Talk To Scott

So how do many people pick their realtors ? That is something that has always interested me. Before I became a real estate agent, I was a high school coach for 31 years. I bought and sold houses often….too often, in fact, but that is the subject of another blog. I did what other people do. I made an assortment of decisions. I picked someone off of the sign; I picked someone out of a phone book; chose the mother of a player I coached(really bad decision); got a recommendation from a friend; I even chose someone from a newspaper ad with either a tumor or a phone stuck to her ear. One thing was certain: I didn’t put a great deal of thought into my decisions. We (meaning, my wife, my various realtors, and I) muddled along and managed to achieve the goal of buying and selling houses. Obviously, I could have done better. Here are some things that you might consider.
 Time on the job. Experience does have its advantages.
 Number of recent sales. The average agent sells about 6 houses a year. I hope that you are looking for someone who is above average. Past performance is generally an indication of future performance.
 List price versus sold price for you potential employee. In other words, does the agent you are employing have the skills necessary to price the house correctly? That is a sales skill, which is rather important for a person in sales.
 Does the realtor have a network of professionals that aid in the transaction? Can he/she recommend someone who can help you find a mortgage, make home repairs, stage your house, provide a home warranty, or inspect a home once it is under contract?
 What kind of support does the agent’s office offer? Is it a one man band—operating on a cell phone, or is it a professional business with support staff, a relocation department, multiple websites, and name recognition which attracts buyers?
 How will I be updated? Phone? Email? Text?
 Referrals? Can your potential agent provide you with the names of his most recent clients?
Let’s face it. You are going to hire an employee, someone who is going to help you with the most important purchase of your life. Doesn’t it make sense to hire someone whose professional skills are worthy of the task?

Hey, who says San Angelo doesn’t have anything to do? Saturday we went to the Chicken Ranch on Martin Luther King Boulevard. Interesting doesn’t begin to describe it. The reason we went last Saturday was the fact that the first Saturday of the month is supposed have interesting things for kids. I think I enjoyed it more than they did. Here is what I found at the Chicken Ranch.
• Renaissance dancers. It certainly wasn’t the Texas Two Step that the strangely clad people were doing. Pretty cool.
• A band with a fiddle player, local legend Coy Moses, playing a country favorite , “Faded Love,” among others. You can’t do much better than that
• Incredible jewelry. Booths abounded with handmade jewelry. Move over Santa Fe, New Mexico.
• Pottery. I could watch clay on a wheel, taking the shape given to it by experienced and artistic hands.
• A homemade lathe. My son and I got to see how a craftsman might make furniture. He and I actually shaped wood.
• Fact painting and portraits by local artists.
• Paintings of all kinds. Every gallery held the promise of something exciting. Western, abstract, Christian, and who knows what awaited me.
• Canned and pickled vegetables of all descriptions. Ok, where else can somebody buy pickled watermelon rind? I bought some and it is amazingly good.
• Homemade root beer. Good stuff.
• Someone welding a statue of assorted pieces of metal. It was someone on a horse…I think.
• Interesting people. I have always been a people watcher. The folks at the ranch are a collection of aging hippies, curious yuppies, people with puppies, ladies with babies, and people who just like a good time.

I am not a regular at the Chicken Ranch, although I have been several times, but I can assure you that there is something for everyone. Get your kids, load up and go visit. I’ll certainly come back, but I have yet to see a chicken.

I get asked all the time “What’s the market like?” My response is always a sunny, “Great!” People often greet that with some skepticism, figuring I guess that a salesman would try to offer the best possible outlook on a grim picture. I guess that my friends are right to be doubtful, given the national news. Here is some news that substantiates my “sunny” outlook on things. This is national news, but good news. I also want you to remember that San Angelo is in much better shape that other parts of the country. Our unemployment rate is about 6.3% and our housing market is still pretty good.
The good news?
• 30 year fixed mortgages are now at 4.89 %. That is sweet.
• 15 year fixed mortgages are now at 4.32%. Sweeter
• The mortgage rate index is up 38.4% compared to this week last year. Applications are up. Yea!
• The purchase index is up 12.9% over the last week. People are actually buying.
• The stock market continues to rally. Ok, some of those guys on Wall Street don’t make our pulse race, but this is and will always be a great economic indicator.
So what does mean? I guess the sky is not falling after all. If you have been hesitating to dip you toes into the market, now is a pretty good time to do it. Oh, by the way, I got my information from Realtor.org, which is a very good source for information about real estate for guys like me.

