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Home Selling in Morgan Hill : Real Estate Advice

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  • Local Info8
  • Home Buying50
  • Home Selling10
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Activity 13
Tue Jun 20, 2017
Arpad Racz answered:
Hi,
I wonder if any price change may give a beneficial refresh or renewed placement on some portals?

Kind regards,
Arpad
0 votes 1 answer Share Flag
Fri Jul 22, 2016
Tunck83 asked:
I just found out my house was under BMR restrictions because I wanted to sell my house but the title company informed my realtor that the house was under BMR. Is there any action I can take…
0 votes 0 Answers Share Flag
Fri Feb 21, 2014
Angela Lazrovich answered:
I'm so sorry to hear of your heart wrenching nite-mare.
Yes consult with a lawyer and put a complaint in with the board,
I do hope they can recover some of your money.
0 votes 6 answers Share Flag
Sun Aug 25, 2013
Michelle Carr-Crowe answered:
No it's more like a green flag-one that welcomes buyers. Many buyers look in a set price point, say $750K or under. If the home is asking $800K it hasn't been exposed to those buyers. Reducing the price often introduces the home to a new group of buyers-which is likely to result in a sale.

No offers after 30 days on the market means the market is telling you, "This is not the right price." While it could be poor marketing, if it's on the MLS and accessible but no offers, price is what needs to change.
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1 vote 19 answers Share Flag
Sat Apr 13, 2013
Mike Walters answered:
In CA, if the short sale is on a reverse mortgage financed home then "YES" a buyer can be related to a seller. In fact, in some cases the buyer can buy the home at 95% of market value. No "Arms-length" concerns in this specific type of a scenario. Check with a mortgage banker in CT to compare their position. I believe it will be the same.

In virtually every other scenario, they canNOT be related in any way. Again, check with a mortgage banker in CT for any variances.

Mike Walters, NMLS #280219
Mike@CaHomes411.com
831.630.3717
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0 votes 4 answers Share Flag
Mon Apr 1, 2013
Grace Hanamoto answered:
Hi KM,

So sorry to hear that you are still dealing with this problem.

If the broker is not providing you with information, it is time to get a real estate attorney involved to get this done. Yes you can cancel the deal, and since the buyers have removed all of the contingencies, you need only to request that they cloae. You can give them a deadline, and if they fail to perform, you can cancel the contract. I would strongly suggest that, if you do have to list your home again, you refrain from using the same brokerage again, since, as you mentioned in a previous question, the agent may have failed to provide you with adequate re Rae ration and advice in th sale of your home.

So talk to your broker and get the notices delivered to the buyers right away. Having to wait more than two months to close an escrow in a market such as we are experiencing today is unjustified.

Good luck!
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Fri Sep 14, 2012
John Arendsen answered:
OK, I've read and concur with most of the answers below. I am also a Manufactured Home Installer/Contractor in Florida and workded there for over a year in the aftermath of Hurricane Charlie and his buddies visited Florida in '04 and for the most part agree with Annentte where Florida is concerned.

However, it's much different in California. As a licensed MH Dealer in California for the past 17 years I can personally attest to the fact that it is much easier to sell a MH than it is if lyou are a RE agent/broker whcih I also happen to be.

Should I choose to sell a MH in a MH lease/rent park/community all I need is a simple i page legal size CONTRACTURAL LISTING AGREEMENT, wihich consists of A 3 copy (white copy, Dealer Origanal, Yellow copy, Registered Owners copy, Pink copy, sales person & agent approval. and Registered/Legal Owners signiture copy.

Part I is the RIGHT TO LIST, SHOW AND SELL

PART 2 IN MANUFACTURED/MOBILEHOME DESCRIPTION, ADDRESS, REGISTRATION & TAX TYPE

PART 3: TERMS OF SALE

PART4: COMPENSATION FOR SERVICES

PART5: ADDITIONAL CONDIDTIONS AND AGREEMENTS.

This form takes less than 15 minutes to fill out

The only other form a MH Dealer/Agent needs is a:

HDC 480.1 REPORT OF SALE FOR A NEW MOBILE/MANFACTURED HOME or a
HCD 480.3 REPORT OF SALE FOR A USED MANUFACTURED HOME, MOBILEHOME, MULTI-UNIT MANUFACTURED HOUSING OR COMMERCIAL COACH.

This is a 1 page regualr 8.5x11 4 copy form. Copy 1 goes to the Department, 2 to the purchaser, 3, to the Tax Assessor and 4. stays in the MH DEALER BOOK.,

It's is simple as that. No pain no strain.

Now that stated if it's a RE agent/broker it's a whole new ballgame. Now you're looking at at the 10 part FORM MHPA (CALIFORNA ASSOCIATION OF REALTORS) MANFACTURED HOME PURCHASE AGREEMENT AND JOINT ESCROW INSTRUCTIONS

This is a very long drwan out and tedius process to say the least. This form can be used for both rent/lease park/communities but must be used on any/all real estate land/home transactions and is just the tip of the iceberg for the overall amount of time and effort that goes into a MH transaction.

