of Independence, and other scenes form the American Revolution.Trumbull has two well known historic districts, Nichols and Tashua, and its Historical society is an active one. When you go into town hall you will see many photographs of the older homes in town.

Trumbull's great pride in its parks is evident as you drive through town. Over 1300 acres of preserved land include eight major parks in town, and each has its own claim to fame. You can go swimming or hiking, listen to a concert at the amphitheater, enjoy the BMX racetrack or go fishing, skating or picnicking-and the list just goes on and on.

Trumbull is also home to a vocational agriculture program where students learn to tend animals and plants. You can drive by the school's farm area and maybe catch a glimpse of a couple of cows or sheep, but don't let that fool you into thinking that Trumbull is a rural community. Trumbull is home to the immediate region's shopping plaza with over 200 stores. You will really find whatever you're looking for here, and that means whether you're shopping for a home or shopping for something for your home. . One of the greatest things about Trumbull is that you can feel like you're in the country, but everything is really only five minutes away!

TRIVIA: Trumbull has hosted the state's largest single day fair; The town is named for Jonathan Trumbull, a supporter of the American Revolution; A painting of Jonathan Trumbull hangs in the State Capitol building.

 View an interactive map of Trumbull and search the MLS for listings

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Why a Home's Market Time is Crucial for BOTH Buyers and Sellers

Short and simple. Market time usually translates into money saved or money lost, depending on which side of the transaction you are on. It can also give you a clue to urgency.

The definition of "Market Time" (MT) or "Days on Market" (DOM)  is the length of time that a home is available for sale or the amount of time a particular home takes to sell, and is measured in days.

Market time is always on Realtor's listings, however some Realtors opt to remove that field from the public handout they give to buyers. You can find it on most any MLS sheet by looking for "MT" or "DOM", but only if it has not been removed from your data sheet. The one small glitch is that if you do see it on your MLS handout (if you can find it) is that the market time that is listed is only for that listing. If the home was on the market previously, you won't see an accumulated market time for that home, which is very important.

Some Realtors will cancel a listing, and put it back on the market immediately to hopefully attract buyers. It is against our MLS regulations, but agents do it anyway. The market time would not be accurate in that instance. Then again, some homeowners switch Realtors after their home failed to sell. That listing would come up as "new", and with a short market time which would also not be accurate.

Realtor.com shows Market Time  information on listings as "Days on Site", which can be a few days off, but you still get the general idea. Zillow also shows this figure as "On Zillow" which is also approximate, and "Yahoo Real Estate" shows you the listing date, but none of these sites accumulate market time for prior listings on the same property. Your Realtor must do the research on this. Incidentally, you won't find Market Time information at all on Trulia.

The Money Factor and The Bottom Line:

The newer the listing, the less likely it is that the seller will negotiate on price and/or terms. Remember to have your agent perform a Property Listing History report so that the information on DOM or MT is accurate. The longer the home has been listed for sale, the more probability there is for increased negotiations. Sellers- this is one VERY good reason to price your home properly right from the start!
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