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11369 : Real Estate Advice

  • All13
  • Local Info2
  • Home Buying7
  • Home Selling2
  • Market Conditions0

Activity 13
Wed Sep 13, 2017
Kathy Burgreen answered:
I'm a retired NYC area realtor and life long local resident. My first question - Did you sign an Exclusive Buyer Broker Agreement? If yes, it should have been explained to you how your real estate agent is being paid and from whom? Was your agent being paid by the seller? Did your real estate agent ever tell you that if the commission is below a specific percentage or dollar amount, that you would need to pay the difference? Read the document you signed because I'm sure you signed a broker agreement.

Next - read the lien notice. It needs to specify why the lien was placed. Don't guess or assume anything. It seems odd that your agent would put a lien on your home because of a commission dispute. Typically real estate agents want to be paid immediately - at the closing. If there was a difference / dispute with the commission fee, why didn't your agent call you, email you or file a civil lawsuit. Realtors pay for legal services and pay for Errors and Omissions insurance. This means for disputes like yours, the agent will contact their lawyer and ask to file a lawsuit. A lawsuit can be resolved a lot quicker than a lien.

In NYC, a lien on a home lasts for 1 year. If you don't sell the home within that year, the lien can disappear or the person can renew the lien. Why would a real estate agent wait an entire year with no guarantee that the lien will be resolved when all he / she has to do is call their lawyer and file a civil lawsuit?

To me, it seems there is more to this story than you know or stating in your question. Sounds fishy to me.
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0 votes 1 answer Share Flag
Sun Jan 29, 2017
Fercho1718 asked:
Wed Sep 14, 2016
Scott Godzyk answered:
If you are licensed. and If your sisters and or all owners on the deed sign a listing agreement willing to pay you a fee?
0 votes 1 answer Share Flag
Thu Jul 3, 2014
Javier Meneses answered:
Unfortunately no! Currently lenders don't have programs available for borrowers without a social security number. Try NACA. That's the only organization who does offer loans for people using their ITIN number. You can find them online. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
105 Conklin Street
Farmingdale, NY 11735
(516) 606-9648 Cell
(631) 227-3258 Office
(516) 249-1606 Fax
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Mon Feb 3, 2014
Anna M Brocco answered:
You should discuss with each your loan officers; not having seen the property difficult to answer if there will be an impact or not, what is your agent advising....
1 vote 3 answers Share Flag
Mon Feb 3, 2014
Anna M Brocco answered:
For an accurate picture of costs, why not simply contact a few local insurance agencies for free quotes; if you already have car insurance, begin with that agency and ask all your questions.... ... more
0 votes 1 answer Share Flag
Sat Aug 10, 2013
Gary Geer answered:
Wilfredo Caban,
Have an agent do a buyers market analysis on the property with recent sold homes. This will tell you what similar homes have sold for.
0 votes 6 answers Share Flag
Fri Jul 13, 2012
Patricia answered:
If you ask around, most brokers are, in fact, charging 6% in the East Elmhurst, Astoria, Long Island City area; however, if you give them an exclusive, sometimes they will come down to 5%. Let's face it, if a broker is doing his or her job properly, they need to market your property and that can become quite costly, especially in any of the five boroughs. Therefore, I don't think 6% is unreasonable considering their out of pocket expense, as long as your property is being properly marketed to generate some interest (i.e. print ads, open houses, posted on various websites). ... more
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Fri Nov 26, 2010
Joseph Hastings answered:
I'm coming late to this party for sure. Dunes, you nailed it. I love hearing about the savvy buyer but until now, I hadn't met one. You've done more in your response than most. You've also given Rzuly the tools he needs to find out on his own. I'm sure Rzuly will have many more questions but they may be more informed questions. ... more
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Sat Jan 30, 2010
Robert Greenblatt answered:
Hi Noor. Find your local chapter of the National Real Estate Investors Association.

These groups are made for you!

~Robert Greenblatt
Keller Williams
cherry Hill, NJ
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