What to Expect – Listing Agreement

Selling your house? Here’s What to Expect – Listing Agreement

What to Expect - Listing Agreement

Our approach with any relationship begins with education. We will never ask anyone to sign a form they do not understand AND feel comfortable with. To that end, we “chalk talk” example agreements like this one into pdf files so our prospective clients can review them in advance and ask questions. Once we are all on the same page, its time to get started with our Seller Success System so we can position your house to WIN!

In Georgia, real estate agents work as designated representatives for real estate brokers. That simply means that technically the Listing Agreement is between you as a Seller and the Broker of Record in our office. Practically speaking, you will be working with us though.

For our team, there is an initial period when both parties are interviewing each other. Usually one of three outcomes is the result:

  1. You decide that you want us to manage the sale of your house and we agree to do it,
  2. You decide that we are not a good fit, or
  3. We decide that we are not a good fit.

We are typically able to quickly determine if it is going to make sense to work together. We are tenacious and competitive. We use technology to keep our home selling process smooth and efficient. We negotiate with information, energy, poise and leverage – not attitude and bullying. We are not for everyone. In the end though the Listing Agent relationship is based in a large part on trust and that goes both ways. All we want is a good fit for everyone. Our hope is always that we can help someone with the sale of their house. But, we understand that sometimes goals and philosophies may not align.

Our goal is to be successful enough that we can appreciate every client without needing any one client so much that it colors our judgement.

Want to see an Example of the Buyer Agent Agreement form?

Click Here > Example Listing Agreement

What to Expect – Buyer Agent Agreement

Buying a Home? Here’s What to Expect – Buyer Agent Agreement

What to Expect - Buyer's Agent AgreementOur approach with any relationship begins with education.  We will never ask anyone to sign a form they do not understand AND feel comfortable with.  To that end, we “chalk talk” example agreements like this one into pdf files so our prospective clients can review them in advance and ask questions.  Once we are all on the same page, its time to go buy a house!

In Georgia, real estate agents work as designated representatives for real estate brokers. That simply means that technically the Buyer Agent Agreement is between you as a Buyer and the Broker of Record in our office.  Practically speaking, you will be working with us though.  As Real Estate Agents we cannot go out in public and purport to representing you as a Buyer without having previously gained permission from you – in writing.  So, at some point pretty early on we will need to get this form signed.

For our team, there is an initial period when both parties are interviewing each other.  We are typically able to quickly determine if it is going to make sense to work together. We are tenacious and competitive.  We use technology to keep our buying process smooth.  We negotiate with information, energy, poise and leverage – not attitude and bullying. We are not for everyone. In the end though the Buyer/Agent relationship is based in a large part on trust and that goes both ways. All we want is a good fit for everyone. Our hope is always that we can help someone with their move.  But, we understand that sometimes there is a better fit with somewhere else.

Our goal is to be successful enough that we can appreciate every client without needing any one client so much that it colors our judgement.

Want to see an Example of the Buyer Agent Agreement form?

Click here > Example Buyer Agent Agreement

Major Misconception with new “Collateral Underwriter” Policy

There is a Major Misconception with new “Collateral Underwriter” Policy

I just got off the phone with Michael Crane, Assistant Vice President and Sr. Mortgage Banker with Fidelity Mortgage Bank, and he had a GREAT perspective on the changes coming next week with residential real estate appraisals!  Here is his take on the new policy regarding appraisals:

Michael Crane

Michael Crane, Assistant Vice President and Sr. Mortgage Banker with Fidelity Mortgage Bank

As I’m sure you’ve probably heard by now, Fannie Mae is releasing an appraisal evaluation tool called “Collateral Underwriter” this coming Monday January 26th.  There has been a lot of speculation, rumor, internet opinions, and everything in between regarding this, and I want to share several points that we as a management team have learned from several webinars and conversations with Fannie Mae (FNMA) – the leading source of residential mortgage credit in the U.S. secondary market.

 

Collateral Underwriter is like Desktop Underwriter for appraisals.

It will evaluate the report and note any potential issues via messages on a report that is generated when the appraiser uploads the appraisal to LenderX/Mercury.  This will be somewhat like a road-map for the underwriter, one that should result in a more efficient review.  The Collateral Underwriter report will be delivered to the loan officers and processors automatically with no request to the appraisal desk being needed, as the Collateral Underwriter report will be integrated with and be a part of the UCDP report.

Fannie Mae has been using Collateral Underwriter for quite a while now

Fannie Mae has been using Collateral Underwriter for quite a while now in their post-purchase appraisal reviews.  It is not new or untested.  Fannie has simply given us the opportunity to tap into the platform to give us the chance to polish the report pre-closing rather than post-closing.

Major Misconception

I have spoken to many of our appraisers and you have spoken to many of your realtors, and there is a major misconception regarding what Collateral Underwriter will do regarding alternative comps.  Some think that it will automatically pull 20 additional sales that the appraiser will have to respond to.  This is not the case.  We presently look at an AVM (automated valuation model) when we underwrite an appraisal, and it may reveal possible additional sales that may or may not be relevant to our house.  Collateral Underwriter will do the same, and it eventually may do away with the need for us to pull our own AVM, i.e. that is one less step that the underwriter will have to take to complete an appraisal review. Of course, it may not reveal ANY additional comps which is the best possible scenario.

Who is Affected?

Collateral Underwriter applies ONLY to conventional transactions, not FHA, USDA, VA, or Jumbo loans.

In Summary

I have seen several blogs and websites say things such as “Fannie Mae wants appraisers to come in low” and wants to “force appraisers to use low quality comps”.  This is simply not the case.  Collateral underwriter is designed to make sure that A) The data integrity of the appraisal is sound, B) The comps are the most appropriate ones, and C) The comps are adjusted properly in relation to the subject property.  Fannie Mae has no vested interest in depressing property values.  They only have an interest in ensuring that the appraised value is supported and that the integrity of the report is sound.

Thanks for the overview Michael!

 

If you want to reach out to Michael for more information, here’s how:

Michael Crane
Asst. Vice President/ Sr. Mortgage Banker
Office 770-649-4911 | Cell 678-414-0259 | Fax 866-422-4027
1000 Mansell Exchange West, Ste. 360
Alpharetta, GA 30022
NMLS #35105
www.mcrane.lionbankmtg.com
**Multi-year Top Producer Gold Award recipient from Mortgage Banker’s Assoc of GA.
**30 years Mortgage Banking experience in Atlanta!

The Bunch Real Estate Group Atlanta Office Location

Looking for the The Bunch Real Estate Group Atlanta Office Location? Click on the map below to launch Google directions!

The Bunch Real Estate Group, Inc. of Atlanta, Georgia is a top producing team operating in the Keller Williams Realty First Atlanta office.  Our office location is conveniently situated near the main interchange between I-285 and GA 400.

TBREG Location Map

 

The Bunch Real Estate Group is team of professionals committed to providing exceptional service experiences during the home buying and selling process. We provide world class real estate coaching and connections both locally in Atlanta and across the nation. By combining our experience with today’s technology, our sellers and buyers derive their biggest benefit from being able to make timely, well-coached choices at each juncture. We therefore are unique based on our highly systematized approach, our in-depth and continual research, our zeal to achieve our client’s objectives and our willingness to dig in when the going gets tough.

This means, people who use The Bunch Real Estate Group enjoy the process more and have a much higher likelihood of making real estate decisions that will stand the test of time.