San Angelo is like many cities that sprawl in one direction or another. In the last forty years, the city has moved south and west. I liken it to growth rings on a tree—in one direction. The city has moved southwest with one exception, Paulann. Located in the northeast corner of town, Paulann is the only new subdivision east of US Highway 87, which splits San Angelo in two. Why is Paulann there? I would say that the neighborhood is there because opportunity met vision. In other words, Goodfellow AFB provided an opportunity for Gary Cortese of Affordable Family Homes.

Gary Cortese saw a need for good housing in close proximity to Goodfellow. He filled it by building good brick homes at an affordable price. I once talked to Gary and he told me that his business model was Henry Ford. Remember the architect of the assembly line who said that his customers could have their car painted any color that they wanted as long as it was black. That is Affordable Family Homes in a nutshell: a good home at a good price. One other element of Gary’s genius is this: the houses fit the budget of enlisted personnel who are part of the permanent party at GFAFB. The house is close to the base; the kids can walk to the elementary school, and the family can be in the southwest corner of town at the mall in ten minutes. Not a bad deal.

Other builders have moved into Paulann, so it is not exclusively “Garyville,” but it certainly bears his imprint. It is a good place, with lots of bikes, basketball goals, soccer balls, and kids in abundance. I always like the feel of it. Paulann reminds me of the neighborhoods I grew up, base housing with lots of people at the same point in life that my parents were in and lots of kids for me. It is a vibrant part of a great town, San Angelo, Texas.

The short answer is yes. Or maybe. Here is the skinny as I know it. The first thing that you need to know is that this is a credit for UP TO $8,000. Here are the key elements.

·         Only first-time home buyers are eligible. Or someone who has not owned a home for 3 years.

·         IT DOES NOT HAVE TO BE REPAID.

·         The credit is equal to 10% for the home’s purchase price up to $8,000.

·         Is there an income requirement? Well, of course, Uncle Sam is involved. Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full credit.

·         Is there a time frame for this? Yes, it applies to homes purchased between January 1, 2009 and December 1, 2009.

·         Wow! There is more. As I understand it, the credit is refundable, meaning filers will receive a refund of the full $8,000 even if their total tax bill (the amount they paid in withholding) was less than $8,000.

·         Any other strings? Of course. You must live in the house for 3 years or you have to pay it back.

·         How do you get it? Claim it on your return. If you have already filed your return for 2008, you can file an amended return for 2008 and collect.

Think about it, if you owed $6,000 and had $6,600 withheld from your paycheck, normally you would get a refund of $600. Now, you are eligible for up to $8000. If this doesn’t get you going, nothing will.

Why should I buy, instead of rent?
* Answer: A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home where your own personal style will tell the world who you are.
What are “HUD homes,” and are they a good deal?
* Answer: HUD homes can be a very good deal. When someone with a HUD insured mortgage can’t meet the payments, the lender forecloses on the home; HUD pays the lender what is owed; and HUD takes ownership of the home. Then we sell it at market value as quickly as possible. Read all about buying a HUD home. Check our listings of HUD homes and homes being sold by other federal agencies.
Can I become a homebuyer even if I have I’ve had bad credit, and don’t have much for a down-payment?
* Answer: You may be a good candidate for one of the federal mortgage programs. Start by contacting one of the HUD-funded housing counseling agencies that can help you sort through your options. Also, contact your local government to see if there are any local homebuying programs that might work for you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can’t find it, contact your mayor’s office or your county executive’s office.
Are there special homeownership grants or programs for single parents?
* Answer: There is help available. Start by becoming familiar with the homebuying process and pick a good real estate broker. Although as a single parent, you won’t have the benefit of two incomes on which to qualify for a loan, consider getting pre-qualified, so that when you find a house you like in your price range you won’t have the delay of trying to get qualified. Contact one of the HUD-funded housing counseling agencies in your area to talk through other options for help that might be available to you. Research buying a HUD home, as they can be very good deals. Also, contact your local government to see if there are any local homebuying programs that could help you. Look in the blue pages of your phone directory for your local office of housing and community development or, if you can’t find it, contact your mayor’s office or your county executive’s office.
Should I use a real estate broker? How do I find one?
* Answer: Using a real estate broker is a very good idea. All the details involved in home buying, particularly the financial ones, can be mind-boggling. A good real estate professional can guide you through the entire process and make the experience much easier. A real estate broker will be well-acquainted with all the important things you’ll want to know about a neighborhood you may be considering…the quality of schools, the number of children in the area, the safety of the neighborhood, traffic volume, and more. He or she will help you figure the price range you can afford and search the classified ads and multiple listing services for homes you’ll want to see. With immediate access to homes as soon as they’re put on the market, the broker can save you hours of wasted driving-around time. When it’s time to make an offer on a home, the broker can point out ways to structure your deal to save you money. He or she will explain the advantages and disadvantages of different types of mortgages, guide you through the paperwork, and be there to hold your hand and answer last-minute questions when you sign the final papers at closing. And you don’t have to pay the broker anything! The payment comes from the home seller – not from the buyer.

