I know it is only Monday, but there are several events coming to Providence this weekend that everyone should know about.

If you listened to Real Estate Insight with Sally Lapides yesterday on WHJJ, you already know about the Apeiron Institute for Sustainable Living‘s Providence Sustainability Festival. The festival will take place in Kennedy Plaza and the adjoining Burnside Park, runs from 9:30 through the day, and is free to the public. Visit their website for a detailed calendar of the day’s events.

The Apeiron Institute’s mission is to “transform Rhode Island into a sustainable state where the needs of the present are met without compromising the needs of future generations. By promoting sustainable living practices we act as a catalyst to creating healthy communities. We lead by example and serve as an information portal that educates, connects and inspires individuals, families, schools, businesses, communities, governments and other institutions to live more sustainably.”

The festival is not the only event in town. Just around the corner at Westminster and Union Streets will be the annual “Street Painting Festival” sponsored by the Rotary Club of Providence. Again, this program is free to the public and it starts at 9:00 am and continues to 6:00 pm.

“This year’s event will feature approximately 300 professional and amateur street painting artists from New England creating 70 concrete masterpieces on Union Street for a chance to win an award, an Artisan Marketplace highlighting 60 booths filled with handcrafted items by local and regional artists on Westminster Street, live entertainment by “Bandstand Review,” “Milt Javery,” and the “Ignitors” performing amazing music, and a food court offering a great selection of food and refreshments.”

Providence will be packed with activities this weekend, so make sure you include the weekend as you plan out the rest of the week.

Last blog, I ended saying I would discuss what you would get from our company and the national organization of Realtors^®. However, how a client is represented has come up as a topic and I feel it is more important to write about this now.

Rhode Island has a new agency law about which your Realtor must inform you. As members of our state organization, Rhode Island Association of Realtors (RIAR), we are required to provide you with a RI Mandatory Real Estate Relationship Disclosure during your first meeting, before listing your property, or, in the case of a buyer, before putting in an offer to purchase a home. This form is not a contract, but it does clarifies how you would like to be represented. You should know that because of changing circumstances, you may need to sign this form several times.

What happens when you are the seller.

Your Realtor can work with you as a Designated Client Representative to help you decide how to market and promote your property to the public, decide on a listing price, and negotiate with buyers. He or she will act in your best interest and keep your information confidential.

However, your Realtor may need to work with you, with permission, as a Neutral Dual Facilitator. This would happen if your Realtor is assisting both you, the seller client, and the buyer client. She then becomes a facilitator and needs to be neutral and cannot advocate for either of you. For example, if one of your Realtor’s buyer clients takes an interest in your home, your Realtor is a client representative of you and a client representative for the buyer. Your Realtor can assist both you and the buyer throughout the transaction as a neutral dual facilitator.

Now you ask, how can I be represented as a Buyer?

Again, there are multiple ways, and you have choices as to how you want to be represented.

Commonly, a Realtor will work with you as a Designated Client Representative to help you find that dream home. Once found, he or she can help you decide how much to offer or counteroffer on any property listed by another agent. Here, the Realtor will act in your best interest and keep your information confidential. In this case, you have met a Realtor with whom you feel comfortable and you want this Realtor to help guide you through the home buying process.  You will ackowledge this by signing the mandatory RI Real Estate Disclosure form along with your Realtor.

But, like what was stated above in seller representation, your Realtor may need to work with your permission as a Neutral Dual Facilitator, because he or she represents both of you. This is looking at that example from the buyer point of view. This happens if you are working with an agent and become interested in one of that Realtor’s listings.

Finally, the Realtor can just be a Neutral Transaction Facilitator. This means that the Realtor can assist you with required paperwork, but does not represent you and cannot negotiate on your behalf. For example, if you walk into an open house and meet the listing agent for the first time, and you want to put in a specific offer; the agent can help you with your offer as a neutral facilitator.

Stay tuned for more information on choosing a Realtor.