I could go on and on but I think you get the idea. If you're going to sell a home in a rent/lease park/community go through a MH DEALER not a RE BROKER unless the broker also maintains a MH DEALERS LICENSE.

Most MH DEALERS wil charge a 10 sales commission or a $3000 minimum commission whichever is greater. It takes just as much tme and effort if not more to sell a $10,000 home as it does a $100,000 home.

However, having said that this is an old model and as others have stated now that RE Brokers have entered the arena they tend to carry with them their traditional 6% commission regardless of the sales price. That's why many RE agent/brokers prefer not to engage in MHs.

We've been a family owned and operated Manufactured Home Dealer, General and Manufactured Home Contractor/s, & Developer, Real Estate Broker with over 100 years of combined experience. We also provide engineering, architectural, landscape and interior design services. Should you have any other questions please feel free to contact us anytime 760 815-6977 or email me at onthelevel@cox.net.

Although we don't service the Morgan Hill area as a Trulia contributor we will be more than happy to answer any questions you have about Manufactured Housing, Real Estate or Construction. Or feel free to log onto any of our very user friendly websites for additional information.

www.tagrealestatesales.com
www.onthelevelcontractors.com
www.chadofalltrade.com
www.intimatelivinginteriors.com
www.sandiegorealestatetoday.com
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0 votes 9 answers Share Flag
Wed Jun 20, 2012
Lance King answered:
Any property owner can sell their own property without a license. However, license or not you are required to provide certain disclosures whether licensed or not. Many homeowners think that they can do just as good a job as a pro - almost never

and will save a bunch of money - most sellers end up having to pay a buyer's agent and most buyers will discount off the asking price in lieu of paying commission. This is not just a broker vying for your business - we don't work in your area.

Most FSBO properties that we see are badly priced and have terrible photos, plus you cannot reach anywhere near as many buyers. I wrote a blog on the subject I hope you will find helpful:

http://www.trulia.com/blog/lance_king/2011/03/open_letter_to_fsbo_sellers_-_it_s_not_as_easy_as_it_seems
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0 votes 9 answers Share Flag
Thu Jul 8, 2010
Heather Peck answered:
Very interesting answers. Here's my question to you...why would this be a violation? The listing agent is not short saling their own house, they are selling a house for a family member. You didn't mention whether or not they disclosed that on the MLS listing. If they did, no problem. If they didn't that's an issue to discuss with your local real estate board.

The arm's length transaction only comes into play for the buyer. You can't be related or have a relationship to the seller as a short sale buyer.

Lastly, as far as being a violation, the seller's bank will not usually allow the seller to sell their OWN house as an agent because they are not allowed to profit from the sale and a commission would be a profit.
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0 votes 8 answers Share Flag
Mon Aug 17, 2009
Bob Georgiou answered:
Running to attorneys is the WRONG answer, not to say that isn't an option soon enough.

1) Call the agent's broker. Get him involved. He is going to do everything possible to not end up liable for his agent. If he is a good broker, he will try to help you. If he goes into litigation defense mode...then get a lawyer.

2) When you get the broker involved, ask for help from their in house counsel. If he doesn't help you to your satisfaction then get an attorney.

The problem likely isn't with the buyer though.

On the upside you should have a full set of reports and you can now ask for true as-is offers.
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0 votes 8 answers Share Flag
Sun Aug 9, 2009
Terri Vellios answered:
If the Buyer used a real estate agent and a Purchase Contract, the Buyer's agent will advise the Buyer of the proper mechanism to deliver a cancellation per the contract. This can be a sticky situation depending on how far along the parties are into the contract, are they within their contingency period? Is the reason to cancel a contingency in the contract?

I gather since you wrote this a few weeks back this has been resolved. For those reading this for answers to their questions, the best advice is to
#1. Contact the agent representing you
#2. Read the contract
#3. If necessary bring in the Brokers for both Buyer and Seller
#4. Talk with a real estate attorney.

In simple terms, a Buyer can send an email to cancel, but it may not be binding and most likely not the method of delivery as spelled out in the contract.
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0 votes 5 answers Share Flag
Fri Jan 9, 2009
Sam Shueh answered:
Mr Tran,
The distressed homes in your neighborhood has affected your neighborhood as well as the entire south county.

There are still bank owned homes in your neighborhood unsold asking for a song so to speak. One concern of a new neighborhood such as yours is close proximity to the freeway. I have showed your neighborhood to regular and bargain hunters. They like a more established neighborhood with larger lot away from highway traffic.

The bright side is homes in MH in general have not dropped as much as San Jose or south of you. It still has the price/appreciation level as Q3 2004. RE like stocks are meant for long term haul. Interestingly enough your street is named after the founder of Morgan Hill. He applied for a land patent and owned 7000 acres and built an adobe on Hale/Murphy. He did not hold on to it long enough to strike it rich. It was later owners like Martin Murphy who split the lots.

Get on my website and there are several distressed properties listed and you will get a bigger picture. I live close to you.
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