Cove Real Estate



Posted by Cove Real Estate on 10/31/2014

When searching for a home you may want to first consider if you are looking to purchase a new or an existing home. This is a common questions that many home buyers  consider during the early stages of their home search. Some of the advantages home buyers cite as reasons to buy a brand-new house or condominium are: energy-efficiency, open layout, a warranty, the selection of appliances, flooring, paint colors and other design elements. There are advantages to purchasing both new and existing homes. The National Association of Home Builders(NAHB) has created a list of the advantages of buying a newly built home. New homes are often built in communities of new homes. When this happens all the neighbors are new to the neighborhood. This can help families form bonds of friendship that can last a lifetime. Newer homes offer more open floor plans making entertaining easier. New-home layouts often feature great rooms, higher ceilings and additional windows that bringing in more light than you would find in an older home. The appeal of owning something new can be a strong draw. Some buyers like the thought of being the first to cook a dinner in a brand-new kitchen. While others don't like the idea of having to repaint or update an older home. A new home allows a buyer to create their own home décor from the beginning. Newer homes are built for today's high-definition televisions, DVRs, computers and other electronic needs. New homes can be tailored to meet an individual home owner’s needs. There is little to no cost associated with home repair on a new home. Buyers pick the features, appliances and modern features to suit your needs.  When purchasing a new home it is truly built to the buyer's liking. Newly constructed homes are more energy efficient. They often include energy saving features such as double-pane windows, insulation and appliances which can reduce energy costs. Have you ever considered buying a newly constructed home, if so, why?





Posted by Cove Real Estate on 4/25/2014

When you walk into an open house and see the home you want to buy, before you start working with the seller's agent, you need to understand who that agent is working for. Many buyers do not understand that the seller's agent has a fiduciary duty or a duty of loyalty to the homeowner. While agency laws differ from state to state they have the same general principles: Typically an agent represents either the buyer or the seller. However, in some cases an agent will assume the role of a dual agent (representing both the seller and the buyer). Make sure to check the agency laws specific to your state, but in general agents fall into these categories: Seller's Agent: A seller's agent works for the real estate company that lists and markets the property for the seller, exclusively representing the interest of the seller. Buyer's Agent: Some states may have written agreements regarding buyer agency. A buyer agent assists the buyer in evaluating properties, preparing offers, and negotiating in the best interest of the buyer. Dual Agency: Dual agency occurs when the buyer's agent and the seller's agent are the same person or company (depending on state law). Dual agents do not act exclusively in the interests of either the seller or buyer. Dual agents cannot offer undivided loyalty to either party. A conflict of interest can arise because the interests of the seller and buyer may be different or adverse. A buyer and seller must agree to dual agency. Always ask your real estate agent about the agency laws in your state. Many states require buyers and sellers to sign a disclosure form at the first meeting between the agent and potential client.





Posted by Cove Real Estate on 2/7/2014

If you are a buyer or a seller in a real estate transaction and represented by an agent, that agent owes you fiduciary duties or loyalty. Often times agency is contracted (also known as express agency) but other times it can be implied. In any case, there is an acronym to remember those duties: OLD CAR. They are: Obedience: The agent must obey their client's instructions. As long as their instructions are not illegal and are in accordance with the contract. Loyalty: The agent must be loyal to their client and keep their best interests ahead of those of any other party. Commission, how it is disbursed, competing offer situations, and anything having to do with the sale must be disclosed. Disclosure: Disclosure laws in many states require a real estate agent, whether in an "agency" capacity or not, to disclose material facts to their client. Material facts are those that, if known by the buyer or seller, might cause them to change their purchase or sale actions. Confidentiality: Confidentiality means that the agent does not disclose anything about you as the client (your business, financial or personal affairs or motivations) unless expressly directed by the client. This duty survives closing and lasts forever. Only a court instruction to disclose can relieve the agent of this duty. Accounting: The agent is to promptly report to the principal all money and property received and paid out. Accounting for all documents and funds in the transaction is a fiduciary duty. Reasonable Care: The agent is required to have a certain level of knowledge and protect the principal from foreseeable risks of harm. If it's not something the agent is expected to know, they should recommend that the principal obtain expert advice or assistance when the principal's needs are outside the scope of the agent's expertise.




Categories: Real estate  


Posted by Cove Real Estate on 1/31/2014

Before you decide to buy a house, it is crucial that you consider various factors beforehand. Some of these factors can be as straightforward as making sure to choose a home in a good area, and making certain that the property is also in good condition. However, it is also important to consider the housing market, because it is imperative that you buy a house at the right time. For example, if you are in a market where there is a huge demand for homes for sale, then the prices of houses will generally be high, and so if you are buying a house for investment purposes, this wouldn't be the right time for you to make that purchase. With the market starting to creep back up buyers will be looking to get a good deal before demand goes back up so selling a home right now can bring great results.

On the other hand, if there is less demand for buying houses, then the price of property will generally be very low, thus making it the perfect time to buy. Right now is a fantastic time to buy a home with the slower market interest rates at the lowest in years. Buying a home in a down market can become a great investment down the road. You can consider it like a savings account. Buy the property in a down market, and watch your money grow.





Posted by Cove Real Estate on 1/3/2014

Moving can be an expensive endeavor. Even if you decide to rent a truck and move your belongings yourself there are lots of other expenses that can add up. Luckily, there are a few simple ways consumers can save money hauling their belongings from their current home to the next one. Purge your things. Instead of moving things that you don't use sell or donate them. If you decide to donate items to charity, you could save lots of time and even get a tax deduction. Move on a less popular day. The most popular time to move is at the end of the month. Since most closings happen and leases are up at the end of the month there’s more competition for the trucks and moving crews. Moving at the end of the month will also cost you more. Choose your moving date midweek, closer to the middle of the month. Packing materials like bubble wrap and foam peanuts are costly. If you are packing your own items use things you have around the house like bed linens, towels and clothing to pad your items. You can also use newspapers and tissue paper from gift bags. Be careful when using newspaper as the newsprint will smudge on dishes and other items. Don't buy moving boxes check Freecycle and Craigslist for free ones first. Ask around, your friends may have boxes suitable for moving.