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Home Buying in 11377 : Real Estate Advice

  • All34
  • Local Info1
  • Home Buying26
  • Home Selling1
  • Market Conditions0

Activity 26
L Fred, Home Seller in Palestine, TX
Sun Jul 3, 2016
L Fred answered:
Strange - I couldn't add more - anyway - I just bought 60 acres in East Texas. As I completed the sale, I realized my realtor had lied to me.

Back story - my realtor happened to be the listing agent for an acreage I liked. He explained the issues associated with that, and I was ok with it. When I went to negotiate the deal, he told me mineral rights were sold years and years ago, and no one knew to who.

I was upset, as I did not want to buy a property without total control, but decided my wife loved it, so Id risk it.

As we completed the deal I off-hand asked him, did you ever hear who might have bought the mineral rights, and he looked at me straight in the eye and said "Mrs. **** owns them." I was flabbergasted and was so shocked I could barely think straight.

He was enough of an accomplished liar, that he never put it in writing. Is there any recourse? Any board I can complain to, to at least get his name in the mud for this ridiculous crap.

Does anyone else hate realtors?
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0 votes 1 answer Share Flag
sandschris, Home Buyer in Wakefield, RI
Sun Mar 22, 2015
sandschris asked:
me to extend the mortgage approval at a cost of $2600. I asked the sellers agent to have her client pay for the extension as she was in a rush and this was her fault. The sellers agent said…
0 votes 0 Answers Share Flag
jessacorn, Home Buyer in 94102
Thu Feb 12, 2015
jessacorn answered:
Looks like my long-winded question got cut off. Here's the rest:

Fast forward three weeks to today, when we receive the appraisal from our lender (the builder's preferred lender) - coming in right at $615k. Comps listed on the appraisal included the nicer home across the street, WHICH SOLD FOR $592k.
We are furious and feel taken advantage of and lied to. I was able to find the email from our agent that contains the misinformation that helped inform our decision.
Is there any recourse? We are visiting the home in two days for a walk thru and want to bring this up to the agent in person.
Any advice?
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0 votes 1 answer Share Flag
Martina Ryan, Real Estate Pro in Bayside, NY
Sun Jun 22, 2014
Martina Ryan answered:
There are a lot of buyer brokers that can work with you. What are you shopping for I may be able to help.
0 votes 4 answers Share Flag
Martina Ryan, Real Estate Pro in Bayside, NY
Sun Jun 22, 2014
Martina Ryan answered:
You can do it in writing or verbally. It is usually via your agent.
0 votes 6 answers Share Flag
Martina Ryan, Real Estate Pro in Bayside, NY
Sun Jun 22, 2014
Martina Ryan answered:
Yes it is. It has some great properties. As to safety it is like most other neighborhoods.
0 votes 2 answers Share Flag
Martina Ryan, Real Estate Pro in Bayside, NY
Sun Jun 22, 2014
Martina Ryan answered:
Probably on average 10% but it depends on a lot of variables. LIC has appreciated more than other areas so it all depend on location.
0 votes 2 answers Share Flag
Mack McCoy, Real Estate Pro in Seattle, WA
Sun Mar 10, 2013
Mack McCoy answered:
rjtech, we can tell you whatever you want to read, but you can't sue her without an attorney willing to represent you, and it would be up to that attorney to find a point of law on which to hang your case.

So, long story short - call your attorney tomorrow. To protect $45,000 a month, $700/hr doesn't seem like all that much.

All the best,
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0 votes 11 answers Share Flag
Nirmala Cara…, Real Estate Pro in Bronx, NY
Sat Sep 29, 2012
Nirmala Caraballo answered:
Dear Ciara,

Here is a link to information re SONYMA.. You loan professional should be able to give you an estimated closing cost sheet, so you can have an idea of what you need to bring to the table to close on property.


http://www.nyshcr.org/Topics/Home/Buyers/

Good luck.
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0 votes 2 answers Share Flag
Martina Ryan, Real Estate Pro in Bayside, NY
Sat Sep 15, 2012
Martina Ryan answered:
I would need more details for an accurate answer:
Location
Plot size
Zoning
190K sounds off for a property your size.
0 votes 3 answers Share Flag
My NC Homes…, Real Estate Pro in Chapel Hill, NC
Wed Jun 20, 2012
My NC Homes Team answered:
If the property is listed in your local MLS system seller agent has already agreed to pay a commission to a buyer broker. If it's not then the Seller can do as they like. However you seem to indicate the Seller is a licensed agent, which means you can file a formal complaint against them both with your state real estate commission and with the local Board of Realtors.

Honestly it sounds as if the Seller is a total jerk, and frankly if their already this bad why would you possibly want to buy their home. The entire transaction is going to be nothing but painful, If I were you and wanted the house (which I probably wouldn't after encountering the Seller) I go back to them and say the new price I'm now offering is $120,0-00. My deal would be as-is (trust me you don't want to try and deal with this idiot on home inspection issues and that my offer was good for 1 day only,.

