The movie, Hounddog, opens tonight in Los Angeles, New York and several other cities. Hounddog was filmed in Wilmington a few years ago and stars Dakota Fanning. To learn more about movies filmed in Wilmington or Wilmington Real Estate, contact me at 910-431-9395.
Encore Magazine, a local publication, revealed their annual “Best of” awards for 2008. Coldwell Banker Seacoast Realty was bestowed the honor of Best Realtor for 2008. Coldwell Banker Seacoast has become the dominant Real Estate Company in Southeastern North Carolina. The company has eight offices in New Hanover, Pender, Brunswick and Onslow Counties. Coldwell Banker Seacoast has been selling more properties in Southeastern North Carolina for the past eight straight years than any other company and also recording the highest dollar volume of sales for the past two straight years, and three of the past five. To learn more about Coldwell Banker Seacoast Realty or any Wilmington Real Estate contact me at 910-431-9395.
Wilmington had some exciting news this week. The National Trust for Historic Preservation has named Wilmington as one of its 2008 “Distinctive Destinations”. The trust looks for towns that offer experiences that are different from typical vacation destinations. Wilmington won the distinction based on the mansions, riverboats, museums, battleship, gardens and Civil War sites that the city has to offer. There were 108 cities that received the honor across the country.
The other “Best of” list that Wilmington was honored with is the Top 10 places to live and work in movies by MovieMaker Magazine. The magazine bases its list on the availability of local production facilities, education centers, cost of living and screening venues.
To learn more about the “Best of” lists or Wilmington Real Estate contact me at 910-431-9395.
There was a great article in the Star News today that talked about the fact that the Wilmington Real Estate continues to differ from the rest of the country. The median home price is up by close to 5%. It does not sound so substantial but considering the rest of the country is down by 6% that is great news for Wilmington! Wilmington continues to draw people from all over the country due to the fact that the Wilmington area offers great weather, fantastic job opportunities, warm people and is an overall wonderful place to live. The Star News said that the current median price for a home in Wilmington is $400,000 and is projected to increase by $50,000 by the year 2011. To learn more about Wilmington Real Estate contact me at 910-431-9395.
Whether you are just visiting the Wilmington area this weekend or have some vacation time the Ghost Walk of Old Wilmington would be fun if you have never been on it. The Ghost walk is a guided walking tour with tales of Wilmington’s ghosts and the unexplained. It departs at the sign at the foot of Market Street in Historic Downtown Wilmington at 6:30 p.m. Thursday – Saturday this month. Tickets are $12 for adult, $10 for seniors, military and students plus it is free for children 6 and younger. Tickets may be purchased at the sign prior to the event or advance order tickets. To learn more about the Ghost Walk of Old Wilmington or Wilmington Real Estate contact me at 910-431-9395.
BUYERS
Dual Agent
You may permit an agent or firm to represent you and the seller at the same time. This “dual agency relationship” is most likely to happen if you become interested in a property listed with your buyer’s agent or the agent’s firm. If this occurs and you have not already agreed to a dual agency relationship in your (written or oral) buyer agency agreement, your buyer’s agent will ask you to sign a separate agreement or document permitting him or her to act as agent for both you and the seller. It may be difficult for a dual agent to advace the interests of both the buyer and seller. Neverthless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.
Some firms also offer a form of dual agency called “designated agency” where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each “designated agent” to more fully represent each party.
If you choose the “dual agency” option, remember that since a dual agent’s loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of what your relationship is with the dual agent and what the agent will be doing for you in the transaction. This can best be accomplished by putting the agreement in writing at the earliest possible time.
Seller’s Agent Working with a Buyer
If the real estate agent or firm that you contact does not offer buyer agency or you do not want them to act as your buyer agent, you can still work with the firm and its agents. However, they will be acting as the seller’s agent (or “subagent”). The agent can still help you find and purchase property and provide many of the same services as a buyer’s agent. The agent must be fair with you and provide you with any “material facts” (such as a leaky roof) about properties.
But remember, the agent represents the seller-not you-and therefore must try to obtain for the seller the best possible price and terms for the seller’s property. Furthermore, a seller’s agent is required to give the seller any information about you (even personal, financial or confidential information) that would help the seller in the sale of his or her property. Agents must tell you in writing if they are seller’s agents before you say anything that can help the seller. But until you are sure that an agent is not a seller’s agent, you should avoid saying anything you do not want a seller to know.
Seller’s agents are compensated by the sellers.
If you have any questions about Buyer’s Agency or any other Wilmington Real Estate topic contact me at 910-431-9395.
BUYERS
Buyer’s Agent
Duties to Buyer: If the real estate firm and its agents represent you, they must: promote your best interests, be loyal to you, follow your lawful instructions, provide you with all material facts that could influence your decisions, use reasonable skill, care & diligence, and account for all monies they handle for you. Once you have agreed (either orally or in writing)for the firm and its agents to be your buyer’s agent, they may not give any confidential information about you to the sellers or their agents without your permission so long as they represent you. But until you make this agreement with your buyer’s agent, you should avoid telling the agent anything you would not want a seller to know.
Unwritten Agreements: To make sure that you and the real estate firm have a clear understanding of what your relationship will be and what the firm will do for you, you may want to have a written agreement. However, some firms may be willing to represent and assist you for a time as a buyer’s agent without a written agreement. But if you decide to make an offer to purchase a particular property, the agent must obtain a written agency agreement. If you do not sign it, the agent can no longer represent and assist you and is no longer required to keep information about you confidential. Furthermore, if you later purchase the property through an agent with another firm the agent who first showed you the property may seek compensation from the other firm.
Be sure to read and understand any agency agreement before you sign it.
Services and Compensation: Whether you have a written or unwritten agreement, a buyer’s agent will perform a number of services for you. These may include helping you: find a suitable property, arrange financing, learn more about the property and otherwise promote your best interests. If you have a written agency agreement, the agent can also help you prepare and submit a written offer to the seller.
A buyer’s agent can be compensated in different ways. For example, you can pay the agent out of your pocket. Or the agent may seek compensation from the seller or listing agent first, but require you to pay if the listing agent refuses. Whatever the case, be sure your compensation arrangement with your buyer’s agent is spelled out in the buyer’s agency agreement before you make an offer to purchase property and that you carefully reald and understand the compensation provision.
If you have any questions about buyer’s agency or any other Wilmington Real Estate topic contact me at 910-431-9395. Buyer’s agency to be continued tomorrow!