By the way, if you want to buy a HUD home, you will be required to use a real estate broker to submit your bid. To find a broker who sells HUD homes, check your local yellow pages or the classified section of your local newspaper.

How much money will I have to come up with to buy a home?
* Answer: Well, that depends on a number of factors, including the cost of the house and the type of mortgage you get. In general, you need to come up with enough money to cover three costs: earnest money – the deposit you make on the home when you submit your offer, to prove to the seller that you are serious about wanting to buy the house; the down payment, a percentage of the cost of the home that you must pay when you go to settlement; and closing costs, the costs associated with processing the paperwork to buy a house.

When you make an offer on a home, your real estate broker will put your earnest money into an escrow account. If the offer is accepted, your earnest money will be applied to the down payment or closing costs. If your offer is not accepted, your money will be returned to you. The amount of your earnest money varies. If you buy a HUD home, for example, your deposit generally will range from $500 – $2,000.

The more money you can put into your down payment, the lower your mortgage payments will be. Some types of loans require 10-20% of the purchase price. That’s why many first-time homebuyers turn to HUD’s FHA for help. FHA loans require only 3% down – and sometimes less.

Closing costs – which you will pay at settlement – average 3-4% of the price of your home. These costs cover various fees your lender charges and other processing expenses. When you apply for your loan, your lender will give you an estimate of the closing costs, so you won’t be caught by surprise. If you buy a HUD home, HUD may pay many of your closing costs.

