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Home Buying in Highland : Real Estate Advice

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  • Home Buying4
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Activity 13
Sun Apr 26, 2015
Arlene Campbell answered:
Sun Apr 26, 2015
Arlene Campbell answered:
Hi there,
You probably don't need this answer by now but still want to give you my opinion.
In a normal world of real estate, if you are represented by a realtor and a lawyer who works for your best interest, you shouldn't be in this dilemma. You have a contract and contract protects you if any unfavorable outcome or hurdles arise, Of course depending on the language of the contract that you signed.
With regards to the seller fixing the water issue, that's not uncommon to hear. especially if you have a well water. Shock disinfection for private water well is is a standard and common process. If it pass the re-rest process, i don't see any harm in moving forward.
However, the radon test seems fishy and sketchy. Was the radon re-test properly done? I just don't understand how will the reading go down from 6.3 to ,8. That is a significant decrease. Another question there is when was the re-test done as compared to the original testing. It just doesnt sound right.
You should consult with your attorney on how to move forward with this sale. And don't forget -- it is still a buyer's market.
Good luck!
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Sun Jan 25, 2015
The Graveline Group answered:
Your best bet would be to find yourself a Realtor for life and have them be your one point of contact for all real estate related issues. There is lots of information online, not always accurate, and Realtors adhere to a strict code of ethics which provides you consumer protection and piece of mind. Browse under the agent directory to find a well reviewed local Realtor that you feel comfortable working with, and have them be you one point of contact. Good luck! ... more
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Sun Mar 11, 2012
Jacques Ambron answered:
generally you can legally flip a property, you might even do better assigining the contract if it is permitted in the terms of the contract. Check with your attroney for specifics.
0 votes 3 answers Share Flag
Thu Jul 15, 2010
Anna M Brocco answered:
Much will depend on your finances and the type of loan, credit score, etc. Visit with any qualified mortgage broker, various lenders, credit unions, etc., then go from there.
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Thu Oct 8, 2009
Ardmore Realty answered:
An underground oil tank is a concern when it is leaking. The problem with underground oil tanks is that there is no way to tell if it is leaking, unless it is uncovered. If it is leaking, it is known in real estate language as a latent defect.
I would suggest that you have your attorney prepare a letter to the seller's attorney, stating that you will purchase the house only with an environmental engineer's certification that the tank is not leaking. Or request that the tank be removed and a new, above ground tank be put in by closing. Either way, especially if you have a private well on that property, the ground should be tested for contamination. Shame on the agent who won't call you back.
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Sat Jul 25, 2009
Voices Member answered:
Does not sound like you have a buyer's agent because he/she would be acting in your best interests not the sellers. I personally would not have any contracts drawn up until and after the inspection is performed to your satisfaction. Not knowing why the baseboard was turned off is a red flag. Dirty water draining from a sewer pipe will need repair. I don't want to alarm you since I am not famaliar with the situation but this could cost some money depending upon where the leak is coming from. Just ask an excavator what his/her hourly charge is and that should curl your toes a little. What a buyer's agent would be doing at this point is negotiating with the seller via the selling agent. I'd say pick your battles and go for the most expensive repairs. All this should be agreed upon prior to the contract because it should be made a part of the contract, especially if the seller agress to the repairs or give you a credit towards the selling price. If you are not satisfied with the actions of your agent tell your attorney that you want certain items repaired before you sign the contract. Let us know the outcome. ... more
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Sun Jun 28, 2009
Voices Member answered:
Is the house still available? I have a few clients that are looking for a lease with option. Call EXit To Green Realty at 845-255-0019 immediately.
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Fri Jun 26, 2009
Voices Member answered:
Do you realize that your monthly payments include principle, interest, taxes, home owner's insurance and private mortgage insurance? The last one could have been avoided if you had more money to put down. Your HUD statement (good faith closing costs will tell you how much you are paying for what is know as PMI. My last client on a $200,000 mortgage is paying $3,333,00 at closing and an additional $77.00 per month till he meets the ratio set by the bank of 20% equity in the home. Have a quick chat with the funding institution and have them explain the costs. All said you are making a wise investment in your future. Congratulations! ... more
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Thu Jun 18, 2009
Voices Member answered:
An experienced realtor is going to know a price range that a home will sell for. We can't pin down the exact number but we will calculate a range by doing a comparable market analysis on an individual property.

