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).
Jul 24, 2024 | Reports
Monthly sales data, inventory, and days on market for the St. Croix, USVI real estate market is available in our downloadable Coldwell Banker real estate reports. The is a report for each category: Homes & Condos, Condos, Homes, and Land!
If you are not familiar with with the implications of the data, please give us a call or email us directly with any questions. We are Accredited Buyer’s Representative (ABR) and Seller Representative Specialist (SRS) and have the experience and local knowledge to help you in every step of the process. We can help you narrow down neighborhoods based on your priorities. We can also advise you on the market trends in your desired neighborhoods.
Open reports by clicking on links below:
Homes & Condos – June 2024 Report
Homes – June 2024 Report
Condo – June 2024 Report
Land – June 2024 Report
Note: The average sales price and the average days on market could be skewed greatly by only one sale or because of the small number of sales
Jul 9, 2024 | Island News
The V.I. Office of Disaster Recovery has announced the launch of the “Own a Lot, Build a Home” First-Time Homebuyers Assistance Program. This new initiative is designed to help Virgin Islands residents who own land but lack the necessary financing to construct a home. The initiative provides a zero percent interest forgivable loan to qualified applicants, easing the financial burden of constructing single-family homes on undeveloped properties. The program plans to utilize disaster recovery funding to help Virgin Islands subsidize expenses relating high construction costs.
The VI Consortium reported that the program provides 50 percent of construction costs to first-time homeowners. On St. Croix, the sum is capped at $498,257; $639,400 on St. Thomas, and $1,09,150 on St. John.
To apply for the landowners who have resided in the territory for at least three years must complete the first-time homebuyers program offered by the V.I. Housing Finance Authority and an application through participating lending institutions Banco Popular or Rural Development. Read more about the program in this VI Consortium article and this VI Daily News article.
Photo from VI Consortium
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!
