Home Buying in 07728>Question Details

Jim, Home Buyer in

I am buying a house. I agreed on a price, that now I feel is higher than what it should be.

Asked by Jim, Sat Aug 2, 2008

During home inspection, I found that the carpet needs to be changed and some of the appliances are almost at the end of life. My realtor says that inspection is only good for structural and these are cosmetic items. I have already made initial deposit. What are my options? Note: Realtor represents both seller and buyer.

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BEST ANSWER
Carpeting is something you would have noticed when you first walked through the house so that is generally not a valid excuse.

Structural problems is absolutely a reason to back out but it doesn't have to be a bad structural item.
Have you got a mortgage commitment yet? Don't, if you don't have it by the specified date it is a valid reason for either party to back out or at least that is the usual wording I've noticed in contracts.

Listen, you can back out for tons of reasons. Don't ask your realtor about it at this point because they are just there to ensure the deal goes through, all inspections get done and contingencies are taken care of and so on. Contracts and Law should be discussed with your ATTORNEY!!!!

--
Victor Kaminski
Broker of Record
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
http://www.realrep.com/
(MIDDLESEX MLS SEARCH) http://search.victor.msx.mlxchange.com/
(GSMLS SEARCH) http://www.gsmls.com/
(Monmouth/Ocean MLS) http://monmouthoceanmls.com/victor
http://www.homes.com/Agent/4243382/victorkaminski
2 votes Thank Flag Link Sat Aug 2, 2008
By the way it was a good article Laurie: http://www.realtown.com/articles/view/the-naked-truth-about-…

You still didn't answer if you were practicing law because I don't see any law stating a dual agent cannot look after the best interest of their clients, point that line out for me ok. By the way it specifically talks about:

"Gaining an advantage at the expense of the other party on the basis of confidential information"

You speak about real estate like there must always be a winner and a loser, what's up with that?

Unless you have a problem keeping being entrusted with confidential information there should not be an issue here. Obviously have no formal real estate training how to handle these issues which should have been covered in basic training, either that or you have no self control.

You said: "Again it's not a matter of character or good will, it's a matter of law. Disclosed dual agents are not legally allowed to advocate for their clients best interest."

You left out the part that says "if such counsel gives one party an advantage over the other."

Gaining an advantage at the expense of the other party on the basis of confidential information obtained from or about the other party is MUCH different than NOT being able to look out for your clients’ best interest and if you cannot distinguish the two, no matter what I say here will make a difference.

Making money by representing both parties doesn't sway my ethics and I have many MANY Extremely satisfied clients by doing so, can you explain that?

I'm sorry your character doesn't permit you to act fairly to all parties while representing them and feel that someone should always get the short end of the stick, its unfortunate. Perhaps that itself is argument enough to do away with disclosed dual agency because if there are many agents around with your same mentality then real estate agents cannot be trusted and really do not have any character or ethics. What a shame!

Study the code of ethics, take the class or better yet watch the video, I'll ask again have you seen it lately or at all? AND do you want a copy free of charge I'll mail one to you?

By the way Disclosed Dual Agency means you can be the listing agent and no other agent in your office can represent the buyer otherwise it will be a dual agency situation. I hope you at least are aware of that.

Are you really reading AND comprehending what I'm writing about?
Marc - "If you can't pursue getting the cheapest possible price and best terms for your buyer? "

Where did I say anything about not getting the best possible terms or price for your client?
And how exactly do YOU do this Marc?
Are you making offers without your buyer’s knowledge?
Are you negotiating terms without first discussing them with your clients?
Are you making the offers or are your clients?

Getting the best price and terms for the buyer is the raison d'etre of buyer agency.
Ah... really? Read the CIS will operate as a buyers or sellers agent and a disclosed dual agent if the opportunity arises. You know I have yet to come across a seller who didn't want me to be able to personally bring them a buyer or allow any of the agents in my office to. How exactly do you get listings?
Ah... We'll list your property but can’t bring any buyers, only other agencies can do that because we don't operate as disclosed dual agents otherwise we can’t get an advantage over you. How does that conversation go down? Bet its some pretty slick talking on your part eh?

