I Bought A Home, It Was Stripped Of Copper, Can I Back Out?

May 16, 2012 By Ask a Realtor Leave a Comment

questions

Q: Hello, I recently bought a home in the Cleveland area and it was broken in to and the copper piping was stripped out. I get the keys and sign the final contract in two weeks, but now I am uneasy. I put down my $1000 good faith deposit but can I still back out since this happened?
–Anonymous, Cleveland, OH

A: Consult your Realtor and refer to the executed Purchase Contract for more information on conditions/terms under which you could cancel the transaction and receive your earnest money deposit. Typically (but is not always the case), the seller is responsible for maintaining the property in the same condition until closing, at which time it then becomes the liability of the new owner(s). Best of luck.
Alex Cortez is a Realtor® with Wailea Village Properties LLC dba/Island Sotheby’s in Kihei, HI.

A: Most contracts have a real estate condition clause. Meaning, that you are buying it upon the condition it is currently in. When something like this happens, it breaks that condition. You should be able to get out of the contract or get some sort of credit.
Matt Laricy is a Realtor® with Americorp Real Estate in Chicago, IL.

A: Yes you can, the house must be what it was in the contract and the seller must replace what was there.
Walter Cwynar is a Realtor® with Northwood Realty Services in New Castle, PA.

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How Do I Get A Home Loan?

May 15, 2012 By Ask a Realtor Leave a Comment

questions

Q: Just wondering how hard is to obtain a home loan. How much money do you have to have to buy a home and how to I pick a Realtor or how do you find out how much they charge?
–Anonymous, Fuquay Varina, NC

A: To answer your questions:

“Just wondering how hard is to obtain a home loan, how much money do you have to have to buy a home.”

Although lending criteria had become more stringent in the past few years, it has loosened a bit in the past year. Regarding the down payment amount, it can vary widely depending on your qualifications and the property. There are programs that can assist a buyer with 0% down payment, whereas some properties require 30% down, etc.

“how to I pick a realtor or how do you find out how much they charge.” Vet out a few real estate professionals and when you find one with whom you have good communication and you trust, then work with them exclusively to represent you in the purchase of a property. Typically (although not always) the commission for the listing agent and the buyer’s agent is paid for by the seller, so as a buyer there are no additional costs to be represented properly.
Alex Cortez is a Realtor® with Wailea Village Properties LLC dba/Island Sotheby’s in Kihei, HI.

A: Well it depends on your situation as to how much you have to put down. I would speak with a lender. They will be able to guide you through the process.

As to a good agent, pick one that matches your personality and is good for the areas you are looking in. Having a good buyers agent is free to you, so make sure you interview two or three.
Matt Laricy is a Realtor® with Americorp Real Estate in Chicago, IL.

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How Can We Get A Buyer To Choose Our Home?

May 15, 2012 By Ask a Realtor Leave a Comment

questions

Q: We are selling our home and a buyer liked us and one other home. They chose the other house and put a back-up contract on that home. As the seller, do you have any suggestions to entice that buyer to drop their offer on the other house and “pick us”? What can we do ‘outside the box’ to win them back?
–GBBM, Columbus, OH

A: Have your agent contract the buyer’s agent. Find out specifically why the buyers chose the other house. There must be a pretty significant reason they chose the other house, as they are willing to be in “back-up” position, which is not a “sure thing”. They like something about the other house so much that they are willing to wait and hope it falls out of contract so they can buy it.

Once your agent knows the specific reasons the buyers chose the other house, you can determine whether or not there is anything you can do to meet or exceed the buyer’s desires. Until then, you would just be guessing at ways to entice them back to your home.

I hope this is helpful.

Denise – California Broker/Realtor
Denise Shur is a Realtor® with 1:1 Realty in San Jose, CA.

A: In Louisiana and offers may be different in different parts of the Country, but here the Purchase agreement is also call the Agreement to Purchase or Sell, with the emphasis on the work Sell. Why not have your listing agent prepare an offer to sell. Think about what you would accept as the Seller and write a purchase agreement offering that. Then have your listing agent present to the buyer’s agent and they can either ignore, accept, or reject. You have to make it enticing. Hey all they can say is no. That is an out of the box scenario I have seen work about 10 times in our Market..
Craig Martin is a Realtor® with Keller Williams Premier Partners in Hammond, LA.