How do I know if I can get a loan?
* Answer: Use our simple mortgage calculators to see how much mortgage you could pay – that’s a good start. If the amount you can afford is significantly less than the cost of homes that interest you, then you might want to wait awhile longer. But before you give up, why don’t you contact a real estate broker or a HUD-funded housing counseling agency? They will help you evaluate your loan potential. A broker will know what kinds of mortgages the lenders are offering and can help you choose a lender with a program that might be right for you. Another good idea is to get pre-qualified for a loan. That means you go to a lender and apply for a mortgage before you actually start looking for a home. Then you’ll know exactly how much you can afford to spend, and it will speed the process once you do find the home of your dreams.
How do I find a lender?
* Answer: You can finance a home with a loan from a bank, a savings and loan, a credit union, a private mortgage company, or various state government lenders. Shopping for a loan is like shopping for any other large purchase: you can save money if you take some time to look around for the best prices. Different lenders can offer quite different interest rates and loan fees; and as you know, a lower interest rate can make a big difference in how much home you can afford. Talk with several lenders before you decide. Most lenders need 3-6 weeks for the whole loan approval process. Your real estate broker will be familiar with lenders in the area and what they’re offering. Or you can look in your local newspaper’s real estate section – most papers list interest rates being offered by local lenders. You can find FHA-approved lenders in the Yellow Pages of your phone book. HUD does not make loans directly – you must use a HUD-approved lender if you’re interested in an FHA loan.
In addition to the mortgage payment, what other costs do I need to consider?
* Answer: Well, of course you’ll have your monthly utilities. If your utilities have been covered in your rent, this may be new for you. Your real estate broker will be able to help you get information from the seller on how much utilities normally cost. In addition, you might have homeowner association or condo association dues. You’ll definitely have property taxes, and you also may have city or county taxes. Taxes normally are rolled into your mortgage payment. Again, your broker will be able to help you anticipate these costs.
So what will my mortgage cover?
* Answer: Most loans have 4 parts: principal: the repayment of the amount you actually borrowed; interest: payment to the lender for the money you’ve borrowed; homeowners insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders; and property taxes: the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year. Most loans are for 30 years, although 15 year loans are available, too. During the life of the loan, you’ll pay far more in interest than you will in principal – sometimes two or three times more! Because of the way loans are structured, in the first years you’ll be paying mostly interest in your monthly payments. In the final years, you’ll be paying mostly principal.
What do I need to take with me when I apply for a mortgage?
* Answer: Good question! If you have everything with you when you visit your lender, you’ll save a good deal of time. You should have: 1) social security numbers for both your and your spouse, if both of you are applying for the loan; 2) copies of your checking and savings account statements for the past 6 months; 3) evidence of any other assets like bonds or stocks; 4) a recent paycheck stub detailing your earnings; 5) a list of all credit card accounts and the approximate monthly amounts owed on each; 6) a list of account numbers and balances due on outstanding loans, such as car loans; 7) copies of your last 2 years’ income tax statements; and the name and address of someone who can verify your employment. Depending on your lender, you may be asked for other information. <\li>
I know there are lots of types of mortgages – how do I know which one is best for me?
* Answer: You’re right – there are many types of mortgages, and the more you know about them before you start, the better. Most people use a fixed-rate mortgage. In a fixed rate mortgage, your interest rate stays the same for the term of the mortgage, which normally is 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your mortgage payment will be, and you can plan for it. Another kind of mortgage is an Adjustable Rate Mortgage (ARM). With this kind of mortgage, your interest rate and monthly payments usually start lower than a fixed rate mortgage. But your rate and payment can change either up or down, as often as once or twice a year. The adjustment is tied to a financial index, such as the U.S. Treasury Securities index. The advantage of an ARM is that you may be able to afford a more expensive home because your initial interest rate will be lower. There are several government mortgage programs,including the Veteran’s Administration’s programs and the Department of Agriculture’s programs. Most people have heard of FHA mortgages. FHA doesn’t actually make loans. Instead, it insures loans so that if buyers default for some reason, the lenders will get their money. This encourages lenders to give mortgages to people who might not otherwise qualify for a loan. Talk to your real estate broker about the various kinds of loans, before you begin shopping for a mortgage.
When I find the home I want, how much should I offer?
* Answer: Again, your real estate broker can help you here. But there are several things you should consider: 1) is the asking price in line with prices of similar homes in the area? 2) Is the home in good condition or will you have to spend a substantial amount of money making it the way you want it? You probably want to get a professional home inspection before you make your offer. Your real estate broker can help you arrange one. 3) How long has the home been on the market? If it’s been for sale for awhile, the seller may be more eager to accept a lower offer. 4) How much mortgage will be required? Make sure you really can afford whatever offer you make. 5) How much do you really want the home? The closer you are to the asking price, the more likely your offer will be accepted. In some cases, you may even want to offer more than the asking price, if you know you are competing with others for the house.
What if my offer is rejected?
* Answer: They often are! But don’t let that stop you. Now you begin negotiating. Your broker will help you. You may have to offer more money, but you may ask the seller to cover some or all of your closing costs or to make repairs that wouldn’t normally be expected. Often, negotiations on a price go back and forth several times before a deal is made. Just remember – don’t get so caught up in negotiations that you lose sight of what you really want and can afford!
So what will happen at closing?
* Answer: Basically, you’ll sit at a table with your broker, the broker for the seller, probably the seller, and a closing agent. The closing agent will have a stack of papers for you and the seller to sign. While he or she will give you a basic explanation of each paper, you may want to take the time to read each one and/or consult with your agent to make sure you know exactly what you’re signing. After all, this is a large amount of money you’re committing to pay for a lot of years! Before you go to closing, your lender is required to give you a booklet explaining the closing costs, a “good faith estimate” of how much cash you’ll have to supply at closing, and a list of documents you’ll need at closing. If you don’t get those items, be sure to call your lender BEFORE you go to closing. Be sure to read our booklet on settlement costs. It will help you understand your rights in the process. Don’t hesitate to ask questions.