Hey Marc, when do you suppose you should operate as a Transaction Broker? or Do you think there ever are times that you should? I know many agencies unfortunately ALWAYS act as transaction brokers and that is unfortunate but there are specific uses for this type of agency can you guess what they are and why this type of agency exists?

Do your research and get back to me on that...

"Our profession will gain newly deserved respect when it becomes perceived as acting for its clients, rather than for itself."

For that to take place, agents will have to conduct themselves no longer like the sleazy used car salesmen types. Have some good strong ethics and stand by them under all circumstances, always look out for their client’s best interest and REPORT those who they know are acting unethically or breaking laws, rules and regulations. If you tell me you never witnessed anybody doing something wrong, I'd be wary of your other answers, if you said you never reported them I would question your character and ethics.
We need to stand tall, stick up for the profession and report those who we know are disgracing it.

--
Victor Kaminski
Broker of Record
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
3 votes Thank Flag Link Mon Aug 4, 2008
Stirrin' the pot, you got that one right Jeremy I'm positive that happens a lot here but this one I don't know its a common valid gripe. Mostly a buyer remorse issue but none the less an issue and while representing your clients best interest and not your wallet, it's your job to ensure your clients are completely satisfied with your services and not second guessing.

When that happens guys like Marc chime in how its impossible for a Disclosed Dual Agent to do a good job and be trustworthy. I think that's more a character trait, if you don't have any and are dishonest or just more interested in being gready more than protecting the best interest of your client this will become an issue.

There are always clients out there that will gripe about something no matter how you bend over backwords to please them and thats just part of the biz. Just do your best, be honest and act ethical and you can't possibly go wrong (usually!) lol...

The carpets are cosmetic items and can usually be negotiated in price but they aren't that expensive unless your going designer or custom. The real negotiating chips that carry weight are "Functional & Structural Items" and carpet keeping your toes warm in the morning doesn't count. ;-)

Example: We're selling a house right now and come inspection time, someone stole the copper pipes! No Joke, really. Now that is a valid gripe, a house should have plumbing and BE functional.

Bottom line... See my last post which I just noticed Jim picked as best answer.
Thanks Jim

--
Victor Kaminski
Broker of Record
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
http://www.realrep.com/
(MIDDLESEX MLS SEARCH) http://search.victor.msx.mlxchange.com/
(GSMLS SEARCH) http://www.gsmls.com/
(Monmouth/Ocean MLS) http://monmouthoceanmls.com/victor
http://www.homes.com/Agent/4243382/victorkaminski
3 votes Thank Flag Link Sun Aug 3, 2008
I believe some of these questions are really posted by realtors trying to stir the pot. Jim was sincere apologies is your issue is a legit one. But according to your post you say the carpet and the appliances are the issue. Well you do not need a home inspection for this. Condition of the carpet was visible to you when you first viewed the home prior to you putting in an offer. Also you can look at appliances(dishwasher, stove, refrigerator) and tell whether they are newer or not. A home inspection reveals material defects or recommended repairs with plumbing, electrical, heating and air conditioning as well as structural(roof, foundation, etc). You have not mentioned any of these items. Also what makes you feel that you are overpaying? Again sorry if your question is sincere. Shame on you if you are really a member just trying to start a debate. Some questions here have that obvious tone
3 votes Thank Flag Link Sun Aug 3, 2008
Hi Jim,

This is EXACTLY why I keep amplifying the negatives of dual agency. You in effect have no representation at this point. No one is on your side looking out for your interests. The agent is making 2 commissions and you better believe all he or she cares about is closing this deal out.

To other buyers: Get your own agent, never consent to dual agency. This post is an example of only one of thousands of bad things that can and probably will happen to you if you place your offer through the listing agent.

GET YOUR OWN AGENT PEOPLE!

