What should homebuyers know about agency, loyalty, and shared expectations?

May 27, 2022 | QA

Published on our May 2022 Newsletter

Question: What should homebuyers know about agency, loyalty, and shared expectations?

Chris’ Answer: Most real estate agents earn their living by representing buyers and sellers in property transactions. The yard sign makes it obvious who is representing the sellers’ interest.

Problems can arise when buyers unwittingly or intentionally act in a way which lead two or more agents to believe they each represent that same buyer. Sometimes buyers think that the more agents they have working for them, the better service they will receive. The opposite is true.

It’s in everyone’s best interest that a buyer selects an agent before viewing a property. Buyers can typically expect a higher level of service when they’ve aligned themselves with one agent.

St. Croix is like a small town. Most of the Realtors know each other. Even though we may be with different firms, as professionals, we work on deals co-operatively to ensure that the interests of both buyers and sellers are addressed.

As a buyer, your relationship with your agent is based on mutual consent. You can cancel the arrangement if you feel your agent isn’t living up to your expectations. Each agent has their own style and preferred way of working with clients. For example, we work as a team, and feel that as professionals who bring different perspectives to that Buyer/Realtor relationship, we take better care of our clients and their needs.

We love working with people! What we recommend is that you take time to discuss expectations at the beginning of your relationship with us. It’s the surest way to form a strong partnership – one which allows us to serve you to our highest ability, and helps you achieve the best results in your property purchase.

#realestate #realtor #stcroix #usvi #caribbean #realestateagents #homes #condos #homebuying #homeowner

What is the importance of an appraisal?

May 27, 2022 | QA

Published on our May 2022 Newsletter

Question: What is the importance of an appraisal?

Christie’s Answer: Appraisals are required to value a property for a mortgage and are a very good idea for a cash purchase. While the property is priced based on the current sales market, Appraisers look at past sale data. This is one reason the sale price of the property may be different from the apprised value.

For the buyer, if the appraised value comes in at or above their offer price, the mortgage process can move easily forward. On the other hand, if the appraisal comes in below the purchase price, assuming a standard mortgage contingency clause, rider, or addendum is in place, the buyer has three options:

• Make up the difference between the appraisal and the offer.
• Negotiate a lower purchase price with the seller.
• Cancel the offer to purchase based on the contract language in the mortgage contingency clause.

Here on St. Croix, real estate listings aren’t the only shortage in today’s market. There’s also a limited number of appraisers. So, scheduling an appraisal should be done as soon as possible.

#realestate #relator #stcroix #usvi #caribbean #appraisal #homes #condos #homebuying #homeowner