A: There’s no easy answer to your question. One may never know whether the buyers decided your home might not meet their needs or if price was an issue. Ask your agent to make an inquiry of the buyer’s agent. Beyond that, let it go. You cannot control the buyers.
Mark Bergman is a Realtor® with Bergman Real Estate in North Creek, NY.

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Should We Sell Our Home And Buy A Short Sale?

May 15, 2012 By Ask a Realtor Leave a Comment

questions

Q: We bought a house for $255K and we are interested in selling it to a family member who is currently renting it from us. We would then downsize into a house that is a short sale and priced at $120K. Would this be a bad move given the current market and being that we might, at the higher end, only get $190K for our current house? Both houses are in Brandon, Florida by the way. Please help us!
–Britney, Brandon, FL

A: There is not enough of a money difference to benefit you. Short sales are nice but take up to six months to close if you get it. It might be best to see if the buyer of your house can get approved for what you want to sell it for and buy an active house on the market.
Walter Cwynar is a Realtor® with Northwood Realty Services in New Castle, PA.

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How Do I Know If The Fees I Was Charged Are Correct?

May 15, 2012 By Ask a Realtor Leave a Comment

questions

Q: I just sold a condo – aside from the commission I was charged an “additional commission” of $395 plus $250 for an “MLS fee”. I also noticed that the buyer’s agent was also charged a $250 “MLS Fee” off their commission. Is this right?
–Anonymous, Chicago, IL

A: I am licensed in California, not Illinois, so I am unfamiliar with the rules and laws in your state. But I’m happy to share my experience and knowledge.

I can tell you that I have NEVER heard of charging for separate fees outside of the agent’s commission. It’s just not the way a high-end agent does business. I don’t do it and none of my colleagues do it. However, I know there are some “discount” real estate firms that charge low commissions or flat fees to entice sellers. In those cases, perhaps the agent charges for each item separately so the seller can determine which expenses they will incur.

Did your listing agent charge a standard 6% commission? Or did you agree to a reduced fee structure? I recommend re-reading your listing agreement, especially the fine print.

If you feel you were mislead or defrauded, you may file a complaint with the Illinois Department of Real Estate. You may also file a complaint with the Illinois Association of Realtors if your agent was a Realtor.

You may want to simply call the agent’s “broker of record”, who is essentially your agent’s boss. Calling the broker and concisely expressing the problem and the resolution you seek, may be the quickest and simplest solution. Try calling the agent’s office and saying, “I would like to speak to the broker of record.” You will get the firm’s attention!

I hope this is helpful.

Denise – California Realtor/Broker
Denise Shur is a Realtor® with 1:1 Realty in San Jose, CA.

A: The way that the listing broker is compensated, including additional fees to be paid, should be agreed upon in your listing contract. If you did not agree to the additional commission and MLS fee prior to closing, you may be entitled to a refund of those charges. Compensation to the buyer’s agent is an agreement between the brokers, and should not affect your bottom line.
Phil Lunnon is a Realtor® with Lunnon Realty in Lakewood, CO.

A: Check your listing agreement and, if necessary, contact your lawyer. You didn’t mention where the sold property is located. I can tell you that in the northeast such fees are not customary. If the fees are legit, they should have been addressed in the listing agreement that you signed.
Mark Bergman is a Realtor® with Bergman Real Estate in North Creek, NY.

A: What is the name of the company that your house was listed with?

Were the additional fees itemized in your listing agreement?
Paul Howard is a Realtor® in Cherry Hill, NJ.

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How Do I Find Out If A House I Want To Rent Is In Foreclosure?