-Marc
Web Reference: http://www.marcpaolella.com
3 votes Thank Flag Link Sat Aug 2, 2008
Yes, I think that's funny too.

-Marc
Web Reference: http://www.marcpaolella.com
2 votes Thank Flag Link Mon Aug 4, 2008
By the way I think it’s funny that I was awarded the best answer yet received negative remarks from agents?

--
Victor Kaminski
Broker of Record
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
http://www.realrep.com/
(MIDDLESEX MLS SEARCH) http://search.victor.msx.mlxchange.com/
(GSMLS SEARCH) http://www.gsmls.com/
(Monmouth/Ocean MLS) http://monmouthoceanmls.com/victor
2 votes Thank Flag Link Mon Aug 4, 2008
Yes a very good article! All buyers, sellers, and agents should read it. However, I believe that agents have to go even farther than explaining dual agency and getting the signature. I believe that truly representing their client's best interest demands advising outside representation and referral to an outside firm in most cases. Buyers and sellers should almost always have independent representation. Yes that means Victor and others who think DDA is fine and dandy can't collect 2 commissions while smiling and pledging neutrality and "fairness".

Fairness without advocacy is NOT a beneficial form of agency (except to the "double dipping" set). The consumer of real estate services deserves, and is paying for, much more.

Our profession will gain newly deserved respect when it becomes perceived as acting for its clients, rather than for itself.

-Marc
Web Reference: http://www.marcpaolella.com
2 votes Thank Flag Link Mon Aug 4, 2008
Victor,

Quoting from the CIS:

"Remember, a brokerage firm acting as a disclosed dual agent will not be able to put one party's interest ahead of those of the other party and CANNOT ADVISE OR COUNSEL EITHER PARTY ON HOW TO GAIN AN ADVANTAGE at the expense of the other party on the basis of confidential information obtained from or about the other party." [emphasis mine]

Therefore, as I said, a disclosed dual agent cannot legally advocate for their clients best interest.

-------------------------
Victor:

[At ALL times you must treat all parties involved fairly and honestly. You should Always protect the best interest of your clients and being a DDA in no way impedes that unless you plan on trying to get over on the other party involved in which that case you are not treating everyone fairly.
Getting the cheapest price possible for the buyer is not an agent’s duty as a buyer’s agent. ]

------------------------------

OUCH! Did you really put that in writing???? I have a question Victor. If you can't pursue getting the cheapest possible price and best terms for your buyer, WHO NEEDS YOU? Getting the best price and terms for the buyer is the raison d'etre of buyer agency.

My word...
Web Reference: http://www.marcpaolella.com
2 votes Thank Flag Link Mon Aug 4, 2008
Marc, so now you’re practicing Law? Am I hearing you right?

I don't think you understand the duties or even the concept of operating in the capacity as disclosed dual agent and your comments about it are just scary.

Clearly you need to retake the basic real estate salesperson course over because you missed something along the line the way you bad mouth dual agency relationships. At minimum it's time to review the NAR Code of Ethics Training class or even better the video again. On your web site you claim "members of the National Association of Realtors® and strictly subscribe to the Code of Ethics" but it doesn't really sound like your understand them clearly enough to. The video talks about Dual Agency, if you've never seen it I can mail you a copy, just ask.

Laurie said: "Because you made a specific reference to the agent "representing" both parties (in fact, they "represent" neither)"

The only time an agent would not represent anyone is if they are acting as a Transaction broker, that is different then a Disclosed Dual Agent, MUCH Different.

I urge you guys to read the CIS form aka Consumer Information Statement which is required by law for every agent to discuss with their clients before discussing business when first meeting. This is real estate 101 guys, what's going on here?

At ALL times you must treat all parties involved fairly and honestly.
- You should Always protect the best interest of your clients and being a DDA in no way impedes that unless you plan on trying to get over on the other party involved in which that case you are not treating everyone fairly.

