You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
BFLO Realty will be closed for Summer Vacation, beginning July 19th and reopening on Monday, July 29th, 2024. Clients or participating brokers named on a contract may contact our attorney (listed on page 8 of the Contract) for immediate assistance while our office is closed.
Commentary by Ryan Lundquist - Real Estate Appraiser:
"Big news from Freddie Mac. Just like FHA after the NAR lawsuit, if the sellers pays for the buyer's agent commission, it will NOT count within the amount allowed for concessions. FHA allows up to 6% but Freddie Mac allows anywhere from 2-9%. However, part of this comes down to what normal looks like in the market. "If these fees continue to be customarily paid by the property seller according to to local convention, they will not be subject to financing concessions limits." Thus, there is an aspect here where we need to watch the market ahead to understand what normal is going to look like. We've yet to hear from Fannie Mae and VA. Let's keep watching.
UPDATE: Fannie Mae issued a press release this morning to say the same thing."
"Industry Letter 4-15-2024
TO: Freddie Mac Sellers
Subject: COMMISSIONS PAID TO REAL ESTATE AGENTS
There have been recent inquiries concerning a proposed settlement agreement, subject to court approval, entered into by the National Association of Realtors (NAR) in the Burnett et al and Moehrl et al cases. This industry Letter addresses the current treatment of property seller-paid buyer agent fees under our interested party contribution requirements.
Interested Party Contributions
In Guide Section 5501.5, property sellers are permitted to make financing concessions towards the Borrower's Closing Costs in maximum amounts between 2% and 9% of the property value. Fees or costs customarily paid by the property seller according to local convention are not subject to these financing concessions limits. Buyer agent fees have historically been fees customarily paid by the property seller or property seller's real estate agent, and, as such, they are currently excluded from these financing concession limits. If these fees continue to be customarily paid by the property seller according to local convention, they will not be subject to financing concessions limits.
It is our standard practice to continuously evaluate our requirements to determine whether updates are appropriate based on changes to the market and industry. We will continue to monitor and assess the impact of the proposed NAR settlement and other real estate commission lawsuits to determine if any updates to our requirements are necessary." - Fannie Mae Press Release of 4/15/2024
MEDICAL/LAB/OFFICE/RETAIL SPACE FOR LEASE: 4,200 sq ft of Class B Commercial Space with a large on-site parking lot. Conveniently located on Harlem Road 1/2 mile from the NY-33 Expressway exit, just 6 minutes from ECMC Hospital and 11 minutes from the Buffalo-Niagara Medical Campus in Downtown Buffalo. Perfectly built out for laboratories, medical services and offices, but may be reconfigured to fit retail, dispensary or other creative commercial uses. Landlord pays property taxes and provides parking lot and common area maintenance! The entire first floor is currently occupied by an operational medical laboratory which will be moving out March 2024. Build-out includes a reception area, office floor space, kitchen and break room, conference room, several private offices and clean-room laboratories. The ground floor has excellent accessibility on a corner lot with no-step entry from both front and rear parking areas.
View the 3D Virtual Reality Tour Online
View the Aerial Drone Video on YouTube
Come see for yourself! Call or text 716-356-2356 or (716) "356-BFLO" to schedule your visit.
Christopher Mekker's Spring 2024 Real Estate Listing Promotion!
This Spring, I am offering listing agreements with 2.5% sales commission when you hire me to list your home for sale. Sales commission is due only when we find a ready, willing and able buyer, and my fees can simply be deducted from the sale proceeds at closing!
Included in my listing services are: professional advertising photos, 3D virtual reality tours, aerial drone videos, listing the multiple listing service ("MLS"), high-visibility lawn signage, open house coordination and advertising, and key lock box installation for scheduled access by licensed agents.
As your Seller's Agent, I will negotiate contract pricing and terms in your best interest. From contract to closing, I will be your guide and advocate. Also, if you're selling your home and purchasing a new home simultaneously, you're in good hands! "Sell to buy" representation is my personal specialty as a REALTOR®. As your Buyer's Agent*, I will help you search the market, find the right property, and carefully negotiate contract terms that synchronize with the sale of your current home (*add 2.5% buyer's agency commission).
Please call or text me at 716-356-2356 or "(716)356-BFLO" if you are considering selling your home or have any questions about the process. I would love to connect with you and I offer FREE Property Valuations within the 7 Counties of Western NY!
Sincerely,
Christopher Mekker, Designated REALTOR®
NY Licensed Real Estate Broker
PURSUANT TO REAL PROPERTY LAW §442-H
BFLO Realty (the “Broker”) is making this Standardized Operating Procedure available on any publicly available website and mobile device application maintained by the Broker and any of its licensees and teams. Broker has copies of these Standardized Operating Procedures available to the public upon request at Broker’s office location.
(This SOP was created on 11/27/2023)
Please be advised that Broker:
Does not require 1. Prospective buyer clients to show identification*
Does not require 2. Exclusive buyer broker agreements
Requires 3. Pre-approval for a mortgage loan / proof of funds*
*Although Broker may not require such information, a seller of real estate may require this information prior to showing the property and/or as part of any purchase offer.
Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!
You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.
We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.