Hire Your Own Agent

* The builder’s sales agents are paid to represent the builder, regardless of what they may tell you. Many will use high pressure tactics to persuade you to sign the contract. Due to the high volume nature of brand new home sales, lots of builder’s agents are paid less than a traditional commission; some earn a salary plus incentives, so turnover is important to their livelihood.
* Hire a Buyer’s Agent to represent you. Most of the time, your agent will be paid by the seller, but sometimes the responsibility for the agent’s fee is open for discussion. Even if you have to directly pay your agent, you can probably add that fee to the sales price, and it would be worth it because a good negotiating buyer’s agent can save you thousands more than the commission.
* Your own agent will represent you, be your fiduciary and is required to disclose the positives as well as the negatives about the transaction. Builder’s agents don’t discuss drawbacks.
* If your contract contains a contingency to sell your existing home before buying, again, hire your own seller’s agent to list your home. Be aware that buying before selling is not always in your best interest because hard bargaining goes out the window when you’ve emotionally moved out of your home.

Don’t Automatically Use the Builder’s Lender

* Builders often prefer their own lender because the builder will be kept fully informed of your personal progress; it’s one-stop shopping for a builder. But a builder’s lender might not offer you the best deal. Moreover, the builder may own the lending company.
* Consider alternate sources to find a lender. Your own bank or credit union might offer you very attractive rates and terms, based on your banking history with that institution. Your agent may refer you to his or her private list of wholesale lenders.
* Shop around and interview your lender. Find a banker or mortgage broker whom you can trust and with whom you feel comfortable doing business.
* Ask to see a copy of your credit report and FICO scores. You can order your own free credit report before shopping for a new home.
* Insist that your lender guarantee its Good Faith Estimate. If the lender balks or makes excuses, go elsewhere, because reputable lenders will honor that request, even though it’s not required by law.

Obtain Legal Advice Before Buying a Brand New Home

* Before you sign a purchase contract, talk to a real estate lawyer. Standard purchase agreements are designed to keep everybody out of court, but they don’t necessarily contain language that protects the buyer.
* Ask questions about removal of contingencies and your cancellation rights. Make sure you understand your liability and commitments.
* Find out if the materials used by the builder contain chemicals that are hazardous to your health. If your contract contains a warning about health issues, it’s probably because it’s a valid concern and other buyers have gone to court over it.

Verify Option and Upgrade Pricing

* Determine which options and upgrades you want. Bear in mind that for many builders, the profit margin is highest in upgrades. Some builders can sell a home for almost bare construction cost because they make the bulk of their profit in the upgrades.
* Find out whether your lender will lend on all the options / upgrades you have chosen. If your lender will not finance 100% of your selections, you will be required to pay for it in cash.
* Ask about cancellations and whether you will be held liable for items the builder cannot return to a vendor.
* Some contracts give the builder the right to choose your upgrades if you do not submit your request within a certain period of time.
* To save money, consider which upgrades you could purchase and install yourself after the escrow closes. However, realize that some upgrades such as CAT-V, DSS or security wiring inside the walls are easier to do before construction.

Check Out the Builder’s Reputation

* If a buyer has a bad experience with a builder, the word spreads rapidly throughout a community. But you won’t know if a bad rep is an isolated experience or if the builder repeatedly brings bad publicity to itself without checking and verifying the public records for lawsuits.
* Talk to the neighbors and scrutinize the construction quality of surrounding homes. Is the builder consistently building identical or larger homes in the area or is construction lagging and homes shrinking in size?
* Find out whether the builder sells to investors. Some builders require all their homes to be owner occupied. Others eagerly sell as much inventory to investors as profit margins will allow. If the market suddenly dips, investors are typically the first to bail and, besides, part of the reason you are buying in a new subdivision is to be surrounded by other buyers just like you, not tenants.

Hire a Home Inspector

* Always, always, always get a home inspection when you buy. And hire a licensed and accredited individual to perform the inspection — not your dad or your buddy contractor, get a real inspector. Be there for the inspection and ask questions because a new home can contain defects. The HVAC system might be too small or the plumbing could be installed backwards. Construction workers make mistakes. (And let’s not even talk about the mustard-stained McDonald’s wrappers stuffed in wall cavities.)