Getting the cheapest price possible for the buyer is not an agent’s duty as a buyer’s agent.

A buyer’s agent duty is protecting their best interest and doing the best they can to ensure the buyer gets a fair chance at getting the home they desire, presenting the offer and managing the transaction and inspections, possibly negotiations thereafter and not so much acting as an auctioneer.

A buyer’s agent should run comps which will help them decide what the offer price will be to determine if the property is worth what the seller is asking and if not offer a lower price accordingly. Are you doing that or acting like you’re at a flea market?

Just asking for a lower price and getting it accepted is not negotiating. Negotiation skills are much more involved then being able to buy a property at a low price, if that's not understood you either haven't been doing this very long or haven't done many deals requiring negotiations.

Sorry if my tone sounds abrupt but I don't like beating around the bush.

The matter of law which I hope your speaking about is that a disclosed dual agent is not permitted to disclose information or knowledge gained from the buyer or seller like how much the sellers bottom line is or how high the buyer is willing to go. You need to be impartial and if you cannot then you need to get out of this business fast before you start breaking the laws you speak of.

Your job as an agent isn't to get the best deal in town for your clients although sometimes you may and that is great. Your main function and duties are to make sure they get the home they want, isn't it?

Asking them to make their highest and best offer is not a bad thing if they really want the home and it's worth it, don't forget to run your comps and help give them guidance along the way.

If you know it or not as a buyers agent, sellers agent or otherwise you always hold a fiduciary duty to the seller even if you don't represent them. Are you aware of this?

Getting the best possible price doesn't mean lying to the buyer, puffing or using other tactics to drive up the price. Operate Ethically and Fairly, it should not be such a difficult thing to do if you’re not greedy.

Good Luck in your careers and remember continuing Education for realtors is a good thing and is coming to New Jersey very soon.

--
Victor Kaminski
Broker of Record
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
http://www.realrep.com/
(MIDDLESEX MLS SEARCH) http://search.victor.msx.mlxchange.com/
(GSMLS SEARCH) http://www.gsmls.com/
(Monmouth/Ocean MLS) http://monmouthoceanmls.com/victor
http://www.homes.com/Agent/4243382/victorkaminski
http://www.trulia.com/voices/profile/Real_Estate_Pro-Edison-…
http://www.city-data.com/forum/members/victorkaminski-211209.html
http://www.realrep.com/Listing/DefaultListingSummary.aspx?Sh…
http://www.city-data.com/forum/3305497-post16.html
http://www.trulia.com/voices/Home_Buying/I_m_thinking_of_pur…
http://nls.point2.com/members/US/New-Jersey/Edison/Victor-Ka…
2 votes Thank Flag Link Mon Aug 4, 2008
Victor,

Again it's not a matter of character or good will, it's a matter of law. Disclosed dual agents are not legally allowed to advocate for their clients best interest.

-Marc
Web Reference: http://www.marcpaolella.com
2 votes Thank Flag Link Mon Aug 4, 2008
One more comment....if you are taking a mortgage for the property the bank will do an appraisal therefore you will be able to confirm whether or not you overpayed.

If the appraisal comes in lower than your offer you will have negotiating power.
2 votes Thank Flag Link Sun Aug 3, 2008
Oh and by the way if I were your buyer's agent you would not be having doubts about the price you paid because we would have gone through every sale and listing with a fine tooth comb. You'd be sure your offer made perfect sense. Your dual agent cannot do that for you. Or much else...

