Monthly Archives: October 2015

Difference between a Real Estate Agent and a Realtor

Friday, 23 October 2015 05:31
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iStock_000000849291_Large1If you’re looking to buy your first home, chances are good that you may not have had a lot of prior experience in the real estate market.  Aside from the fact that the entire prospect of purchasing a home is daunting to most people, it can be even more confusing if you are not sure of the differences between a standard real estate agent and a REALTOR.  While it’s common to use both terms somewhat interchangeably, there are actually variances between the two titles that separate them from each other.

Yes, both are licensed to sell real estate; however, one is a member of the National Association of REALTORS®, which means they are bound by the REALTOR® Code of Ethics.  As a consumer, it’s not surprising that you may be wondering what this means since the idea of a code of ethics is somewhat arbitrary, but it’s important to note that the code which bounds each member of the National Association of REALTORS® is strictly enforced.

In short, The Code contains 17 articles, as well as certain Standards of Practice that bind REALTORS in a way that does not impact individuals who simply hold a real estate license.  While it’s impossible to guarantee that all REALTORS will adhere to the standards at all times, The Code exists as a way to regulate and require ethical behavior.

While it should be noted that this in no way means that non-member real estate agents fail to be ethically-minded, it’s important to realize that most REALTORS take their promises very seriously.

To help aid in your understanding, the 17 REALTOR promises are as follows:

  1. Pledge to put the interests of buyers and sellers ahead of their own and to treat all parties honestly.
  2. Shall refrain from exaggerating, misrepresenting or concealing material facts; and is obligated to investigate and disclose when situations reasonably warrant.
  3. Shall cooperate with other brokers / agents when it is in the best interests of the client to do so.
  4. Have a duty to disclose if they represent family members who own or are about to buy real estate, or if they themselves are a principal in a real estate transaction, that they are licensed to sell real estate.
  5. Shall not provide professional services in a transaction where the agent has a present or contemplated interest without disclosing that interest.
  6. Shall not collect any commissions without the seller’s knowledge nor accept fees from a third-party without the seller’s express consent.
  7. Shall refuse fees from more than one party without all parties’ informed consent.
  8. Shall not co-mingle client funds with their own.
  9. Shall attempt to ensure that all written documents are easy to understand and will give everybody a copy of what they sign.
  10. Shall not discriminate in any fashion for any reason on the basis of race, color, religion, sex, handicap, familial status, or national origin.
  11. Expects agents to be competent, to conform to standards of practice and to refuse to provide services for which they are unqualified.
  12. Must engage in truth in advertising.
  13. Shall not practice law unless they are a lawyer.
  14. Shall cooperate if charges are brought against them and present all evidence requested.
  15. Agree not to bad mouth competition and agree not to file unfounded ethics complaints.
  16. Shall not solicit another REALTOR’S client nor interfere in a contractual relationship.
  17. Shall submit to arbitration to settle matters and not seek legal remedies in the judicial system.

If you’d like to learn more or are interested in buying or selling a home, I’d love to show you what makes REALTORS so great.  Please feel free to contact me at my direct number below.

Marie Dinsmore | The Dinsmore Team | www.MarieDinsmore.com | 770-712-7789

Featured Neighborhood: Provence in Cumming, GA

Saturday, 17 October 2015 07:47
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provence_wilmington_front_dusk_webFeaturing just over 200 home sites in desirable South Forsyth County, this impressive swim and tennis community is the perfect place to create memories for years to come.  Combined with great schools, low county taxes, and amazing amenities, this picturesque community is nothing short of amazing.

Starting in the mid-$400s, each home includes striking exterior details with full brick sides and patios or decks off the main level, as well as architectural shingles and glass, and professionally landscaped yards.  Inside, you’ll find trey ceilings and two-piece crown molding, as well as columns, arches, and a fireplace with slate surround.

provence_wilmington_kitchenThe kitchen comes standard with granite countertops, stainless steel appliances, and beautifully-designed recessed lighting, as well as a spacious island and tile backsplash.  In the master, you’ll find a soaker garden tub with a wood-trimmed skirt board, as well as raised height vanities, spacious walk-in closets, and cultured granite countertops.

For buyers interested in energy efficiency, it’s worth noting that each home meets the Environments for Living Program Platinum Performance Standards, which allows homeowners to save up to 42% of annual energy usage.  In addition, each home also includes elongated water-saving commodes and high-efficiency gas, heating, and electric cooling systems, as well as programmable thermostats on each floor and Whirlpool energy efficient appliances.

SCHOOLS:provence_wilmington_fountain

Shiloh Point Elementary

8145 Majors Road

Cumming, GA 30041

678-341-6481

 

provence_wilmington_basement_gameroom_web

Piney Grove Middle School

8135 Majors Road

Cumming, GA 30041

678-965-5010

 

notting_hill_brunswick_basementSouth Forsyth High School

585 Peachtree Parkway

Cumming, GA 30041

770-781-2264

 

SHOPPING: 

The Collection at Forsyth

North Georgia Premium Outlets

Northpoint Mall

Mall of Georgia

 

HOSPITALS:

Northside Forsyth

Northside Hospital

North Fulton Hospital

Children’s Healthcare of Atlanta – Forsyth

 

If you’d like to schedule a showing or would like to learn more about this beautiful neighborhood, please feel free to contact me.

