Top 6 Questions to Ask Your Buyer’s Agent Before You Give Them the Green Light.

Buying a home should be a joyful journey and the buyer’s agent that represents you in the exciting adventure will help determine how happy and successful you are when you arrive at your final destination. Take your time, research your options, and truly understand agency and how it affects every aspect of a real estate transaction. Make a thoughtful, educated decision.  Don’t be crazy and look the other way. Ask the tough questions. Find the right Realtor.

1. Do you or your broker take real estate listings or work for sellers? Do you represent buyers and sellers on the same house?

This simple question will determine if your real estate agent is an exclusive buyer’s agent (Member of NAEBA) or a buyer’s agent that works for a traditional real estate company. A buyer’s agent and a broker that also works for sellers can wear many different hats. One day they’re working for sellers, another day they may be a designated buyer’s agent or a dual agent. Depending on the size of the real estate company, homebuyers may be left high and dry at the altar. In the middle of the process, buyers may be asked to sign a new contract agreeing to lose the “undivided loyalty” of their buyer’s agent in order to purchase an in-house listing of their dreams. Exclusive buyer’s agents and their brokers never take listings, so they never have this conflict of interest.

2. Do I need to interview at least three buyer’s agents?

Yes, you’re busy, but this step is so important. After all you’re not buying just another expensive dress or suit. You’re going to have to be spending a lot of time with this real estate agent. You better have a really good gut feeling about them. You can start to trust that feeling only after you have met them in their office, checked out the company and agent website, Facebook page and read numerous testimonials.  Also, ask to speak to past clients to get their honest feedback.

3. How much experience do you have as a buyer’s agent?

Here are some of the important qualifications you should look for!!

• They have a pulse on the current real estate market – not just few neighborhoods

• Hard-nosed negotiator (Ask for examples.)

• Ability to honestly evaluate the value of a property

• In multiple bidding wars, advise their buyer on how to prepare the best offer to win

• Conversely, in multiple bidding wars when to advise their buyer that escalating the price of a property is no longer in their best interest.

• Connected with a reputable real estate company

• Full-time Realtor

• Tech-savvy

• Easily accessible and good communication skills

• Who else in the office will you work with

• Are they members of NAEBA?

4. Do I have to sign a contract with you? What is your fee? How do I get out of the contract if I’m not satisfied with your services?

A good buyers agent will not rush you into signing any contract. There should be a guarantee or an ability to get out of the contract if you are not satisfied with the home buying services that you are receiving. You should never be asked to sign a buyer’s brokerage agreement the same day that you are writing a contract on your dream home. I can’t stress it enough that buyers should never sign anything until you have had a chance to thoroughly review the document. Be sure that you completely understand what the fee is, how your buyer’s agent will be compensated and who they represent. Ask to modify the contract if you want to. Any bonus from the seller’s side should go to the buyer, not the buyer’s agent!

5. Do I have to work with an inspector, lender, title attorney or any other service providers that you recommend?

If the answer is “Yes”, or “Real estate transactions are so much easier and smoother if you work with the real estate services companies that are large, traditional, national real estate company owns.” Run for the hills! Buyers should never feel pressured to use in-house service providers. (PS It’s also illegal.) Remember you need unbiased representation throughout the entire process. A good buyer’s agent will be able to recommend a number of qualified, competent and independent professionals.

6. What career did you have in your past life? What sets you apart from other buyer’s agent in Maryland, Washington, DC, and Virginia?

Personally, I love these two! No right or wrong answers here! It’s a joyful journey, so please find the best buyer’s agent for you.

SEARCH CURRENT Homes for SALE in DC, MD, VA

Should My Water Heater be Repaired or Replaced?

How to Decide Between Water Heater Repair or Replacement

Water heaters are known for being trouble-free household appliances until they start to leak. They require little maintenance and have few replacement parts. Their design is so simple that they are easy to repair or replace. It is rare that a home or condo owner calls a plumber to ask them to replace a working water heater. So the question becomes when a problem does arise should a homeowner repair or replace it?

