Jul 28, 2024 | QA
Question: “What are 5 changes to how Realtors will be working with Home Buyers?”
Chris’s Answer:
You’ve probably heard in the news about the changes being made nationally regarding real estate commissions and how that will effect Buyers and the way all Realtors® in the United States will work with Buyers. These new policies will go into effect beginning August 17th. Here are 5 changes to know:
- A signed Buyers’ Representation Agreement is now required by the settlement agreement.
- Agreeing to and signing the Buyers’ Representation Agreement must be done before taking Buyers to a property in person or virtually.
- Compensation has always been negotiable, but now it’s part of a discussion documented in the agreement.
- Compensation to the Buyers’ Agent could be paid by either the Seller or the Buyer, and this will be disclosed and understood prior to a Buyer seeing a property.
- If the Seller has not agreed to pay the Buyers’ Agent compensation, a Buyer will know ahead of time that they will be responsible to compensate their Agent and can decide whether or not to see that property.
We would love the opportunity to help you. If you have any questions, please contact us!
From Chris & Christie’s July 2024 newsletter (read it here).
Jul 28, 2024 | QA
Question: “What are the benefits of a Buyer’s Representation Agreement?”
Christie’s Answer:
This is great question! Starting August 17, 2024, the Buyer will now negotiate compensation directly with the Realtor® representing them as their Buyer Representative. This means that unless the Seller agrees to pay a commission to the Buyer’s Realtor®, the Buyer will pay that commission. Buyers and the Buyer’s Realtor® will sign a Buyer’s Representation Agreement. The benefits to an agreement are:
- It is a legal document which formalizes your working relationship with a particular Buyers’ Representative detailing which services you are entitled to receive and what your Buyer’s Representative expects from you in return.
- It clarifies expectations and defines loyalty of all parties.
- It insures that everything has been discussed, and is evidence of agreements and disclosures.
- Buyers will be treated as a client instead of a customer, receiving a higher level of service.
- It brings strength as a team. When you and your Buyers’ Representative work together within a formalized agency relationship, you have created a team dedicated to helping you achieve the best possible home-buying experience!
- While representation agreements specify a time period, they can be terminated early if both parties consent. The time period is negotiable and can vary. A single day or week, several months, or a year depending on what has been agreed upon by both parties.
As certified Accredited Buyer’s Representatives (ABR®) and Seller Representative Specialists (SRS), we are committed to offering our attention, expertise and professionalism to all our clients.
Contact us with any questions about real estate on St. Croix!
From Chris & Christie’s July 2024 newsletter (read it here).
Jun 24, 2024 | QA
Question: “What are the costs associated by buying besides the purchase price?”
Chris’s Answer:
Depending on the property and whether you are getting a loan, you could be responsible for:
- Your attorney’s fees.
- Home inspection.
- An appraisal.
- Owner’s title policy.
- Property survey.
- Recording fee for the deed.
- Lenders title insurance.
- Title search.
- Transfer stamp tax (often paid by Seller or split between you).
- Prorated condo fees.
- Prorated dues.
- Prorated HOA fees.
- Prorated property tax.
- Prorated property insurance.
Contact us with any questions about real estate on St. Croix!
Jun 24, 2024 | Island News, QA
Question: “What are signs of a great Buy-Realtor relationship?”
Christie’s Answer:
We work in partnership with Buyers. Here’s what we hope for:
- Good and honest communication.
- Someone who does their research and homework, and reads a property’s description before going to see it.
- Someone who asks questions. It’s important that the Buyer understands and feels comfortable with every step along the way.
- Buying is a collaborative effort between the Buyer and Realtor, which takes trust and mutual respect.
- A person who desires to work toward the goal of ownership.
- Flexibility with their time. Many deals need additional time to solve unforeseen challenges.
- A sense of humor. Buying property is stressful. A sense of humor will get you through.
Contact us with any questions about real estate on St. Croix!
Jun 4, 2024 | QA
Question: “Besides location, price and type of home, what are some additional important questions to discuss with a Buyer?”
Chris’s Answer:
To represent the Buyer and their best interests, we also ask these important questions:
- Do you need to sell another property before you buy?
- Is there a deadline on the closure of your property here on St. Croix?
- Are there any life changes or events, such as a job change, large purchase, or retirement, coming up which could impact your buying timeline, or ability to secure a loan?
- Will you be paying cash or need to secure financing? It’s important to work with a local lender who is licensed in the USVI. We can provide you with a list and contact information.
- Is there anything else we need to know about finding you a great property here?
Contact us with any questions about real estate on St. Croix!
Jun 4, 2024 | QA
Question: “Besides looking at MLS, what else can help aid us in finding a home?”
Christie’s Answer:
Many factors contribute in assisting us in finding your St. Croix purchase. Some of them are:
- Understanding local market conditions, property values, and emerging trends allows us to provide accurate and insightful guidance to our clients. We receive monthly reports which compare one month to the same month a year ago. These reports are included in each edition of our newsletter. See the current report here.
- If you are traveling to island to look at property, we can send out an email to all Realtors on St. Croix asking if anyone has a listing coming on the market within the time you are here with your requirements and wishes.
- Our knowledge of the island helps us to find the right property for you. The island has such diversity in topography, rainfall, and the locations of different things, like towns, beaches, hiking trails, jobs, etc. For example, we were working with a couple who love to dive in Salt River and Cane Bay. We were able to find them a home near Salt River with space for them to pull in and unload all of their dive gear.
Contact us with any questions about real estate on St. Croix!
