HomeTraq University

When you visit a public open house and an agent asks you to sign the "sign-in sheet" what should you say?   What should you write down?  What are the rules for who can represent you if you decide that the Open House is, in fact, your future Dream House?    Many times the agent holding the open house states the seller is requiring a list of everyone who walked through the house as a measurement of interest and to get feedback on the price and condition of the property.  Some agents state that their company policy, brokerage and/or seller require the list of visitors  for security reasons in case something ends up missing from the house.   While these are legitimate reasons, if you have ever provided your real contact information at an open house, you have probably experienced being contacted for something other than the explained reason.  Most likely you were solicited to see if you wanted an agent to show you a different house or if ...

When you speak to an agent at an open house, call an agent for more information about a house, or ask an agent to show you a home, you might be opening a can of worms for yourself if you don't intend to buy a home through any of these agents.  Don't make the mistake of leading an agent on, even unintentionally, because it can come back to bite you. The real estate agent and brokerage who have a home listed for sale represent the seller and that person's best interests.  The listing agent is contractually obligated to report to the seller all activity & material facts they learn about the local market and potential buyers.   Learn about the easiest, fastest way to tour a home quickly without having to find or commit to an agent.    While all  licensed real estate agent   agents have an ethical responsibility to be truthful and not mislead anyone they also aren't necessarily able to advocate for someone they are not representing.  ...

"Procuring cause" is a real estate term which agents, brokers and sometimes buyers use to determine who will receive the commission on a house sale.    It is widely identified by the specific tasks performed by a real estate agent which lead to an accepted purchase contract and successful sale of real estate.   I n many cases, the "procuring cause" task could be identified as the first showing of a house by a real estate agent which a buyer purchases. "Procuring cause" could also be construed to mean the task of writing and negotiating the purchase offer.  Since there is no hard and fast rule as to what specifically triggers "procuring cause", its easy to  see how this situation can get tricky. Many buyers are not aware of what it means, and it is  a sensitive issue for many buyer’s real estate agents and their brokerages.   It comes into play many times when a buyer purchases a house toured with two different real estate agents. Mayb...

The Midwest and Southeast regions of the U.S. continue to experience above-average hiring and a large segment of current renters who earn enough income to qualify to buy a home.   Demand for housing is being driven by the labor market , which is steadily generating increases in wages.  On the list of the percentage of current renters who can afford to buy a home -  St. Louis, Missouri checks in at number six . The  recent report by the National Association of Realtors reviewed employment growth, household income and qualifying income levels in nearly 100 of the largest metropolitan statistical areas across the country to determine which areas with employment gains above the recent national average also have the largest share of renters who can currently afford to buy a home.   Data supports a significant increase in renter households — both millennials and those who lost their home — since the Great Recession, and especially in metro areas that hav...

It is a 'Crazy Train' to be on.  Anyone in the market for real estate or a mortgage will at some point jump on board whether they want to or not.  What about those of us in the industry providing those real estate and mortgage services?  Well, we are the conductors with a big smile and crazy eyes welcoming new passengers on board for the journey.  I was reminded of all of the craziness when I saw the following headlines hit my social news feeds this morning.   The housing market horror story isn’t over yet. U.S. Census Bureau data paints a picture that there are currently two housing markets: one for the rich and one for the rest.   Overall U.S. housing market numbers are strong as existing home sales are 6% above last year - a result from shrinking inventory and a strengthening job market.  Many real estate agents are busy working through multiple offers for listings in a hot market.  On the mortgage side, everyone is working through ...