Eileen Musser, Realtor, Ecobroker, Epro

To back up my previous comment, here is a snippett from the archives of the Pocono Record. The practices in the Poconos in the early 2000s is a glaring example of how we got into the mess we are in today with the credit and banking world. .......some very dirty tricks were pulled!

"A federal, state and county interagency task force was formed in 2001 to investigate Poconos home sale fraud allegations that include predatory lending practices, use of inflated appraisals to overvalue homes, phantom financing and falsification of documents. " ........................................

"Specter on Thursday also furnished the Pocono Record with a copy of a letter he sent to FBI Director Robert Mueller on Sept. 5, 2001, urging the federal law enforcement agency to rejoin and "take the lead" in the Poconos real estate probe. That letter pointed to alleged targeting of urban minorities in the home sales schemes, and Specter stated that civil rights violations, as well as criminal fraud, might be involved."

This was a big smudge on the face of our industry. - Thu Oct 9 2008, 13:15

I am not sure what is common practice in the Poconos at this time. Some time ago, with so many people coming to that area who were willing to buy without having their own buyers agent some very strange things happened.

People over paid for homes and didn't know it because they were told that they had to use the builder's choice of lender, appraiser and title company. They also paid fees that ordinarily would have been paid by the seller and were told that was just the way it was done there.

Seems to me that I remember seeing that folks went to jail over some of the worst practices.

Hopefully someone will be able to let you know what is common practice now. Just remember, everything is negotiable. (well almost everything!)

Eileen's Green Team - Thu Oct 9 2008, 12:57

Good question; great answer!

What people really want ot know is whether the market has hit the bottom yet. The true answer is that we don't know, but we do know that we will only know where the bottom was when we look back from some distance. Then it will be too late to have bought at the bottom.

Now I am going to ramble a little. Indulge me; it could make you rich!

Over time, the value of real estate rises just like the stock market rises, but the point is that you need a place to live. If you can make that place your own home you will benefit from the long term rise in value. Otherwise the rise in value of real estate means higher rent. Period.

If you don't have cash set aside, or have debts that keep you from buying a home now, take a lesson from these hard times and get control of your personal finances. If a mortgage payment is likely to be higher than your current rent, then start saving the difference every month. That will allow you to test drive the higher monthly expense, and will build your downpayment nest egg.

If you feel that you can't ever get ahead, take some time to learn from somebody like Suzie Orman, or Dave Ramsey. (google them!) Get serious and make it happen. If you are twenty something now and do something as simple as investing your money instead of playing the lottery every day you will be financially sound when your retire. So build your own jackpot and stop feeding everybody else's.

Now Grandma is done lecturing.

Peace, Health and Prosperity! - Tue Oct 7 2008, 05:39

Hi Caitlin,

This property is located in the city of Lancaster where the tax rate is quite a bit higher than the rate in some surrounding areas. However, homes in the city sell for considerably less money, so you will want to look at your total cost of ownership, not just the tax bill. The particular home you asked about will have taxes of about $230 per month.

If you are not familiar with the area you will benefit greatly from the services of a Buyers Agent who can help you assess your needs (and wants!) so that you end up with the home that is just right for you. As buyers agents we ask lots of questions so that we understand what you really want. Then we help you work with a lender to determine your price range and work with you to find the best home for you that matches what you want with what you have available to spend.

If you like living in the city and value access to public transportation and other things that city living offers, then Lancaster City can be a great place for you. If you would rather be in a more suburban setting there are also many good choices outside the city but not far away. Tax rates here vary considerably depending on the school district, so even if you don't have children who will attend public school you will want to know in which district the home is located.

Please feel free to contact me if you have other questions or want to get automated listing information based on your needs.

Eileen's Green Team at Gateway - Sat Oct 4 2008, 05:17

Alexa,

Can you give us a little more information? Did you list a home for sale that has not sold? Are you now going to rent it out? If so, will you still be trying to sell it? Was your advertising related to the rental, or related to a listing for sale? Did you tell your agent what you were doing and ask advice?

If you signed a contract for a "limited service" listing it should have been clearly spelled out what the agent would do and what you would be responsible for. If it was a full service listing for sale, then you owe the agent the commission if the property sells, even if you did extra work to promote the home.

However, it is my (non-legal) opinion that unless your contract precludes it, you should be able to rent the home out and keep the home listed for sale with the Broker/Agent. As somebody else here has mentioned you will need to be sure that the listing and the rental agreement are not in conflict.

If that is the case, I don't see why the agent would get any commission from the rental. However, if you are breaking a listing contract that could have consequences of its own.

We will be able to give you better advice if you tell us more about what you originally hired the agent to do.

Eileen's Green Team at Gateway - Sat Oct 4 2008, 04:42

Times are very tough out there right now and there are a lot of Realtors who need to find another job. This letter has probably played in the head of almost every Realtor who is honest enough to admit it, but it should NEVER have been sent.

It is not your problem if the agent has kids at home who need new school clothes, or if he is about to have his home and car reposessed because he has not been paid in three months. If he is burnt out he needs to move on to a job where he gets paid for simply putting in the hours.

For your own mental health, have a little compassion on somebody who went over the edge. Then try to put this out of your mind and move on to another agent who will behave in a more professional manner.

Please accept another appology from those of us in the community who think that this was very bad judgement on the part of the agent, even if you HAD BEEN an unreasonable buyer.

Thanks for showing us all how hurtful this like of attitude can be! One good thing about the tougher market is that we might weed out some agents who just don't have the heart for it. - Sat Sep 27 2008, 08:02