Barbara Madaras

Would you like a Relocation Package to learn more about our area? Everything you've mentioned is true including our still-reasonable and still-appreciating real estate environment. I have a feeling I'll be saying "Welcome to New Mexico" in less than a few years! WELCOME!

BARB - Thu May 15 2008, 17:54

All the subtleties in the answers below are accurate and right on the money. There are numerous contractual deadlines that should have been met to insure on an ongoing basis that the Buyer was and continued to be in a position to buy the property.

It appears that your agent did not monitor those deadlines so I would look to them first for an explanation of those oversights.

Both parties do have to agree on distribution of the Earnest Money. Hopefully the buyer will be of good faith and recognize their part in this failure of the transaction. But people get "weird" when it comes to "THEIR" money!

It sounds as though you have not filed the appropriate paperwork yet. Insist that your agent provide that documentation for your signature immediately. Pray for a rational buyer and if they prove not to be, realize that a lot of that money will indeed be expended in legal fees.

After this is all over, I would have a stern discussion with your agent's broker asking why your agent did not insist that the ongoing accountability during escrow be met by the buyer.

BARBARA - Thu May 15 2008, 17:52

Welcome to the CLUB! No one understands this stupid, foolish, self-defeating concept! No it doesn't make sense and it's only getting worse. Now some banks won't even discuss a short sale if there is a second mortgage - they have too many projects on their plate where they are the only lender! It doesn't even matter if they will get every penny they are owed, if there's a second to negotiate, they walk away.

Does it sound like I've got one of those in front of me right now! Tears, screams and threats later - YEP! - Tue Apr 29 2008, 17:33

Banks sell "as is" and that's the bottom line! You take your chances big time when you purchase under those circumstances. That's why it's always hard to encourage someone who truly wants the home as a place to live. Investors have the scars to show for their previous efforts. A new homeowner doesn't have the scars or (usually) the $$$! - Tue Apr 29 2008, 17:31

Be very very careful before you start advertising anything! Get to know what is required - legal or not - in order to advertise a space as "in-law quarters".

In our area, "in-law quarters" is not a legal description and you can call anything you want "in-law quarters". Usually it means a second Master Suite or it can mean an area in a house with a bathroom in such close proximity to the bedroom that the access is private and screened.

In fact, in our area, anything more than that - ie, cooking facilities - is illegal and you would need to get any cooking facility out of the house prior to the house being appraised or you will be found in violation of city ordinance.

Bottom line - call a Realtor and have them discuss with you what it "tradition" and what is "code" in your area.

BARBARA - Tue Apr 29 2008, 17:25