Are you only going to show me your own listings?
We will show you any listing you wish to see. Listings by other agents and other offices.

How much will you charge me?
Realtor fees are paid for by the seller, not the buyer. There are some offices that charge buyers a transaction fee. ERA Advantage Realty does not have such fees.

Why Should I sign a Buyer's Agreement?
Our sellers sign a listing agreement with us, hiring us to sell their home. We ask buyers to sign a Buyer's Agreement, hiring us to find them their dream home. Again, there are no costs associated with it. As we make a commitment to work with you and provide to you the best service available, we are asking you to make a commitment to work with us.

What do I have to expect when making an offer on a short sale?
In a short sale, the lender will accept less than the mortgage pay-off. Just because the seller might accept your offer doesn’t mean the lender will accept it too. The seller DOES NOT need to be in default for the lender to accept a short sale. A lender might consider a short sale if the seller is current on mortgage payments but the property value has fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might bring the price in line with market value, not below it. A lender is not going to agree to a short sale unless the seller has no equity and is unable to repay the difference between your sales price and the existing loans. Sellers need to provide a hardship letter to the lender. Sellers may also owe taxes on the amount of debt that is forgiven. In a short sale, the seller receives no money because the lender is losing money.

Your agent should find out who is in title, whether a foreclosure notice has been filed and how much is owed to the lender(s). This is important because it will help you to determine how much to offer. If there are two loans, you could have a problem. The first mortgage lender's position is protected by the second lender, unless the second lender does not want to foreclose. If a seller owes $150,000 on the first and $30,000 on the second, offering $150,000 leaves nothing for the second. The first will need to give something to the second to gain its cooperation.

Once the seller has accepted your offer, your agent will submit all required documents such as pre-approval from your lender, copy of earnest money deposit, comparable sales to support your offer to the listing agent, who will in return submit the entire package to the lender. Do not be astonished if the lender asks you to increase your earnest money deposit.

Your offer should be contingent upon the lender’s acceptance. Give the lender a time frame in which to respond, after which, you will be free to cancel. If the lender is under no pressure to make a decision, the paperwork will sit on an underling's desk.

Regardless of the commission the seller has agreed to pay, the lender is actually the entity paying the commission. The reason is the seller is not receiving any money with which to pay a commission. Since the lender is losing money, the lender will likely negotiate the commission directly with the listing broker, who will then share the commission with your agent. If you have signed a buyer's broker agreement with your agent, ask if the agent will waive the difference due or you might have to pay it out of your pocket. Some brokers feel it is unfair to penalize the agent, but the lender is calling the shots.

Generally, the lender will not pay for customary items that a seller would pay. These include home protection plans for the buyer, buyer credits of any kind and pest / termite inspections. A buyer will be asked to purchase the property "as is," which means no repairs. It is extremely important that a buyer obtain a home inspection and pay for other types of inspections such as pest, roof, sewers, septic tanks etc. Do not waive your right to obtain these inspections and make your offer contingent on approving them.