Marie Dinsmore | The Dinsmore Team | www.DinsmoreTeam.com | 770-712-7789

Are You Prepared to Deal with New Changes in the Mortgage Process?

Friday, 09 October 2015 14:57
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iStock_000014023045LargeWhen the housing market collapsed in 2007, it was understandably necessary for the federal government to react by making a point to keep a tighter leash upon the financial industry.  Therefore, in response to the mortgage crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed in 2011, which created a new government agency—the Consumer Financial Protection Bureau (CFPB).

TRID

In an effort to avoid another housing disaster, the CFPB settled upon a set of stricter mortgage rules and regulations that recently went into effect on the 3rd of October.  Known as “TRID,” (which stands for: Truth-in-Lending Act (TILA) + Real Estate Settlement Procedures Act (RESPA) + Integrated + Disclosure) the goal was to:

  1. Overhaul and improve the abundance of archaic industry forms, which date back to the late sixties and mid-seventies, and
  2. To slow down the mortgage process in an effort to give the borrower more time to review their forms.

In short, these new rules are expressly geared towards improving the home-buying experience for consumers; however, it’s important to note that the overall mortgage process is going to be a lot longer and more challenging than it was in the past.

THE PROCESS

For starters, once the borrower completes the loan application and gives the sales contract to their lender, the lender must then return a loan estimate to the borrower within three business days; however, before the lender can take any steps to either require loan documentation, order a title search, or mandate an appraisal, the borrower must respond to the lender with “their intent to proceed.”  In other words, to keep things moving in a forward direction, it is imperative that the borrower respond to the lender as quickly as possible after receiving a loan estimate.

With that being said, once the seller has accepted the buyer’s offer and the closing process begins, it’s important to realize that the new regulations also slow down the end of the mortgage proceedings as well.  Basically, the loan cannot close until the lender has:

  1. Sent the borrower the final Closing Disclosure (CD)
  2. Confirmed that the borrower has received the CD
  3. Waited for the three-day waiting period to pass

STEPS FOR BUYERS

Therefore, if you’re a buyer, you may want to consider the following steps, which will help you complete the entire process with as little fuss as possible.

  1. Submit a pre-approval application before making an offer in order to minimize the processing delays that will occur if you don’t already have a loan lined up
  2. Don’t drag your feet. Make a point to give the sales contract to the lender as soon as it’s available
  3. Consider doing things electronically, such as signing the loan disclosures
  4. Provide the lender with your “Intent to Proceed” as soon as your able
  5. Make sure you have all of your loan docs ready for delivery to the lender within the first week of the process
  6. Confirm receipt of the CD immediately after receiving it so you can get the ball rolling on the three-day waiting period

CONCLUSION

In the end, while these new laws make things a bit more complicated—especially if you’re operating under a time crunch—their purpose is to give buyers the necessary time to make sure they’re closing on a deal that truly fits into their life.  No one wants to see another foreclosure crisis, so these types of laws will hopefully go a long way towards making sure buyers are absolutely sure before they sign on the final dotted line.

If you have any questions or you’re a seller and would like to know more about how these new regulations will impact your sale, please feel free to contact me.

Marie Dinsmore | The Dinsmore Team | www.DinsmoreTeam.com | 770-712-7789

How to Decorate Your For-Sale Home at Halloween

Saturday, 03 October 2015 05:56
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decoracion-de-halloweenOne of the most important aspects of marketing your home involves the removal of clutter.  Plain and simple, buyers want to see a blank canvas of sorts, where they don’t have to look past piles of magazines and clusters of family photos to see your beautiful counters, etc.  Disorganization and chaos can be a deal breaker, so when it comes to working towards a sale during the Halloween “season,” you don’t want to put up an abundance of holiday decorations after you’ve spent time making your home as ordered and neat as possible.

That’s not to say that buyers don’t love the look of rich fall flowers and beautiful orange pumpkins.  Most will appreciate seasonal touches that bring warmth into your home; however, no matter how much you LOVE prepping for and celebrating Halloween, it’s important to temper the compulsion to turn your home into something akin to the Adams’ family manor.

When selecting the right decorations, don’t forget to factor safety into the equation.  Halloween means trick-or-treating children, so make a point to keep your walkway clean and well-lit.  From there, while you may pride yourself in the spooky graveyard that resides in your front lawn each year, you may want to hold off on adding the tombstones until next October—at your new home.

Remember, fall flowers, not zombies.  Hand-made wreathes, not cob webs.  Orange ribbons, not fake blood.  If you follow these rules, then you also won’t be stuck in a position where you have to scramble to take everything down on November 1st.  Fall flowers and pumpkins are suitable for Thanksgiving as well.

If, however, you find that you simply MUST put up scary decorations or go-all-out with the witches and ghosts, their time on display needs to be minimal at best—think October 30th-November 1st or 2nd.  Your goal this year is to attract buyers, so keep that in mind if you find yourself feeling a bit restrained.

There’s always next year!  If you have any questions or would like some information about listing your home during the autumn season, I would love to help.

Marie Dinsmore | The Dinsmore Team | www.DinsmoreTeam.com | 770-712-7789