-Marc
Web Reference: http://www.marcpaolella.com
2 votes Thank Flag Link Sat Aug 2, 2008
If you have valid issues from the inspection, you may be able to negotiate a credit,but the carpet sounds cosmetic. Also, the inspection is to uncover hidden flaws, those that the eye can't see. The carpet is out in the open, how it looks is how it looked when you agreed on the house price. As for the appliances, if they were represented as newer than they are, then you have something to talk about. If you had a seller's disclosure with all the appliance ages on it, then you also had that information prior to making your offer.
The seller may not have to agree to any credit since there may not be any real issues to credit. If you feel you are not being fully represented with your agent being both a seller's and buyer's agent, speak to the office manager about your concerns and let them step in and help negotiate this.
You liked the house enough to make an offer so try and make it work out, you obviously want the house.
Good Luck
Sharon Kozinn
Web Reference: http://sharonkozinn.com
2 votes Thank Flag Link Sat Aug 2, 2008
Again, why is this buyer trying to RE-NEGOITATE with cosmetic issues, that was easily seen prior to even drawing up a contract.
I really don't think this comes down to DDA'S.
I believe it comes down to maybe the buyer having buyers remorse.

You're buying a home...a resale...normal wear and tear...is understanable and should be factored into the ending agreed price.

Cathy Cataletto
1 vote Thank Flag Link Sun Sep 21, 2008
I'm a bit amazed at the lack of understanding of the DDA roll in Real estate transactions. Come on folks...go back to the basics...read your lesson guides...and for those agents who's States do not advocate DDA I wonder what your basis is for commenting other than posting an opinion that lacks be grounded in experience and fact.
Remember that a DDA can be ANYONE who has their license with the same Brokerage and it does NOT mean it has to be the same agent! So, you can go through the what if's all you want. The Code of Ethics and the Consumer Information Statement in NJ explains it all pretty well. For those of us who actually take all of this seriously and conduct business well within the guidelines it's not an issue. For those of us who work for a Brokerage that tends to bring buyers to our listings as well as others listings it's a daily occurance.
Being a DDA levels the playing field. An agent must provide a completely balanced playing field both information provided and information of a confidential nature kept confidential. A DDA can NOT guide or recommend a specific offer price but must provide the same information to both sides and allow both sides to derive from that an accepted/offered price.
This (DDA) happens all the time, is discussed in the fundamental licensing class that each took to pass the NJ exam and get their license. If you feel that you can not adhere to the standards fine...DON'T go there then. If you can and with all honesty and with the knowledge that your actions can and should be looked at and proceed in fairness...GOOD, live long and prosper as Spock would say.
Web Reference: http://www.waynefsmith.com
1 vote Thank Flag Link Sat Sep 20, 2008
http://www.realtown.com/articles/view/the-naked-truth-about-…

This is one of my preferred sites re. dual agency, Jim- scroll to the bottom to understand the issues. Marc has made it pretty clear; an outside source might assist, as well- this guy explains the confusion.
I still contend that getting out of the agreement is aok- that's what a contingency offers.
Web Reference: http://optionsrealty.com
1 vote Thank Flag Link Mon Aug 4, 2008
The inspection period offers you an "out". Whether it's due to an undisclosed big issue, or something that is considered "minor", an out is an out. If you don't want the house, use that contingency to remove your offer- all parties to the transaction are aware that it's always possible to lose a buyer due to an inspection. Your reasons are subjective; what's important to you is buying a property that is a value to you- if this one isn't, on to the next. Because you made a specific reference to the agent "representing" both parties (in fact, they "represent" neither) I'll also suggest, like the others, that you get your own true representation next time- it'll give you a better comfort level knowing that your agent has agreed to look out for your best interest.
Web Reference: http://optionsrealty.com
1 vote Thank Flag Link Mon Aug 4, 2008
It sounds like you're getting cold feet. And from the carpet comments, I'm going to assume that this is the first home for you? Is the appliance your true reason of concern or is this a mask for something bigger? If so, get it out in the open and get it resolved asap. But if we are talking about the carpet and appliances only - then let me try and offer some help.

Carpet is carpet. It is what it is. You really can't do much about it and it's no different than paint, wallpaper, etc. Especially since you saw it, smelled it and walked on it prior to making your offer. And why would you want to lay on someone elses carpet anyway? Just replace it and the house will look (and smell) 100% better.

