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11735 : Real Estate Advice

  • All9
  • Local Info0
  • Home Buying4
  • Home Selling1
  • Market Conditions0

Activity 5
Sun Feb 19, 2017
Barbara asked:
Thu Feb 4, 2016
Kathy Burgreen answered:
The house cannot be sold until the taxes are paid. Most cases, the taxes will be paid at closing.
0 votes 1 answer Share Flag
Mon Jul 27, 2009
Suzanne answered:
I have a co-op in Farmingdale that I put on the market at the end of April. I have dropped my price twice. Interest is extremely high, and I actually had 3 very good prospects. If it weren't for my board demanding a 20 percent down payment, it would have sold the first week. ... more
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Fri Feb 13, 2009
Anna M Brocco answered:
You should be in the ballpark with $430,000. Keep in mind that homes in that price range that are in very good condition often result in bidding wars--look at as many as possible to better your odds. ... more
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Mon Jan 26, 2009
TERENCE CAVILL answered:
Trisha ,
I would say that despite what people say , in all practicality , it is very difficult to get an offer accepted with a contingency clause on it . The main reason being that in our area , buyer and seller are represented by lawyers ,who are supposed to act with their clients best interest at heart.The lawyer would not allow his client to sign any kind of contract that depends on the sale of another property , without making sure that his client is not liable for anything .But they can avoid any liability by NOT signing a contract anyway
Think of it this way , the seller if he does not sign a contract with the contingency , has two options and is at worst , no worse off , and at best has avoided all kinds of legal problems
a) the first property sells - so he can sign a regular contract now that the other property has sold.
b) that property does NOT sell -either the contract is void anyway since the potential buyer cant buy your property anyway (he cant afford two mortgages ) so they can sell their property to someone else who comes along .
Another buyer who comes along might avoid their property since he may be held up by the contingency clause in that contract . He doesnt want a problem , so he will avoid your property . Part of a realtors ethics is disclosure
and he would have to disclose that there is a contract with a contingency clause in it . How long must anyone wait ?
does the contract with the contingency clause have first option ? etc etc etc
There are too many problems associated with a might be contract .I know in other states that contingency clauses are used , but I havent seen one go through in this Long Island area.
... more
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