May 15, 2012 By Ask a Realtor Leave a Comment

questions

Q: Is 9209 Cypress Cove Drive, Orlando, FL 32819 in foreclosure? How do I find out?
–Anonymous, Orlando, FL

A: Ask a Realtor you hire to do a search for you. She/he has access to databases.
Nancy Gastel is a Realtor® with Nancy Gastel Realty in Marietta, GA

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Can We Break Our Contract If Our Agent Took Our Home Off The Market?

May 15, 2012 By Ask a Realtor Leave a Comment

questions

Q: We no longer trust this broker. We paid $995.00 upfront. She never calls and took our home off the market, without our consent. How can we get our money back and get out of this contract nightmare? She says our money is non-refundable. She refused to show us homes. We only had two showings in three months and that was on the same day from another Realtor. Any help would be appreciated. We are open to showings anytime and even lowered the price by $15,000 in the first two months.
–Kitty, Painesville, OH

A: Please refer to your listing agreement which would detail the terms/conditions under which your binding contract could be terminated. If she indeed took your home off the market without your expressed written consent, then you should consult a real estate attorney who could better advise you on your possible courses of action. Best of luck.
Alex Cortez is a Realtor® with Wailea Village Properties LLC dba/Island Sotheby’s in Kihei, HI.

A: You need to refer to your listing agreement to determine whether the broker removed your home from the market for good reason. For example, if the listing ran its course and she simply did not renew it, then the contract was fulfilled and neither of you likely have any further obligation to the other. If, on the other hand, she took your home off the market before the term was up, she may have breached the contract, and you could have good cause to terminate it and move on. If she did breach the contract, but still refuses to refund your money, you could take several courses of action, including filing a complaint with your state’s real estate commission and/or taking her to small claims court. Consult with legal counsel to determine your options.
Phil Lunnon is a Realtor® with Lunnon Realty in Lakewood, CO.

A: Dear Seller -

First let me say I am licensed in California, not Ohio. However, I am happy to share my experience and knowledge, which may apply to your state too.

If your agent is not performing as agreed or has done anything you feel is unlawful or unethical, you have several recourses. You can complain to the agent’s “broker of record”, you can file a complaint with the Department of Real Estate in Ohio, you can file a complaint with the Ohio & National Association of Realtors, and you can file a lawsuit against the agent.

The easiest recourse and probably the quickest way to get resolution is to contact the agent’s broker. You can find the name of the agent’s broker of record by calling her office. If you prefer not to call her office, you can contact the Ohio Department of Real Estate instead.

You can use your browser to search for “Ohio Department of Real Estate” to go directly to their website. Then you click on the link to “eLicensing” and then you enter your agent’s information. It will provide you with a list of people with similar names who are licensed real estate agents. When you click on your agent’s name, it will give you detailed information, including the name of her broker and the city where that broker is located.

Once you’ve found the broker’s name, call him/her and have a candid conversation, clearly stating the problem you encountered and the resolution you desire.

You can also search for the “Ohio Association of Realtors” using your browser. Then contact them to find out if your agent is a “Realtor”. Agents volunteer to be Realtors; it is not required. If your agent joined the Ohio Association of Realtors, then she is a Realtor and is held to a higher standard of ethics. You may file a complaint with the Assocation of Realtors.

The State of Ohio’s Department of Real Estate will also help you file a consumer complaint.

I hope this information is helpful.

Denise
Denise Shur is a Realtor® with 1:1 Realty in San Jose, CA.

A: Contact an attorney to review your listing contract. Laws vary between states.
Mark Bergman is a Realtor® with Bergman Real Estate in North Creek, NY.