Some realtors have designations that pertain to broker price opinions. This is a similar to what an appraiser would perform when calculating the market value for a lending institution. The value calculated by an appraiser is the maximum amount a lending institution would lend to a borrower minus the downpayment stipulated by the type of loan.

Lets say a buyer and seller agree to the price of $200,000. The buyer is putting down 20% and applying for a conventional loan at $180,000. The house would need to appraise for $200,000 or more in order for the buyer to qualify at an 80/20 ratio. If the buyer wants a seller's concession of $10,000 for closing costs than the house would need to appraise for than much more.

This information is valuable in the negotiation process simply because a seller will either need to lower the price of a home to meet this criteria or a buyer would need to come up with additional cash.The latter being very unusual in this type of market.

When you are looking for a realtor with this type of designation you will need to ask if they are RDCPro Certified and of course I am. I'm also the 2009 REALTOR of the YEAR in Ulster County.

When you are serious about shopping for a new home perhaps you may want to call me at 845-255-0019. I am available up till 9PM any day as a service to my clients who work.
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Thu Dec 18, 2008
Sherri Lino answered:
I'm not sure what State you are in, but our WA Purchase & Sale Contracts stipulate on the 22A Optional Clauses that "Any personal property, fixtures or other items remaining on the Property when possession is transferred to Buyer shall become the property of Buyer, and may be retained or disposed of as Buyer determines. However, Seller agrees to clean the interiors of any structures and remove all trash, debris and rubbish on the property prior to Buyer taking possession."

If you do not want to deal with the things left in the home, I would tell your Agent to communicate this with the LIsting Agent, and that the Seller needs to dispose of the furniture before you will close, even if you have to delay the closing. If the Seller is unable, you can certainly ask for some compensation to have to move the things out....Negotiate it!
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Thu Dec 18, 2008
Janine Bowen answered:
Is the home a foreclosure? If so it should have been trashed-out and cleaned and a call by your agent to the listing agent is in order. Otherwise it is really common for people to move out even on the date of close and the stuff may actually be gone when you do your walk-through If they are saying that they will get the rest in the morning before the closing and you don't have time to get there to check I would hold money back at the close to ensure that they have done so. Your attorney should hold back enough to cover the size of dumpster you'll need as well as the cost to pay someone to remove the items. The money can be released when the removal is verified. Where are you located? If they leave any good baby boy clothes, furniture etc., I know of a very good home for them :-) Let me know, I'm in New Paltz - ... more
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Mon Nov 3, 2008
Voices Member answered:
Place yourself in the shoes of the seller. If you told the seller, after the inspections were performed and I presume to your satisfaction, that you were unsure of continuing with the purchase what would you do or think of the buyer? I would tell your agent to resubmit the offer waiving the inspection clause, that is if you were satisfied with the outcome and have consulted with your attorney. The seller's agent will need to submit your new offer along with any other offers that were received.

As a buyer's agent I would tell you to sit down and write a letter to the seller explaining the reasons for your actions.It may hold some weight in the decision of competing offers and it may not. It is worth the few minutes to try. Let the seller know why you think the house is right for you. Time is of the essence.

I have been in a situation where I represented the buyer who fell in love with a house and was about to go into contract the next day when someone from out of town came in with a fifty thousand dollar higher offer. Turns out the seller liked my buyer and they settled for half that amount.

You can have your agent speak for you and request from the seller's agent that the offer be presented directly to the seller. Of course the seller would have to agree to that. Pushy does not work but fair and honest does. Last resort is offer more than you did originally, remove some contingencies(consult an attorney) or escalate your closing date to make your offer more appealing. That may sway the seller towards your sincerity.

Until such time as the contract has been signed anyone can come along and offer a substantially higher price and the seller can accept it; but it's always best to consult your attorney. Usually the seller will compensate an original buyer for some of the costs associated with inspections etc., and it's all dependent upon their attorney's advice and their conscience. Sometimes the first buyer will match the new offer and continue with the sale. Each situation if different. Contracts can also be broken if mutually agreeable and only after attorney consultation.

After trying some of the suggestions I have presented you may just want to consult an attorney. Good Luck.
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