If you want the best advice I an offer, it's forget the house, file a complaint against the seller /agent and move on. Buyers should remember there's always another home, I doubt there anything really remarkable about this property and life is too short to waste it on jerks.
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1 vote 5 answers Share Flag
Nida Kabbaj, Real Estate Pro in Plainview, NY
Fri May 25, 2012
Nida Kabbaj answered:
If you are working with a real estate agent, he or she should be able to recommend loan officers , mortgage companies and/or banks they worked with in the past. If you need any recommendations, feel free to contact me.

Nida Kabbaj
Exit realty by the park
917-681-1102
Queens, NY
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0 votes 3 answers Share Flag
RPN New York…, Real Estate Pro in New York, NY
Thu May 26, 2011
RPN New York Realty answered:
Speak to your attorney. Don't even put any further postings here or speak to anyone else about the matter without speaking to your attorney. Most contracts will have a financing contingency clause-which usually provide that so long as you make a good faith effort (file timely, provide truthful information, etc.) to obtain a loan but are ultimately denied, your deposit would be refunded. Timing is very important in situations like this, therefore, consult your attorney immediately and urge that he/she take immediate action to protect your interests. Frequently, there are also specific procedures to be followed in case of loan denials (the financing contingency not being met).

Please call your attorney immediately. Good luck.
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0 votes 5 answers Share Flag
Therese L Ko…, Real Estate Pro in Bayside NY 11361, NY
Sun Jan 30, 2011
Therese L Korahais answered:
Hi Susan, very simple...most coop managaments will only deal with the people that own the coop-so it is the sellers or sellers agent that is responsible for getting you the financials and get them to you(your agent) or your attorney. Chances are your attorney won't release the contracts and your down payment until he receives the financials....that's how it should be. Terry K 718-614-3167 cell or emaI.. therese.korahais@elliman.com ... more
0 votes 3 answers Share Flag
Amy OBannon, Real Estate Pro in MINERAL WELLS, TX
Mon Aug 2, 2010
Amy OBannon answered:
The listing broker is giving another broker permission to advertise his listing. It's a good way to get new buyers and the owner's property gets shown more.
0 votes 3 answers Share Flag
Mary Condon, Real Estate Pro in Boston, MA
Tue May 25, 2010
Mary Condon answered:
Hi Harker 207 !

Congratulations that you CAN get a mortgage!!!! You ARE in the Drivers Seat in this "Buyers Market", however, some sellers are their own worst enemy.

As you know the economy has changed a lot of the way we used to do business. This has hit the real estate market very hard.

Yes, the seller can ASK for these things, however, a buyer can refuse and may be rejected.

Both parties loose. The seller may have unrealstic expectations of buyers and thus may not be able to sell for the terms they want. Buyers need to be prepared to walk away if they do not want to disclose all of the requests.

Is this "normal" now you ask?

Sellers are often asking for higher down payments now to reduce the chances of a buyer being unable to get their mortgage and therefore the seller loosing marketing time.

Usually a pre-approval letter stating what has been reviewed: Credit Score; Employment history; Funds to Close are acceptable to show the seller that in the eyes of the lender you meet their tough requirements.

Ask you lender to re-write the pre-approval with these statements including, in your case, that the lender has also reviewed your ability to get PMI. Then re-submit the offer, using a "Buyers Agent", demonstrating your position: nothing to sell; pre-approval in hand; can meet the sellers terms to close. If you can make the mortgage commitment a shorter time frame the sellers may feel better.

If they still say NO and request other information then you can decide if you wish to go forward.

There are other homes out there to choose from and it is a "Buyers Market".

Always be willing to walk away. If you can get a mortgage then You are in the Drivers Seat more than you know.

Best Wishes,

Mary Condon
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0 votes 6 answers Share Flag
Ana Chan, Real Estate Pro in Woodside, NY
Sat Apr 17, 2010
Ana Chan answered:
Susan, your best source of information is your loan officer. When you buy a coop your closing cost is a lot less than if you were buying a house or a condo because when you buy a coop you are buying shares in a corporation not a real estate property . ... more
0 votes 5 answers Share Flag
Joseph Hasti…, Real Estate Pro in Bayside, NY
Sat Jan 23, 2010
Joseph Hastings answered:
Hi Zveron. There is a standard financial stement form from the real estate board of NY. If you're working with a broker, they can provide you with this form.

As stated below, this statement will reflect you income, assets and liabilities along with any current real estate holdings. This all goes to your debt to income ratio which make you either a good or bad risk when looking to buy the stock and lease from a Coop.

Most Coop boards look for a debt to income ratio of 28%. A more liberal board may consider 30%-33%. Again, talk to your broker for additional information.
... more
0 votes 3 answers Share Flag
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