Do I need a Buyers Agent, can’t I work with any realtor or agent?

People ask quite often why anyone would need a Buyers agent when buying a home or other real estate. The biggest misconception is that someone looking to buy real estate assumes that if they call the listing agent, they will get the best deal. This makes sense if you are thinking that only one agent will need to get paid and therefore thebuyer may save some money.

This is the wrong way to go about it because the sellers already have a contract with the listing agent. The contract states that the agent (and brokerage) look out for the sellers best interest and to get as much money possible for the sale of the property. There is also the part of the contract that specifies the commission to be paid when the property sells. This will be the same with one agent or two agents involved.

When you call the listing agent or anyone else in the same brokerage, they are representing the SELLER of the property. They can also represent you as a buyer but it best if done prior to viewing the property.

To really get the best interest for you (the BUYER), is to contact an agent to represent you in your real estate transaction prior to looking at property. This agent can advise you on the propery, surrounding area and any other concerns that can come up. If something does come up that could be detrimental with the property, your BUYERS representative will advise you with your best interest in mind. Not the sellers or the agents own pocket.

A buyers agent can and should also help to negotiate the best price for you. This should include the buyers agent looking up current property sales and using those numbers to help determine the offer price. I firmly believe when the agent is representing both sides or only the seller, the buyers best interest is not being served.

Here are other BUYER tips from my other site. 

If you have any questions on being represented as a buyer, feel free to contact Doug or Melissa Hoover. See our Bemidji customer reviews.
Doug Hoover ABR, e-Pro, Realtor  218-766-5588
Melissa Hoover GRI, Realtor 218-556-4604

Contract for Deed, What You Need to Know!

People call, email and text us quite often looking for a contract for deed.  Some people know quite a bit about a contract for deed and some know very little.  Here is a basic knowledge on the term “Contract for Deed” and some things you should know before you get into a Contract for Deed.

A “Contract for Deed” itself is a contract between the Buyer and the Seller of the property.   The 2 parties draft up a contract that states that the “Buyer” is buying a property from the “Seller” for a determined price, interest rate, length of time etc.   This will include the “monthly or yearly” payment that will be paid, the date on which the payments will be made and many other terms of the actual contract.   Most will also include a “Balloon Payment Date”.  This is often 3 or 5 years into the contract.  The “Seller” becomes in theory, the lender in place of the bank.  When purchasing a property using a “contract for deed”, the actual “deed” for the property does not transfer from the seller to the buyer until the contract is paid off.

Contract for Deed or a Mortgage?  Why do people do Contract for Deeds?  For some, it is simply that they do not have a credit score high enough to get a loan from a lender.  For others, they may have too many loans in their name and the lender won’t loan any additional funds for a future purchase.  Others may even have other reasons for their needs and wants.

Down Payment?  Yes, in a contract for deed, you will need to have a down payment.  This is the biggest hurdle for most people who inquire on doing a contract for deed.  Most of the time, this needs to be at least 10%.  Some sellers want 15% – 20% to do a contract for deed.  We get quite a few people thinking that they can get a contract for deed with nothing down or thinking that they can make payments on the “down payment”.  Most if not all of the time, this just will not work.

Contract for deeds are fairly easy to do.  They can have less upfront costs because of less “closing costs”.  Keep in mind though, a title search should still be done to make sure that the property can be sold and is marketable.   If the seller has a mortgage on the property, you will also want to make sure that they can sell the property on a Contract for Deed.

Give us a call if you have questions regarding doing a Contract for Deed.

For additional Buying Tips click here>
Doug Hoover / Counselor Realty of Bemidji
218-766-5588

 

 

Bemidji Home Prices on the Rise!

According to Zillow, 3 bedroom houses in Bemidji are certainly on the rise. This is great news for Bemidji and the entire area. Sales are picking up and prices are on the rise.  We are seeing this in the number of listings on the market and the number of showing requests from buyers and other local agents.

Could this mean that things are looking up and we are no longer at the bottom? I would say yes.

Bemidji Median List Price

Bemidji Home Values – Interactive chart

If you have been on the fence on weather to buy now or wait until the market looks better, this may be the time!