Appliances are another story. Are we talking about a furnace and water heater? Or are we talking about stove, dishwasher and fridge? How about the washer and dryer? Or is it some other appliance like a pool or well pump? All have different life cycles and all cost a significantly different amount to replace or maintain.

Many inspectors use the phrase "end of it's life cycle" as a precaution. It protects them as much as it protects you because they don't want you chasing after them in a year when the washing machine stops working. I have an inspector that puts the furnace in that catagory after 12-14 years when most will last 20 or more if properly maintained. Take this advice with a grain of salt. And when in doubt, check the actual age of each appliance and ask Dad how long they last. Or talk to experienced friends with a homes - not the lawyer. He can't tell you how long his stapler lasted, nevermind a major appliance. I'm sure this will give you a better idea of the true life cycle. Unfortunetely, there is never a guarrentee and I have had relatively newer appliances take a dive after a few years and low cost pieces of junk that have outlasted them all.

The market is slow right now and no seller is going to allow you to walk away over a few old appliances. Request a reasonable credit and see where it goes. And unless the appliance is truly dead, the most you can usually expect is a pro-rated amount rounded off to the nearest 100 or 200 bucks. The appliances are required to be working at the time of closing and nothing more. A 14 year old fridge is on borrowed time but it's not likely going to break in the next 30 days either. The odds are in your favor that you'll get some time out of these items.

Also, remember the older appliances don't have much value anyway and I doubt they really added anything to your purchase price. Don't expect an $800 replacement credit for a 10 year old dishwasher. A dishwasher that old is not worth a dime so anything more is a bonus.

I would also ask the sellers to purchase a 1 year home warrenty. They are available from AON, AHS, etc and all realtor offices carry them. It's about $400-500 and it will let you sleep at night. There is a $55-95 deductable on the service call but at least you won't be stuck paying for repairs or a new furnace.

Bottom line - if you liked the house, the location and the floor plan then don't let a couple thousand in appliances sway you. Look at the original reason you liked the house and it is probably still there. Ask for a reasonable appliance credit or gently threaten to walk. Only a fool (seller OR agent) would let you leave -especially in this market and at this time of the year.

Best of luck!
1 vote Thank Flag Link Sat Aug 2, 2008
It totally depends on what you put in your offer. If you did not stipulate anything, only warranted items, not cosmetic (which would be carpet) would be included. The appliances only need to work. This is why I generally recommend that a buyer not deal directly with the seller's agent--you want the best representation possible. A really good realtor can be fair to both sides, but you need to be a little more savvy buyer if you are using the listing agent to buy the home. Read your contract carefully. It may be that your only option may be to walk away and give up your deposit if you really want out of the deal. What other protections did the agent build in for you--contingencies that might work in your favor in the offer? You might consult a real estate attorney to have him review your contract, too.
Web Reference: http://www.MykeTriebold.com
1 vote Thank Flag Link Sat Aug 2, 2008
Look at the home inspection contingency, is there a specific dollar amount that you can walk from. Home inspection is not just structural. What if the inspector found mold?
0 votes Thank Flag Link Wed Feb 22, 2012
You probably already recieved your credit or price reduction. If the appliances and carpeting were new, don't you think the price would have been slightly higher? Same with an old vs new roof, furnace, windows, etc. If someone just spent a few thousand on the home then it's not uncommon for them to price it a wee bit higher (about 50% of the upgrade costs) if the competing homes offer less.

If heh competing homes were also updated then all the recent improvement did was bring it up to the standard. Otherwise, it would have sold for less so a portion of these costs are typically recouped either way.

The main questiion is "how were the items represented".

Carpeting is pretty obvious and I doubt you need an inspector to point out some wear and tear. It's a cosmetic issue and should have been noted during your initial visist and negotiation. It's the equivilant of an odometer reading on a car and should have been one of the first things that you saw in the home.

If the appliances were represented as new (er) than you may have a case. If the property disclosure represented them as old then it's a moot point and you should have read these documents.