A: I totally understand your frustration. Let me tell you a story about a property I listed and sold in three days whom was with one of those fee-for-service brokerage firms. It was an elderly couple and that makes it even worse. They were promised the moon and the sales agent continued to get them to fork over money before the property was ever shown. The elderly couple handed over almost $4000.00 dollars before it was all said and done. Then after the listing had expired the agent disappeared, had their money, and never even bothered calling them to see if they wanted to continue. In searching we found several deficiencies. 1) The property was not put in MLS for almost a month. 2) Only one main photo was up on the property. 3) The sales agent had the owner’s phone numbers to contact for all appointments. I know there has to be some kind of fiduciary obligation , but what that was was not readily available. Well needless to say the company got the elderly couples money. They listed with us a full service brokerage. We had under contract in three days and closed in 30. Yes the couple had to pay out commission on the listing, but it was sold so quickly and they were so elated to finally be free and clear of the property they have sent us a lot of business. So the moral of the story is: Yes there are fly-by-night companies that will be glad to take your money, there are FSBO sites that will as well, but do you think a full service agent whom does not receive a dime before the property has more or less of an incentive to sell? That is what I thought. In the other scenario’s you take the incentive out of the mix. Why should a fee for service broker work hard for you? Out of obligation? You and I know how far that will get you.

Full Service agents have been around for decades. They take pride in what they do and do it well because without this they would be out of business. I hope this helps.
Craig Martin is a Realtor® with Keller Williams Premier Partners in Hammond, LA.

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We Cancelled Our Offer On A Short Sale House, Can We Bid Again?

May 15, 2012 By Ask a Realtor Leave a Comment

questions

Q: I made an offer on a short sale and it was approved by the bank. We agreed to buy the house. Then a few days later a possible financial problem arose and the Realtor needed the good faith deposit so we said we wouldn’t be able to do it so he had us sign a cancellation. A week later we decided we were going to be able to do it and it appears someone else is going to buy the house. Is there anything else that can be done we would even be willing to pay more for it?
–Chad, Winter Haven, FL

A: If the seller has not signed a contract with the other buyer, go ahead and submit your best offer for the seller to compare side-by-side. If the house is already under contract with the other buyer, your best bet is to submit a backup offer. That way, you will be first in line if the contract they now have on the house is terminated.
Phil Lunnon is a Realtor® with Lunnon Realty in Lakewood, CO.

A: When you cancelled your contract, the listing Realtor moved on to do his/her job of selling the home. If it’s in contract already, the only thing you can do is get back in line. Ask if you can submit a back up offer that will take affect if the current buyer’s deal falls through.
Mark Bergman is a Realtor® with Bergman Real Estate in North Creek, NY.

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How Soon After Bankruptcy Can We Buy Another Home?

May 15, 2012 By Ask a Realtor Leave a Comment

questions

Q: We are mid 50s; had an excellent credit score; never missed a payment on anything nor were we late in 21 years, I became very ill and had to quit my $35,000 a year job. My husband makes approximately $55,000. We could not afford to stay in the home with 3 acres on one income because of credit card and medical debts. Our lawyer told us to do a “strategic abandonment” after the bank refused to do a “deed in lieu” We moved into an apartment immediately and left the house in “turn key” condition. It sold quickly at auction. We stopped payments when we filed for bankruptcy as soon as lawyer told us to do so. How soon, if ever might we be able to buy a small home and approx what price limit would be reasonable? I now receive $1400.00 disability every month. My husband still has his job of 20 years. It has been 18 months since we took the lawyer’s advice.
–Autumn, Howell, MI

A: After filing bankruptcy, you usually have to wait three years from the discharge date. You want to contact your local lender and talk with them more on different financing programs available in your area. Sometimes you can petition the court for their approval on purchasing a home sooner than 3 years. There are many financing programs now for people who have filed bankruptcy and foreclosure.
Sandy Straley is a Realtor® in Layton, UT.

A: I would contact a foreclosure/bankruptcy lawyer about your auction. I heard another Broker recommend a book that is called something like 7 steps to 720.
Nancy Gastel is a Realtor® with Nancy Gastel Realty in Marietta, GA

A: My understanding is that you will need to wait AT LEAST two years (from the date your bankruptcy was finalized) before any lender will consider lending to you. It’s time that will be your biggest challenge.

Even if 2 years has not passed yet, I recommend finding a loan broker, not a bank, and asking the broker to help you prepare your finances to enable you to buy as soon as lenders will allow you to do so.

I recommend a loan broker as they work with many lenders with lots of varied programs, whereas banks gives you only one option and tend to be the most conservative lenders.

