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Alvin Belden Realtor

Buyers and Asset Disclosure

I work mainly with buyers/tenants and have had multiple complaints regarding asset disclosures requested on rental applications and buyers financial information forms. I've explained that they only need to disclose enough funds to pay closing costs or make rental payments in the event of a financial reversal. I had one client recently that walked away from a terrific rental rather than disclose any assets. Some clients regard such requests as an invasion of privacy. It seems like there should be another way of handling this situation.

I recently represented a prospective buyer of a home for which multiple offers were received. My buyer's bed was not selected. Is there a way for me to find out why they weren't selected? If I query the listing agent can I expect a frank response or any response?

Do I have to have a buyer's agency contract in order to represent buyers in a lease or sale and get paid a commission? As the buyer's agent, I am named in the lease or agreement of sale. Is that sufficient? For my own protection, as well as to avoid confusion, I probably want such a contract, particularly in a sale situation. Specifying the exclusive/non-exclusive agency relationship with the client is a good reason to have a contract.

What types of issues is an #FHA inspection likely to focus on? My experience has been that they focus on issues visible to the naked eye such as chipping paint and decaying wood. Also, they check that the utilities such as the furnace are working. They do not perform as detailed an inspection as a home inspector does. Are there other areas of concentration?

I get inquiries for specific properties from visitors of my website. Sometimes they have specific questions but more often it's the canned 'give me more information about' the property in question. I usually respond with things that aren't in the listing such as how long the property has been on the market, what price changes there have been, etc. I'm not getting much follow-up after these inquiries. Any suggestions on how to improve things? #property inquiries

I may be getting a listing that's in 'horse country' here in suburban Philadelphia. It strikes me that there are those in other parts of the country or even overseas that might have an interest in this property. Are there ways I can reach these potential customers other than through print advertising in expensive magazines? Are there any specific websites? #horses

To the lenders out there: Say I'm applying for an FHA mortgage and have co-signed an apartment lease for one of my children. Does the child's full monthly rental payment count as a loan obligation for the purposes of calculating the debt/income ration?

I'm dealing mostly with buyers these days and haven't been in the business that long. My question is when to present the consumer notice and ask the clients to sign a buyer agency contract. I'm reluctant to immediately present these documents to clients when I first meet them. I know that I'm required to present the consumer notice on first meeting. After I've shown them some properties and gotten to know them I'm more comfortable discussing documents and contracts. What do others do?

I have some questions about leads and referrals.
Is a referral just a lead that you have referred to another agent?
Can you only refer clients that you've previously done business with?
To refer a lead should you have qualified it to some degree?

These questions have come to mind because my website generates a fair number of leads from outside my service area. How should they be handled? I can email the client the contact information for the listing agent or, alternatively, contact a local agent and try to arrange a referral for the lead. What do others do? #referral #lead

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