Weekly Real Estate Update – Feb 5, 2017

Sold Last Week in Tehachapi, CA: Jan 30 – Feb 5

Area Display Address Bedrooms Bathrooms Square Footage Acres DOM Selling Price
Alpine Forest 18251 Arosa Rd, Tehachapi, CA 93561-8431 3 2 1264 5 $186,000
Alpine Forest 18451 Arosa Rd, Tehachapi, CA 93561 3 2 1324 0.27 5 $189,900
Bear Valley Springs 41 Village Ln, Tehachapi, CA 93561-9667 2 2 1224 76 $94,000
Bear Valley Springs 29641 Greenwater Dr, Tehachapi, CA 93561-8559 3 2 1925 1.86 76 $320,000
Bear Valley Springs 26940 El Camino Dr, Tehachapi, CA 93561-0 3 2 1120 18 47 $130,000
Oak Knolls 19904 Dovetail Ct Ct, Tehachapi, CA 93561-8042 3 3 3660 2.41 134 $399,900
Stallion Springs 28001 Hialeah Dr, Tehachapi, CA 93561 3 2 1951 0.5 27 $260,000
Tehachapi City 1013 Thoma Ln, Tehachapi, CA 93561-9493 3 2 1517 0.19 107 $256,000

Based on information from the Tehachapi Area Association of REALTORS® (alternatively, from the Tehachapi MLS). All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.


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Understand Agency Relationships

It’s important to understand what legal responsibilities your real estate salesperson has to you and to other parties in the transaction. Ask what type of agency relationship your agent has with you:

whyusearealtor2

Seller’s representative (also known as a listing agent or seller’s agent)

A seller’s agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract.

Buyer’s representative (also known as a buyer’s agent)

A buyer’s agent is hired by prospective buyers to represent them in a real estate transaction. The buyer’s rep works in the buyer’s best interest throughout the transaction and owes fiduciary duties to the buyer. The buyer can pay the licensee directly through a negotiated fee, or the buyer’s rep may be paid by the seller or through a commission split with the seller’s agent.

In Tehachapi, as in most of California, a buyer typically wont pay anything to their agent because the buyers agent will generally be offered a share of the commission paid by the seller. This gives buyers a way to have someone representing their best interests searching for homes for sale and negotiating for a Real Estate purchase.

Subagent

A subagent owes the same fiduciary duties to the agent’s customer as the agent does. Subagency usually arises when a cooperating sales associate from another brokerage, who is not the buyer’s agent, shows property to a buyer. In such a case, the subagent works with the buyer as a customer but owes fiduciary duties to the listing broker and the seller. Although a subagent cannot assist the buyer in any way that would be detrimental to the seller, a buyer-customer can expect to be treated honestly by the subagent. It is important that subagents fully explain their duties to buyers.

Disclosed dual agent

Dual agency is a relationship in which the brokerage firm represents both the buyer and the seller in the same real estate transaction. Dual agency relationships do not carry with them all of the traditional fiduciary duties to clients. Instead, dual agents owe limited fiduciary duties. Because of the potential for conflicts of interest in a dual-agency relationship, it’s vital that all parties give their informed consent. In many states, this consent must be in writing. Disclosed dual agency, in which both the buyer and the seller are told that the agent is representing both of them, is legal in most states.

Designated agent (also called appointed agent)

This is a brokerage practice that allows the managing broker to designate which licensees in the brokerage will act as an agent of the seller and which will act as an agent of the buyer. Designated agency avoids the problem of creating a dual-agency relationship for licensees at the brokerage. The designated agents give their clients full representation, with all of the attendant fiduciary duties. The broker still has the responsibility of supervising both groups of licensees.

Nonagency relationship (called, among other things, a transaction broker or facilitator)

Some states permit a real estate licensee to have a type of nonagency relationship with a consumer. These relationships vary considerably from state to state, both as to the duties owed to the consumer and the name used to describe them. Very generally, the duties owed to the consumer in a nonagency relationship are less than the complete, traditional fiduciary duties of an agency relationship.


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5 Factors That Decide Your Credit Score

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score:

creditscore

1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

Go directly to the credit reporting bureaus to check your credit report for free:
www.Expirian.com
www.TransUnion.com
www.Equifax.com


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Check out our
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to see real time data from the MLS for FREE!