The reality is that if these appliances are working today they will probably continue to work for a while. They won't need to be replaced all at once unless your plans are to renovate the kitchen.

Regardless, the market is in your favor and it never hurts to ask. But keep your eye on the big picture and don't surrender the perfect home in exchange for a few appliances.

Good luck!
0 votes Thank Flag Link Sat Aug 13, 2011
Hey Jim,

Since the question was asked in 2008.. lets get in the time machine and go back and ask for 100% credit on the appliances and expect te seller to contribute 50%
0 votes Thank Flag Link Fri Aug 12, 2011
Jim,

Irregarless of the fact tht the realtor reps buyer and seller, yuou have an attorney and thise items houdl be disucsed with your attorney. If the appliance are at the end of their useful life, I would certainly ask for a credit 100% and expect the sller to contribute 50%.

Francesca Patrizio, Broker Sales Associate, ePro, SRES
Gloria Nilson REALTORS, Real Living
732.606.2931 (24/7)
Francesaca@PatrizioRE.com
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Thu Aug 11, 2011
Your first mistake was using the listing agent as your agent, if you feel that your agent is not working to address your needs call the broker, ask that another agent from the same company/office take over your end of the deal. As far as your complaints about cosmetic problems with the home, they will fall on deaf ears these are things you would have seen as you walked thur the home these are not deal breakers. Talk to your lawyer see if you can work out these small details. If all else fails and you close on this house I am sure if you look on line you'll find a few carpet cleaning companies that offer a great deal at a low price, and keep your fingers crossed maybe those appliances will last a lot longer then you thought they might.

Good Luck
Maggie Quinn
Crossroads Realty
Jackson/Millstone Office
Cell 732-299-1502
0 votes Thank Flag Link Tue Jun 28, 2011
Jim,

How did you make out with your repair delema? We you able to get any help?
0 votes Thank Flag Link Sat Mar 7, 2009
Since the commission is only going two ways I Would tell realtor/ broker you want new carpet from their commission.They have a lot to loose if deal falls thru. I have been doing work for Realtors for 20 yrs. Its a good selling point on their end and they receive a lot of referrals if its marketed the right way.If not ask for half the credit cost at closing table.Good luck mike (carpet/flooring25yrs.-Licensed Electrician 12yrs.
0 votes Thank Flag Link Sat Mar 7, 2009
Home inspections are to find out any hidden issues, carpet of course is easily replaced. If the appliances are in working order then you really cant ask for credit unless they are functional. You have to keep in mind you are buying a resale property, it will have some issues even new homes have problems, its just part of home ownership. If cosmetics is the only problem go for it, it the inspector says its going to be a money pit WALK AWAY
Web Reference: http://www.OurNJhouse.com
0 votes Thank Flag Link Tue Oct 14, 2008
Jim,
You originally posted this question August 2, 2008. Have you closed, what was the outcome of your deal? I am sure we are all curious.
Thanks,
Sharon Kozinn
Web Reference: http://sharonkozinn.com
0 votes Thank Flag Link Tue Oct 14, 2008
The reason that dual agency is problematic, for those that practice it "so well", is because it limits the ability of the agent to act in the "best interest" of either party to the transaction. It does, however, due to a larger paycheck to the brokerage, create a "best interest" to the brokerage, which is why (at least in NY) consumers are counseled on the disclosure to "enter into dual agency with caution."
That Jim's Realtor cannot advise him says it all- he has NO representation, as the agency itself has limited the ability of the agent to do anything in his "best interest." Now, he's got a problem, with a paid participant that is useless.
Any real estate agent comfortable with their responsibility to EITHER party being limited is nothing more than a simple conduit to a transaction- in that case, almost better to go without, and rely on just the lawyer to get the transaction accomplished.
That there are many comfortable with their limited capacity speaks VOLUMES about their ability.
Web Reference: http://optionsrealty.com
0 votes Thank Flag Link Tue Oct 14, 2008
That is another good exsample why I do not like transaction brokerage.
and the fact that in Florida you do not even have to disclose transaction brokerage in writing anymore, will make matter worst.
Long stroy short, you can always try to renegociate the sales price but cosmetic items are just that and do not give you the right to re negociate or bail out.
Anne Hensel
Broker
St. Petersburg Florida
0 votes Thank Flag Link Tue Oct 7, 2008
Good response Wayne.

