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Mb, Home Buyer in Vancouver Heights, V...

I don't believe my RE agent was honest with us as I told her we wanted a very safe area in Phoenix. We now learn we are 5 blocks from the

Asked by Mb, Vancouver Heights, Vancouver, WA Mon Dec 20, 2010

beginnings of Maryvale. What reasons can I state that we want out of this short sale property? Also, how can I be released from our contract with our RE agent? Thank you, M

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The contract from the AAR provides that you can pull out of the transaction at any time before the lender has approved the deal. After the deal has been approved you can cancel during the 10 day inspection period that follows the lender approval.
Sometimes the "Buyer" has paid earnest money and made a committment to stick with the deal for a certain time period or until the lender approves or denies the Short Sale. In that situation the "Buyer" could lose the earnest money. However, in this scenario, if the "Buyer" waits until the time frame he has committed himself to has passed, or until the lender approved the deal, he/she can cancel during the inspection period without losing the earnest money.
2 votes Thank Flag Link Tue Dec 21, 2010
MB

It is un-ethical for another Realtor to provide you with information to break a contract with another Realtor.

Why don't you speak to the agent and or the agents broker about the situation and let them know you want out of both. Another option would be to engage the services of an attorney in AZ. I would be glad to provide you with attorney names if you would like.

Sorry to hear of your difficult situation, I think you will get out pretty easy. The Valley is a wonderful place to live, some parts are definitely better than others.


Doug McVinua
HomeSmart

Doug@McVinua.com


http://www.McVinua.com
Web Reference: http://www.McVinua.com
1 vote Thank Flag Link Tue Dec 21, 2010
Has the seller's lender approved the sale and provided you with a short sale agreement notice? Typically, if the short sale addendum to the purchase contract was used, that is the official time when your inspection period starts. Prior to that time, if you don't have the seller's lender's approval, you can choose to cancel by notifying the seller in writing of your decision to do so. That would also depend on if you have any earnest money that was agreed upon to be non-refundable for a specified period of time prior to the seller's lender's approval. Usually 60 days.

Depending on where you at in the short sale transaction process, you may be able to cancel the contract and receive a full earnest money refund. Alternatively, if you are not concerned about losing your earnest money, you can choose to cancel the transaction at any time.

Any of the agents on here will not be able to advise you, especially since we haven't seen your contract. It's best that you explain to your buyer's agent about your concerns of the property location ask them to help you cancel the contract and get your earnest money refunded to you. After that point, as long as you haven't signed a buyer broker exclusive agreement with your agent, you should be free to choose another agent to work with.

If you have any other questions feel free to contact me directly.

Warmest regards,

James Wehner
480-323-5462
Web Reference: http://www.jameswehner.com
1 vote Thank Flag Link Tue Dec 21, 2010
As usual, Jay offers the advice of a true professional. Thanks to agents like Jay for giving the best possible advice an agent who is not a part of the actual transaction can give. You are an essential asset to our industry.
0 votes Thank Flag Link Tue Dec 21, 2010
Yikes! I apologize for the typos. Let me grab some coffee.
0 votes Thank Flag Link Tue Dec 21, 2010
Dear Mb,

I completely agree with Jay. There's a chain of command to following, even for your own protection. And, the answer to question, varies from state to state. If you are dissatisfied with the property and it's surroundings or the service you're being provided, it's best you speak with your agent and the broker for that office. There's a timeline in an executed contract, your representative know where you are in that timeline. Thank you and best of luck in future endeavors.

Natasha Tomlinson
Realtor
Citywide Real Estate, bank owned property specialists
Direct: (480) 203-4364
NatashaTRealtor@gmail.com

Building relationships... serving you.
0 votes Thank Flag Link Tue Dec 21, 2010
Agents are not allowed to tell you which areas are "good or bad", without violating fair housing laws, but they should have given you all of the appropriate websites to do your own research. In any case, I would talk to the broker and see if there is a way to terminate your relationship with them. More than likely, they will try to keep you working with someone in the same office or even the same agent, so you may need to look for a Real Estate Attorney to see if they have some advice for you.
Web Reference: http://www.Searchazmls.com
0 votes Thank Flag Link Tue Dec 21, 2010
UP to buyer fact find crime rates a Realtor can only provide you direction against professional code of ethics.

Cancel a sales offer governed by the terms and conditions of the contract

Terminate your relationship with Realtor based on buyers rep. agreement .

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Dec 21, 2010
I agree you should work with your agent and their broker to resolve your issue.

Just as a side point, agents aren't allowed to tell you which areas are safe or not. That would violate Fair Housing laws, and would just be their opinion. What you consider safe may not be their idea of safe (as you may have found out). It's up to the client to investigate and decide if an area is safe for them. Review local crime statistics, talk to the police and neighbors. Drive around the area to get a feel for it.
0 votes Thank Flag Link Tue Dec 21, 2010
Mb,

Has the lender accepted your offer? Have you received a signed agreement from the lender? Have you reviewed the specific terms of the purchase offer carefully and understand your options? What is the advice of your buyer's agent?

The bottom line is, the further you get into the purchase process the more difficult it becomes to void an agreement. If the bank has not accepted your offer, the door may be open to get out of your offer. Your agent's support would be helpful. If you are not satisfied with the information they are providing you and it may be to your benefit to seek the advice of an attorney.

Best wishes,

Bill
0 votes Thank Flag Link Tue Dec 21, 2010
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