Doug Hoover, Counselor Realty of Bemidji

Denny Hecker moved again. http://ping.fm/40gWQ

Pecha Kucha Night (20 x 20) in Bemidji # 10

Pecha Kucha Night in Bemidji # 10 is next Thursday.  For anyone looking for something interesting to do in Bemidji (for free).  Check out Pecha Kucha, the event is free and very interesting for all to see.  Several speakers give a quick presentation on something that interests them.  Each speaker has 20 slides that they talk about for 20 seconds.  Sometimes this is also called 20×20.   The subjects are all different so there is likely something that will interest everyone.

You won’t be disappointed, so check out another event that Bemidji has to offer.

Doug Hoover
Counselor Realty of Bemidji

Upscale Home: Turn Key and Loaded with Features

714 Shelby Drive NE, Bemidji, MN 56601

MLS # 12-35

Plantation Estates! All the amenities that you have been dreaming of are in this home at an unbelievable price. You will find that the custom architectural elements are carried through the entire home. This home offers 5 bd, 3 baths and 4400 sq. ft. of living space. The designer kitchen features maple cabinets and Corian counters and a massive pantry. Lg. Mstr Brm w/walk-in closet & bath.

Don’t Miss that “Smoking Deal”. Buying that Foreclosure.

People always say, how does a foreclosure sell quickly in the “market” we are in.  It is quite simple.  When a foreclosure hits the market, is in relatively good condition and is priced well, it will sell, quickly and more times than not, for a price higher than what it was listed at.

If it seems like a good deal, most of the time it is and you are not the only one out there looking for that good deal.  Here is why you more than likely didn’t get that “good deal” or won’t get the good deal.  You may not have been ready to purchase that home and the person who did buy it, was simply ready and willing to make that offer as soon as they looked at the house.

What you can do is be ready to buy the next one when it hits the market.  And by the way, another will come along that will be a “smoking deal”.  If you need to sell your house you are living in to purchase the “deal” when it comes along.  You need to sell your house now, and not later and not when you find the next home.  More times than not, people only try to sell a home when they see the next home they want to buy.  Although this sometimes works.  Most of the time you will be disappointed because you will miss out.

My opinion, put your house on the market now if you need to have it sold to make the next transaction.  If you don’t need to sell your home to buy the next deal.  Then you should either be ready with a statement from you bank that you have the funds available to purchase the next house or have a pre-approval letter from your bank that you are able to lend the money for the purchase of the house you are looking at.

Keep in mind that when a foreclosed property hits the market, the bank who owns the home does not want to sell the home with contingencies.  Especially contingent on selling your home.  I have not seen any properties sell this way in the Bemidji area and don’t expect it in the near future either.

If you want to find a great deal, give us a call.  We can help you out and make it as painless as possible.

If you have questions on the process or are ready to get a deal for yourself.  Give us a call and we can help you out or answer any of your questions.

Doug & Melissa Hoover
Counselor Realty of Bemidji
218.766.5588 Doug
218.556.4604 Melissa

Turn on the lights!

I aways enjoy looking at listings from agents who take photos like it is a burden on the agent and their time to make an attempt to make the house and the rooms look good.   It truly amazes me that so many agents take photos with a point and shoot or their camera phone and can’t even turn on the lights for the shots. Don’t get me wrong, most phones these days can take great photos and videos and they look great online and so can a basic point and shoot.  What amazes me is that some don’t seem to have a care in the world to take a few steps to make that shot look its best.  The only thing I ask is for them to turn on the lights, put a bit of thought into the shot and remove things that shouldn’t be in the photo. (oh, and lower the toilet set).

 

 

 

 

 

 

 

 

 

 

What is to learn, have your agent spend a few minutes getting ready or hire a new agent who will do it for you correctly.

Doug Hoover
Counselor Realty of Bemidji

Open House: Saturday 10/29/2011 Minnesota Ct

Where:  1802 Minnesota Ct, Bemidji
When:  Saturday 10/29/2011
Time:  10:30 – 12:00
Directions:  Behind Slumberland Furniture in Bemidji

Questions: Call Doug Hoover at 218-766-5588

Open House on the Mississippi River, Saturday 12:30-2, 10/29/2011

Where: 3430 Quincy Drive SW, Bemidji
When:  Saturday 12:30-2:00 10/29/2011
Directions:  5th Street West past the Bemidji High School, Turn South on Adams Ave, Turn West on Quincy Drive SW.  Look for signs.