The American Recovery and Reinvestment Act of 2009’s tax related provisions are well-documented successes. By some estimates, one-third of recent home sales can be attributed to the $8000 tax credit for first-time homebuyers, and the cash for clunkers was also very popular. If you plan on taking advantage of the credit, you should have an offer in by the end of this week. There are 11 weeks left for the credit, and according to The National Association of Realtors, first-time homebuyers take an average of 12 weeks to search for a home. You may not realize that The Act also extended many consumer tax incentives for energy efficient building products originally introduced in 2005. Qualifying products purchased between January 1, 2009 and December 31, 2010 are eligible for a tax credit equal to 30 % of the product cost. Installation is not included so be sure to obtain an itemized invoice from your retailer or installer. Here is a summary of some of the energy related tax credits available:

° Home Energy Efficiency Improvement Tax Credits
Consumers who purchase and install specific products, such as energy-efficient windows, insulation, doors, roofs, and heating and cooling equipment in existing homes can receive a tax credit for 30% of the cost, up to $1,500, for improvements “placed in service” starting January 1, 2009, through December 31, 2010.

° Residential Renewable Energy Tax Credits
Consumers who install solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and micro turbine systems can receive a 30% tax credit for systems placed in service before December 31, 2016; the previous tax credit cap no longer applies.

° Automobile Tax Credits – Hybrid Gas-Electric and Alternative Fuel Vehicles
Individuals and businesses who buy or lease a new hybrid gas-electric car or truck are eligible for an income tax credit for vehicles “placed in service” starting January 1, 2006, and purchased on or before December 31, 2010. The amount of the credit depends on the fuel economy, the weight of the vehicle, and whether the tax credit has been or is being phased out once that company has sold 60,000 eligible vehicles. Hybrid vehicles that use less gasoline than the average vehicle of similar weight and that meet an emissions standard qualify for the credit.

The maximum amount of homeowner credit for all improvements combined (including roofing, insulation, HVAC, and water heaters) is $1,500 during 2009 and 2010. The IRS will determine final tax credit amounts. Check out ENERGYSTAR.gov and IRS.gov for guidelines.

The Maker Faire RI is ongoing this weekend and into next. It all starts at the birthplace of the American Industrial Revolution, Slater Mill in Pawtucket RI. There are hands-on workshops, building & hacking competitions, culinary crafting, garage technology, arts and creativity for sale, and robot gymnastic demonstrations, culminating with a Waterfire in the Creative Capital, Providence, RI.

September 12:
Iron Chef at The Steel Yard
FUNDRAISER: Teams of artists and fabricators compete in our 2nd annual head-to-head sculpture competition at the Steel Yard. Enjoy grilled goodies and stick around for the Iron Chef sculpture auction.

September 14-17:
D.I.Y. Workshops at Slater Mill
FREE! 4 days of hands-on How-To workshops during the Pawtucket Arts Festival.

Some people believe they can sell their own home, keep more of the profit, and have the best salesperson possible. However, selling a home is really a full time job.

Market conditions change and a good Realtor will see that before the average seller. Buyers also look for convenient times to see the property. Realtors get physically and mentally invested in the process to research, market and finally sell the property. You can check out the Realtor.com piece on the services that Realtors offer.

Once you find a Realtor with whom you are comfortable, stick with him. When you call the real estate office, ask for that Realtor by name, otherwise you will be given the agent on duty. Your Realtor will keep you up to date on appropriate new listings based on your criteria.

Residential Properties has the ability to set up instant new listing notifications through our web site. If you see an ad in the paper or you see a house on the internet, call your Realtor. Your agent has access to all listings through the use of extensive databases and can tell you more about it. If you are driving by a home that displays the company sign of your Realtor or any other Real Estate Company, again call your Realtor. An appointment can be made to see the property. There usually is cooperation between companies on the showing of the home. Carry your Realtor’s business card with you. If you go into Open Houses on your own, it will help to identify the fact that you are working with someone to find that perfect home. Other agents will honor other Realtor’s clients if they are aware upfront.

If you see a home for sale by owner, let your Realtor know. He or she can make contact with the owner. A professional approach will generally produce better results, and you will be represented in negotiations. Moreover, your Realtor can provide a wide range of services from educating you about neighborhoods, communities, property values, tax and zoning information, assisting with contract negotiations, arranging showings of properties of interest, providing the necessary forms, attending inspections, and preparing and attending the closing.

Next time, we’ll review the assistance you can get from the company and the national organization.