1. Non-Leak Problems – There are occasions when a water heater will have problems related the elements, thermostats and gas valves. All of these are easy to replace and probably should be done by a professional. Make sure to check if the water heater is under warranty. The repair may be covered and it could save you a few dollars.

2. Repair or Replace – This all depends on the age and the warranty of the water heater. Most heaters have a warranty for 5, 7 or 10 years. The average lifespan of a tank is directly related to the quality of the water in the area. Most warranties are for 7 years. If the warranty is expired and the repair costs a lot of money, professionals recommend getting the water heater replaced. However, if the water quality in your area is excellent and the average lifespan of a water heater is 20 years, then you might want to consider repairing the unit.

3. Option to Replace with a Tankless Water Heater – This kind of water heater
heats water at the time the hot water is needed rather than storing heated water in a tank. It is environmentally friendly and helps save money by lowering energy bills. Tankless water heaters can be electric or gas-fired. However, it is important to find out if this kind of heater is compatible with your house. For example, can your circuits handle the new heater’s demand if you decide to go with an electric heater? Also, it is important to understand the expense of the initial installation. You may save money in the long run, but for many homeowners, this kind of water heater is a budget buster. Unfortunately, the tankless models available today do not supply the amount of hot water that most Americans are used to. They make a limited amount of water per minute so two major uses of hot water cannot happen at the same time.

4. GrandHall’s Eternal Hybrid Water Heater – Recommended by the thisoldhouse.com, this hybrid water heater was released in 2007. It is a combination of the old and the new water heaters. It is said to provide a constant supply of hot water via a turbo heat exchanger, but it also has a tank to maintain water pressure and perfect hot water temperature.

6. Replace with Traditional More Efficient Water Heater – If you decide not to replace with a new tankless or hybrid water heater, then it is important to investigate which new efficient water heater is best for your needs. Mrwaterheater.com has a perfectly clear and helpful selection guide on their website for you to review.

Picture Perfect Home For Sale Has a Titanic Moment

Buyer’s Edge Real Deal of the Week – Picture Perfect Home Has a Titanic Moment

 As Exclusive Buyer’s Agents with the Buyer’s Edge, our Realtors are fully committed to Home Buyers 100% of the time in MD, VA, and DC.

This week’s Buyer’s Edge Deal is a perfect example of their honesty, dedication and no-pressure approach. We were working with a young couple who were First Time Home Buyers. After an extensive search, they found a gorgeous home in Kensington, MD that had been renovated to perfection. That is, everything appeared to have been renovated beautifully. There were high-quality cabinets in the new kitchen. The small home had been opened up with a vaulted ceiling great room. The fireplace had a marble surround and the new bathroom was lovely. After some tough negotiations, a contract for the property was ratified and the happy couple was looking forward to the home inspection that the Hendersons recommended.

Since everything appeared to be top-notch, the couple thought the home inspection process would be completed without a hitch. Unfortunately, it didn’t take long before the expert home inspector found that there were some serious problems with the renovation. There were a few of the major problems found in the home inspection:

1. Improper ventilation for the gas-powered furnace and water heater
2. Electric panel had the wrong circuit breakers, and they didn’t match the box that was installed
3. Water pressure in the new bathroom was non-existent
4. Large pools of water were found in the crawl space underneath the home
5. The framing of the new vaulted ceiling was questionable (Could the roof handle the first heavy snow?)
6. Marshall checked with the county and found no record of permits being pulled for most of the construction

Our Buyer’s Agent commented that “It was heartbreaking to see this young couple go from measuring windows for new curtains to sitting on the staging couch and just staring. But as disappointing as this home inspection was it’s not as awful as having our clients buy this home.” With our agents full support and guidance, the home buyers did get out of the contract and are currently looking for another home that is beautiful, safe, and fully functional.