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Home Buying in 46239 : Real Estate Advice

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  • Home Buying6
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Activity 6
Sun Jul 9, 2017
Kathy Burgreen answered:
Yes, you can cancel your relationship with this realtor and choose a different realtor to represent you. You can even choose a different brokerage. (Realtors - read this person's question in a different thread. No agency relationship was ever formed because the agent never showed any homes, no brokerage agreement signed, no emails / calls returned.)

You will not owe this agent a commission fee because you never signed anything that states you will owe a fee.
Now to the more important issue - this is a new construction home (according to your other question). You need to know some important facts:
1. Builders use their own purchase contracts written by lawyers that favor the builder -- not you. I would STRONGLY ADVISE you take the contract to your own attorney and edit / change it so at least some of the terms benefit you. Briefly, things will happen during the construction and the builder will tell you they are not responsible for anything because according to the contract, that's exactly what it says - the builder is NOT responsible if anything goes wrong. You are responsible for everything. You need to read the contract very carefully.
2. If any terms are changed on the contract, don't expect the builder to agree to it. You may need to negotiate. Builders need to make a profit, so anything that involves time, expenses, etc. will reduce their profit which is why builders don't agree to contract changes.
3. Find your own lender. Never use the builder's lender. Big rip off. The builder's lender may assist with closing costs or reduce a fee BUT they will rip you off in other ways. Example: charge you a higher interest rate, add additional fees, have terms that benefit them - not you, etc.
4. Not having your own agent come with you on your first visit means the builder doesn't have to pay a commission. You are welcome to bring your own agent afterwards but you will need to pay the commission fee out of your own pocket.

At this point, since it seems you already visited the builder's site and probably signed a contract, you don't need to bring your own agent. Everything that was supposed to be negotiated already passed the deadline so not sure if you have anything to negotiate with. Example: upgrades could have been given to you for free. That is typpically the builder's extra profit.

Good Luck
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Tue Feb 2, 2016
Dan Tabit answered:
Your question is about real estate, but it's really a legal one. If you have any paperwork from this builder review it and have it reviewed by your attorney. Print out any emails that contain your discussions and negotiations and provide them as well.
If you did commit to work with this builder, they have expenses and opportunity costs which they won't be able to recover if you just walk away.
If you didn't commit to them in any way, they are not managing their business in a professional way and may not be in business for long.
We can't settle this for you either way, but you're better off getting legal advice from a local attorney early on than too late.
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1 vote 2 answers Share Flag
Sun Apr 6, 2014
Michele Hawker answered:
NO, not without court approval. When in a 13, any major transactions must have court approval first. If they say yes, then you're in. The problem is finding someone who will sell to you on contract while in the midst of a bankruptcy. Actually, let me rephrase that. Finding anyone to sell to you on contract and in a bankruptcy in a GOOD neighborhood will be near impossible. Sounds like the down payment should be no problem if you make a profit on your house. The problem with that is the trustee might demand some or all of it. You need to make your attorney ask the court for permission. If you don't, your bankruptcy may not get discharged and you could get in trouble. ... more
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Tue Jun 8, 2010
Don Tepper answered:

Generally not with conventional financing, but lots of ways with creative financing.

With conventional financing, if you're a veteran, you can get a 100% VA loan. You can get a 96.5% FHA loan. And some states have some special programs as well. Check with a good mortgage broker to find out what you might qualify for, and what programs are open to you.

With creative financing, you often can buy with no down payment. For example, look into "subject tos." Or, for no down payment now, look into lease-options.

Hope that helps.
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Thu Aug 27, 2009
Indy KW Real Estate answered:

If it was before 04/30/2008, the person you are referring to moved. It was sold on that date. If it was after that date, give me a call at 317-354-7410 and I will confirm whether it is the same person on the tax records. I do not want to post any of that information online.


Tony Wilson
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Tue Jun 23, 2009
Tim answered:
Berylk, It doesn't look like anyone answered your question! Yes you CAN change your mind after applying for a mortgage. The only damage done (temporary) is the inquiry the mortgage company made with the credit bureaus. Of course if you are contractually obligated to complete the transaction that is a different story. If you have a scenario you would like to discuss please let me know. Thanks! ... more
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