A good loan broker will be willing to help you now and establish a lasting relationship so they earn your business when you are able and ready to purchase a home again. If you don’t find a good lender right away, don’t give up, keep searching until you find someone willing to work with you.

I hope this is helpful.

Denise
Denise Shur is a Realtor® with 1:1 Realty in San Jose, CA.

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Can A Broker Be Replaced After A Contract Is Signed?

May 15, 2012 By Ask a Realtor Leave a Comment

questions

Q: Can a broker be replaced after signing a exclusive buyer agency agreement? My son was told if he replaced the broker on Hud Good Neighborhood Contract, he will lose the house, is that true? The agent meet with him 5/8 signed this paperwork to submit the offer. On 5/9 he notifed him, he was the winner. That same day he had him to get a cashier check because he had to accept the offer within 48 hours. In my opinion my son did not spend enough time with this agent to get the full understanding of his contract. He is 23 years old and this is first time do a major investment.
–Speedy/200, Charlotte, NC

A: If he signed a contract, he may be held to it. I would call up the managing broker and see if you can get out of it.
Matt Laricy is a Realtor® with Americorp Real Estate in Chicago, IL.

A: I think you are concerned that your son has made a rash decision but your son is an age where he is able to enter into contracts, and he may have actually made a good decision. Sometimes a good house comes up quickly. It does not seem that you are complaining that the agent has done anything wrong. And you do not say your son is unhappy. Would the agent be willing to show you the prices of other similar homes so you can see that this is a sound choice? Many parents who are not involved in the home buying process will step in at the end and be concerned that the child has made a bad choice. I am an exclusive buyers agent and when this happens, I consider it my job to show the parents that the choice is a good one.
Linda Walters is a Realtor® with Sage Realty LLC in Wayne, PA.

A: Since your son has an exclusive buyer agency agreement with the agent, he should complete the transaction with that agent. Even if your son “replaces” the agent, he could still owe a commission to the agent he replaced. Why does your son want to replace the agent? The information that you provided does not indicate that the agent did anything to breach the contract that they have with your son.
Phil Lunnon is a Realtor® with Lunnon Realty in Lakewood, CO.

A: Your question is really a matter of contract law. Your son should consult an attorney.
Mark Bergman is a Realtor® with Bergman Real Estate in North Creek, NY.

A: Why do you feel your son did not spend enough time with his agent. I have filled out the paperwork for a HUD home and it is no simple task? It takes nearly a full hour. Are you saying your of age, 23 year old son was taken advantage of? Hud requires the cashiers check actually their words are when the offer is submitted not accepted, but general practice is to wait until it is accepted and then the HUD clock starts and yes if you change anything on the contract it is voided. They are really stict at this point. Are you mad you were not involved in the process? The answer to your direct question is after signing an exclusive buyer agency agreement the purchaser owes the agent a commission if purchased within specified time frame, unless another agreement can be worked out.
Craig Martin is a Realtor® with Keller Williams Premier Partners in Hammond, LA.

A: Hi, I am in California but, if you talk to your agent and tell him or her you concerns, I am sure you will be able to get your questions answered. Once you make an offer(in Calif.) and it is accepted you have 72 hours (3 days) to open escrow and deposit your earnest money. It says right on the contract and should have been pointed out by the agent when you were signing to offer…..Dawn
Dawn Rivera is a Realtor® with Realty World-Viking Realty in Fremont, CA.

A: The HUD Good Neighborhood program is one of the best around and usually is a great deal on a home, especially a starter home for your some. The HUD program works this way: The agents who is either listing or bringing in the offer has to be HUD Approved and have an NSAID number, not just any agent can do this. HUD will only accept offers from HUD approved brokers. At this point if it’s a good deal and your son really wants to proceed he should have a sit down with the agent or broker to make sure he fully understands. Another agent in the area may not be HUD approved and since it had been approved under this particular broker, he may lose the house and offer if he changes in mid stream. This is not like a standard sale. Good luck!
Rosanne Nitti is a Realtor® with RMN Investments & Realty Services in Laguna Beach, CA.

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