Questions:  Call Doug Hoover at 218-766-5588

Open House in Bemidji

Open House in Bemidji: Saturday 3105 Cedar Lane, Bemidji, MN
Time: 10:00 – 11:30 10/29/2011

Pecha Kucha in Bemidji

For anyone looking for something interesting to do in Bemidji.  Check out Pecha Kucha, the event is free and very interesting.  Several speakers give a quick presentation on something that interests them.  Each speaker has 20 slides that they talk about for 20 seconds.  Sometimes this is also called 20×20.   The subjects are all different so there is likely something that will interest everyone.

The last event, I took my 2 kids (age 10 and 8).  They each had a great time and loved the variety of the topics.

This is the 8th event here in Bemidji.  It starts at 6:30 pm and is located at the Hungry Bear on the West side of Bemidji.  Additional information at their site here.

You can also get info at their Facebook page here.

Take the time to check it out, you will most likely walk away enlightened and entertained.

When: Thursday, Sept. 22nd at 6:30 pm
Where:  New City Ballroom in Bemidji, MN
Price:  Free!

Doug Hoover / Remax Bemidji

Low Interest Rates

Rates for home loan mortgages are historically at or very close to the lowest they have ever been.  If you are interested in purchasing a new home or a different home, now is certainly the time to make that happen.   Some people are thinking that it is difficult to obtain a home loan from the bank or a mortgage company.  This is certainly not true unless your credit is absolutely terrible.  For most people, it is very likely to get a mortgage if you have a fair to good credit and job history.   In Bemidji, most lenders are very willing to sit down and talk to you about your real estate needs.  Just be sure to get “pre-approved” for a loan based on what you are approved for and more importantly, what you are comfortable to purchase.

If you have questions on who to talk to, don’t hesitate to give us a call for a few referrals to fit your needs.

Doug Hoover / Remax Bemidji / E-pro / ABR 218-766-5588
Melissa Hoover / Remax Bemidji / GRI / 218-556-4604

Save $1,000 This Year!

Many of us would like to adopt a more environmentally-responsible lifestyle, especially if it happened to lower our living expenses at the same time. Fortunately, there are some easy, cost-effective ways for your household to help preserve the earth’s natural resources and keep harmful chemicals and pesticides out of our air and water supply.  See the attached post below.

March Post

Minnesota ranked 9th in tax credit

According to a recent article by the National Association of Realtors, Minnesota ranked 9th overall in using the tax credits for first time homebuyers and the “move up” tax credit.

The state total was $354,110,063.00. It says that if costs $67.24 per person in the state.

See the entire article here http://www.realtor.org/research/economists_outlook/didyouknow/dyk091310ab

Doug Hoover
Remax Bemidji

QR codes and Real Estate in Bemidji

In Bemidji, MN, you might ask what is a QR code and why would anyone use it?  A QR code is a “Quick Response” code.   The codes are read by a smart phone that has a camera on it and a simple app or software that can read the code.  Why is it useful is the next question.  In Real Estate, it can be used in several ways.  It can give you information about the listing such as price, bedrooms, etc but it can also bring you to a virtual tour, show additional photos, tax information, a detailed information sheet etc.  The code can also give you information about the selling agent, the listing office, directions or anything else that may be pertinent to the listing.

The QR codes have been used for many years and have been mainstream in other countries for quite some time.  You will start to see these in the near future in Ads, Publications etc.  The apps can be downloaded for free and are fairly simple to use.  Give it a try and see how they work.

If you have a smart phone with a camera, go to your app store, download the app and play around with it.  You may also see coupons, ads or other incentives to have one on your phone.

Doug Hoover

Bemidji Real Estate Activity for July 2010

Here are the numbers for the Bemidji area for residential real estate for July 2010.  Properties are selling and they are up slightly over last year in the same time.  Still not much activity for land, lots and acreage.  No activity for “Farms” in the Bemidji area.

Property Type: Residential
Main Area: Bemidji

MLS Total

Current Active Listings Number

351

List Price Volume

78,575,378

List Price Average

223,861

Average Days on Market

166

Total Sold Number

32

List Price Volume

5,328,820

List Price Average

166,526

Sale Price volume

5,088,670

Sale Price Average

159,021

Average Days on Market

138

Under Contract Listings Number

39

List Price Volume

5,320,950

List Price Average

136,435

Average Days on Market

170

Back On Market Listings Number

3

List Price Volume

307,400

List Price Average

102,467

Expired Listings Number

8

List Price Volume

1,375,100

List Price Average

171,888

Average Days on Market

138

Withdrawn Cancelled Listings Number

8

List Price Volume

1,375,100

List Price Average

171,888

Average Days on Market

112