If the inspector calls for further inspection by another professional contractor, find out if the inspector is telling you there could be a serious issue or if the inspector isn’t licensed to address that issue.

When I bought my first house in 1973, I didn’t have clue what was going on. At every turn, I called my dad and asked for his advice. As I remember it now, my agent was a bit on the clueless side, too, we made quite a pair. One week after closing, my sewer line collapsed. While I was try to clean it out with my recently acquired hardware store “snake” my new neighbor leaned over the fence and told me that the seller had had “trouble” with that sewer line for a long time. My next call was to my dad for a loan. Plumbers weren’t cheap—even in 1973, and my realtor had forgotten my number.

Wow, did I feel stupid. I wish that I knew then what I know now. That’s why Dads are good sources of information. They have been there, done that.

Well, Dad might not be available. So I have a handy-dandy checklist for first-time buyers that might keep you from having to borrow money after closing. Remember that I watch Letterman in hopes that it will make me a “better man,” and I am big on lists.

1)      Study the market; go on the Internet; see what things are selling for in the area in which you want to live.

2)      Study your budget; see how much you can afford to pay for housing monthly.

3)      Study your credit score. Clean it up if you need to. Remember that you are making a big (no, make that BIG) purchase. Your credit score impacts your interest rate.

4)      Find a lender and get a pre-approval. Remember that if you are approved for a loan of $150,000, you don’t have to spend that much. Make certain that you stay within that budget that you have already established. I know that is a “dad-like” thought, but my job is to help you think through this process.

5)      Find a realtor that you trust and with whom you connect. Remember that real estate agents know more than you do about this.

6)      Find other people to put on your team-inspectors, insurance agents, repair people. Now you are ready to deal.

7)      Remember that the first house is not going to be the house you stay in forever. Our lives change, and we move. So buy something that fits your lifestyle, knowing that some time in the future, you will have to sell it.

8)       Buy something that you can sell. Look at the historic resale for the area.

9)      Find out the importance of these words in real estate: site, sight, and functional obselesance.

You probably already knew all of this, but you might have found one “nugget” of information that you find useful.  Buying is complicated business. Put together a team that wins for you. Oh, by the way, Dont forget to

10)     Talk to Scott.

Realtors are “special agents” who are employed by people to assist them in buying or selling of a home. Perhaps I’ve watched too many James Bond movies and the “special agent” tag appeals to me, but I have lost track of the number of times that I have run into buyers and sellers who do not understand the relationship between them and the real estate agent.

Let’s be candid. Realtors are employees of either sellers or purchasers of homes. Their duty is to get the best price, terms, and conditions for their client. It is easy for people to understand the agency relationship between the listing agent and the seller. After all, the seller is paying a commission to the agent if and when the house sells.  So if you are a buyer and you call the agent listed on the sign (me included), remember that he/she works for the seller. The agent’s duty is to be fair and honest, but his interests must lie with the seller.

So what’s a buyer to do? Find an agent to represent you!! Employ someone to be your buyer’s agent. You are the personnel director of “Me, Inc.” and your job is to find someone who has your interests in mind. Interview agents. Find someone you are comfortable with and you trust. Sign a buyer’s representation agreement with him. Then put him to work. If it doesn’t work out, remember you are the boss. Give him the pink slip and find another.

Why do you need an agent? Because they know more than you do about real estate. If  your agent doesn’t, you have hired badly. I did 61 transactions last year. I hope that I learned something.

One of my earlier blogs was about real estate agency in general and I touched on “buyer’s agents.” After sleeping on it a few nights, I worried that I wasn’t clear. So in the interest of clarity, here goes. Prior to becoming a Realtor, I was a high school basketball coach. One of things about being a coach is that it is a nomadic existence. So…I bought and sold more than a few houses. I always used a realtor; one I even liked so much I named my dog after her. But not one of them ever explained to me that they were working for the seller. Most of us when we hop into a car with an agent view him as “my agent.” Well, he is not—unless you have a signed buyer’s representation agreement. What is that? It’s an employment contract that spells out your relationship with the agent and puts him in your corner. Remember that you/the buyer should control the terms and conditions of the agreement. The agent is working for you—not you for the agent. If you want to know more about this, email me at scott.alexander1@coldwellbanker.com . Thanks, but you can skip the dog-naming thing.