If I was a buyer doing my homework, I would be leery of working an agent that can not comprehend the basics of dual agency. A Realtor needs to be well rounded and educated in this business, it is the key to success.

There are many in NJ that feel this way regarding dual agency and I enjoy working around them, it just makes what I do with my business stand out.

I would like to know how this transaction turned out.. maybe Jim can advise as to what actually happened.
0 votes Thank Flag Link Tue Oct 7, 2008
I don't think that there's a lack of comprehension demonstrated here with dual agency, designated or not. Were the question read as written, this person has the SAME agent. Not a good thing at all when Jim clearly wants to either get the price lowered, or back out altogether. At this juncture, irrespective of his decision to move forward or not, he essentially has a facilitator with a large commission on the line. As a consumer, most (I'd think) would prefer an agent on the same page, assisting him to either get out of the contract, as is permissable with inspection issues- EXCEPT- his agent really CAN'T operate to the detriment of the seller (who he/she also "represents"-used very loosely) or receive some form of advice of VALUE- again, likely to the disadvantage of the seller. Instead, he gets nothing- compelling him to ask those outside of his transaction for input. If the question itself isn't a glaringly obvious reason to avoid dual agency, I don't know what is.
Web Reference: http://optionsrealty.com
0 votes Thank Flag Link Sun Sep 21, 2008
So what ever came of this Jim home buyer? Don't keep us in suspense!
0 votes Thank Flag Link Sat Sep 20, 2008
Jim,

In the contract I do believe it states that a home in the State of New Jersey is Sold As Is.
I do believe that you saw the carpets before you put the offer in on the house. The appliances also must've appeared old, so I would hope that the price that was agreed to did reflect that condition of the home.

I would understand wanting to do something about this if the inspection uncovered something that you couldn't see.

For instance, after inspection of roof or attic there appeared to be repairs that needed to be done, perhaps wood destroying insects, or even a leak under a sink. Then I would feel that you as the buyer could ask for the seller to either remediate the problem or ask for compensation.

I hope I was of some help.

I happen to have a New Jersey and New York Real Estate Lic, and what is the main difference is that in the State of New York,everyone represnts the seller, unlike the State of New Jersey.

What a difference a state makes!

Cathy Cataletto
732-489-3044
0 votes Thank Flag Link Sat Sep 20, 2008
Hi Jim,
As many other agents have said it is best to deal with a buyers agent as opposed to a disclosed dual agent however it does sound like those items are not enough to back out of the deal.

Carpet is strictly cosmetic however you MAY be able to get a credit or home warranty for the appliances. Since they are in working order the seller could say no but it doesn't hurt to ask.

The best thing to do is review the home inspection with your attorney and ask for their advice since they are working for you.

Thanks,
Heather Daccurso, Sales Associate
Weichert Realtors-Howell
Office: 732-577-0440
Cell: 732-580-5309
0 votes Thank Flag Link Sun Aug 3, 2008
NJ real estate contracts allow and encourage a home inspection.They also allow for negotiation to correct any problems encountered in that inspection.
Please be aware...unless your home inspector in a structural engineer, he/she would have explained that they report what they see and test Structural problems are often hidden and a home inspectors state authorization does not allow them to comment in depth on structual issues, only to point them out. Check the section of your sales contract "Responsibilities to Cure"
You are a home buyer...not a carpet inspector or an appliance repair person. Since your agent represents both sides, speak to your attorney. I see you're fron No Jersey so I'm sure you're working with one. In this market, I'll bet you'll get some accomodation.
Good luck!
0 votes Thank Flag Link Sat Aug 2, 2008
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