NAEBA Members Market Conditions

The National Association of Exclusive Buyer Agents is an organization dedicated to serving home buyers. Meet NAEBA members David Kent, President and Owner of the Real Buyer’s Agent; Mike Crowley of Spokane Buyers in Washington state; Rich Harty of Harty Realty Group; Lora Lux of House Hunters Exclusive Buyer Agents in New York and Florida; Andi DeFelice of Exclusive Buyers Realty; and Victoria Ray Henderson, Owner & Broker of HomeBuyer Brokerage in the Washington DC area.

7:19 Strategies
9:17 form relationships with the listing agent
9:42 Rich Harty What else besides the price matters to the seller
10:56 14 offers and 15th was the charm. Buyer was looking for a home on Capitol Hill Have a long game Lora
11:33 get a commitment from the lender that is more than the pre-approval The underwriter goes through the documentation and give a commitment letter, based on the appraisal, but this shows the buyers are 100% qualified to buy the property This can give your buyer a competitive edge Mike
12:30 The home inspection as leverage Offer to pay the first $1000 of anything found in the home inspection Still give the option to void the contract but this gives the seller reassurance the buyers will move forward with the contract
14:07 Mike referenced 64 offers and that was in the DC area and an investor client was buying a property and the update was, we received 64 offers on a fixer upper
14:48 Rich as-is is common in Chicago Still inspecting and going through due diligence Tells the seller that you won’t renegotiate the offer and you’ll take the house. If there is something serious, you can bring it to the seller
15:30 Appraisal gap – if the appraisal doesn’t match the offer price, the buyer will cover that gap
16:10 How do you get buyers up to speed? It’s not as much fun to buy a house right now This is a tough process right now.
16:41 Mike says it’s not fun but he’s with you through it all
17:04 Andi Helping manage the buyers expectations A little more inventory is trickling in, it’s brutal but it’s going to be okay
18:15 Rich Harty The hardest thing is navigating the group of buyers This changes because sometimes there’s a first time buyer, or a seasoned buyer who has lost many offers. It’s a little but luck of the draw where the buyer is in the mix
18:44 David Hope buyers have the ability to stay where they are. Renewable lease and this takes the pressure off of the home search. If they have a deadline, it becomes more challenging.
19:42 Love letters to the Seller Mike Crowley doesn’t like them He thinks this could be more harm than good It’s more risk to the seller than the buyer Sometimes letters offend the Seller As a rule, sellers don’t like the letters Washington state doesn’t approve of these letters
21:23 Andi DeFelice an AI program and the beautiful letter
22:43 In Chicago, agent remarks often say no love letters as part of your offer No escalation clause in offers in Savannah or New York
22:35 Victoria on the escalation clause- it protects the buyers money Mike Crowley and Rich Harty use the escalation clauses effectively
24:30 Look up listing agents and check their pattern of behavior how much are people escalating above, gleam information and use it as a buyer strategy
25:07 David Kent No escalation clauses in South Carolina No love letters
25:35 seller option to consider the buyers offer with a financial incentive. Reach out to an agent and area.
26:39 Coming soon is no longer legal in Washington state and Georgia Idea of coming soon is the house is exposed to the overall market Coming soon circumvents this and the larger firms are sharing in house and giving their agents the option to see it when other agents cannot
28:10 Mike describes the end of coming soon in Washington state The listing brokerage wouldn’t share the coming soon listings with any agent outside of their brokerage
29:06 Is dual agency allowed in your state In the DC, MD and Virginia area DC and VA allow dual agency Maryland allows designated agency Lora explains what dual agency is
30:10 gives an example
31:01 New York has designated agency Rich Harty explains how dual agency allows one agent to handle not just the price but all negotiations back and forth between the seller and buyer.
32:15 Mike Crowley says it’s the way one agent can keep the total commission They are not fully representing the buyer and this is an advantage to the seller
33:33 Victoria reads the Northern Virginia Realtor Association description of the dual agent
34:19 Lora says buyers want the upper edge and have access to Realtor and Zillow.com
35:15 Will buyers have remorse about compromising on representation?