Why do you need a buyers agent in Jacksonville?

Found this written by another agent in Arizona and really couldn't put it better myself so here it is.

Here’s an intriguing question: Given that it’s so easy to search for homes on the internet, why do you need a buyer’s agent?

Face it, if you use the MLS search tool on my web site, you’re seeing exactly the same listings I see. And you know better than I ever could what you like and what you don’t like.

By now, the home search process is at best a partnership between the agent and the buyer. In some cases the buyer and I will work together to perfect our search criteria. But many buyers simply search the available inventory on their own, emailing me the MLS numbers of the homes they want to see.

So why do those buyers need a buyer’s agent?

Realtors hoarded the MLS data for so long that even they came to believe it was the source of their value to buyers. But this is very far from the truth.

You don’t need me to search for listings, although I’m happy to do that. And you don’t need me to open lock-boxes. You need a buyer’s agent to guide you through what is in fact an arcane and perilous process — potentially a financial disaster. You might not need me to find your next home, but you need me to make sure that you get it — or that you pass on it, if that is what is truly in your best interests.

A skilled buyer’s agent will write the kind of purchase contract that will prove surprising to you at every turn, with every term and condition tailored to achieve your best advantage. Your agent will supervise the inspection process and negotiate the optimal solution to the repair issues. Your agent will be prepared for every pitfall in the escrow process.

If you bought and sold houses every day, you could do all these things yourself. It’s because you don’t — and because the seller and the listing agent are looking to take advantage of your naivete at every turn — that you need a skilled buyer’s agent as your steadfast champion in the home-buying process.
For more posts like this one from the author visit http://www.bloodhoundrealty.com/BloodhoundBlog/

1724 Bayside New home for sale with boat slip in Saint Johns County

Great home, next door to clay tennis courts and pool.
Home has all you need, pool, boat slip, 3 car garage, master downstairs, loft bonus, gated community, in the best school system Jacksonville has to offer.
Don't miss this opportunity.

7417 Ramoth Little Marsh island Jacksonville

Truly amazing waterfront opportunity with very deep water all around, the last home on the point at Little Marsh Island is available for sale for the first time. The four story home with close to 5,000sqft is a unique opportunity for someone looking for something with water access and luxury. Located behind the gates of Little Marsh Island the home sits at the end of the neighborhood with two vacant lots on both sides. No home can be built in front of this home so unobstructed view of the river and bay will always be there. A large 2 car garage and bonus recreation room are located on the first floor, with an elevator to the 2nd and 3rd floors of the home, wood floors throughout, commercial grade kitchen appliances, and five unique baths for each bedroom all have whirpool tubs. Two master suites one on the 2nd and one on the 3rd floors both have amazing views and private balcony exits. The fourth floor widows walk has a heated and cooled space that could make an amazing office or small sitting area. Current pricing of this home makes it truly a great buy , this opportunity only comes along once in a lifetime, don't miss it.

Contact The Broxson Team at Re/max Specialists 904-260-3787 for more info

Questions about the new appraisal guidelines

We are not appraisers, but the new regulations that went into practice on the first of May have had quite the trickle down effect on our business.
While the way these rules were meant to work should help to slow or prevent the next real estate bubble, it seems that our entire industry is against them.
The bigger problem is that no one (outside of the mortgage business) really understands what the Home Valuation Code of Conduct is all about.Here is what Freddie Mac has on their site

The sale of the following mortgages is exempt from the
Code: FHA/VA, Section 184 Native American, and
Section 502 Guaranteed Rural Housing.
Lender Requirements
The revised Code:
• Prohibits lenders and third parties from influencing
or attempting to influence the development, result,
or review of an appraisal report.
• Requires lenders to ensure that borrowers are
provided a copy of the appraisal report no less than
three business days prior to closing, unless the
borrower waives the requirement. The lender may
require the borrower to reimburse it for the cost of
the appraisal, but the lender must provide a copy of
the appraisal report to the borrower at no additional
cost.
• Requires any third party specifically authorized to
perform certain actions on behalf of the Seller to be
in compliance with the Code.
• Requires lenders or third parties authorized by
lenders to be responsible for selecting, retaining,
and providing for payment of all compensation to
appraisers. The Code does not allow any other
third parties to perform these activities.
• A lender, in connection with the loan being
originated, may accept an appraisal report
prepared by an appraiser for a different lender
provided that the lender obtains written assurances
from the other lender that it has adopted the Code
and determines that such appraisal conforms to
appraisal requirements and is otherwise
acceptable.

Here are some highlights from the FAQ page from Fannie Mae

You can see the full 8 page doc online by clicking here


Q1. What loans are affected by the new Home Valuation Code of Conduct?
Fannie Mae has agreed to adopt the Home Valuation Code of Conduct (“the Code”) for all
conventional, single-family loans originated on or after May 1, 2009, that are delivered to Fannie
Mae. For purposes of the Code, origination date means the date of the application. The Code
will not apply to multifamily loans, or to loans insured or guaranteed by a federal agency; the
Code only applies to 1- to 4-unit single-family loans sold to Fannie Mae. The Code will not apply
to loans sold to Fannie Mae on or after May 1, 2009 that were originated prior to May 1, 2009.

Q2. What are the professional requirements for an appraiser under the Code?
The Code requires that an appraiser must be licensed or certified by the state in which the
property to be appraised is located.

Q9. Does Section I.B.(9) specifically prohibit a lender from ordering a second appraisal?
No. Section I.B.(9) only prohibits a lender from ordering a second appraisal when they are
attempting to influence the outcome of the first appraisal and are now “value-shopping.” As a
risk control measure for certain loan products, it may be common for a lender to order more
than one appraisal, and this subsection does not prohibit that practice.

Q10. Does the Code specifically prohibit communication with an appraiser by a real estate
agent?
No.

Q18. Does the Code apply to other valuation methods (i.e., automated valuation models
[AVMs], broker price opinions [BPOs], tax assessments, etc.)?
No, the Code applies only to appraisals.

Q20. Does the Code apply to a loan that is insured or guaranteed by a federal agency and
ultimately sold to Fannie Mae (i.e., FHA or VA loan)?
The Code does not apply to loans that are insured or guaranteed by a federal agency, such as
FHA and VA loans.

Apartment Vacancy reaching new heights

How is this effecting the buying and selling side here is an excerpt from the story on WSJ
From 2000 to 2003, around 30% of renters who moved out of apartments were becoming home buyers, while just 15% of move-outs left to buy homes during the first quarter of 2009, AvalonBay Communities Chief Executive Bryce Blair told investors at a real-estate conference last month
Read the full story here

One step closer to getting a carrier to Mayport Naval Station

The Navy approved the money to start dredging the St. Johns to fit in a nuclear aircraft carrier into Jacksonville.
Read the story here at news4jax.com

New Mortgage Applications drop

The numbers of people trying to refi their homes or get a mortgage for a new home had slowed down significantly in the past month.
Click here to read the article from Mortgage news Daily

New Rule makes getting your property taxes changed easier

If you are thinking of challenging your Jacksonville Property Taxes, make sure your read this article.