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Realtor Contract Protection Period All Locations : Nationwide Real Estate Advice

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Showing results for Realtor Contract Protection Period [Clear search]
Stefan Levine…, Real Estate Pro in Jupiter, FL
Tue Oct 30, 2012
Stefan Levine P.A. answered:
There is a difference between the closing date and the standard 30 day contingency for mortgage approval. Check if the mortgage contingency was extended to 60 days. If the mortgage contingency expires well before the closing date you have a comfort zone.

Separately, you can write a contingency into your purchase contract which requires the completion of your sale for the contract to become effective. This won't be too popular with home sellers but it gives you the protection you need.

Hopefully this helps and feel free to contact me directly if I can be of assistance in your new home search!

Stefan

stefan@stefanlevine.com

561 632 7705

www.stefanlevine.com
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0 votes 7 answers Share Flag
Bill, Other/Just Looking in Southampton, NY
Sun Nov 9, 2014
Bill answered:
Your real estate broker can get you to offer and acceptance, after that you need an attorney to review the contract of sale and order title and facilitate the closing.
0 votes 11 answers Share Flag
Elena Talis,  in Palo Alto, CA
Fri Oct 12, 2012
Elena Talis answered:
Depends. What does it say in the short sale addendum? How much time did you have to get the sale approved? Most probably you have to put the property back on the market.
0 votes 12 answers Share Flag
Sarina Nicho…, Real Estate Pro in Naples, FL
Thu Apr 30, 2015
Sarina Nichols answered:
Hi, It must be requested for release by the escrow co., and if there are no disputes on who the money should be returned to, and the contract & addenda state the offer has been cancelled formally, then it should be only a matter of processing time. Some local places I've seen quickly cut a check, however, I've seen some places take up to a week to formally 'process' the check and mail it, etc. It just depends, as the escrow holder is bound to the contract terms and not who placed the money into escrow. Your Realtor should be assisting you with your return in a timely manner, OR should be explaining clearly to you what the delay is and an anticipated time frame to return it. Please let me know if you have further questions. Best of luck! Thanks!
-Sarina Nichols
Sarina.Nichols.Realtor@gmail.com
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0 votes 15 answers Share Flag
Shaukatali K…, Real Estate Pro in Katy, TX
Thu Aug 28, 2014
Shaukatali Kadibhai answered:
Did you sign and terminate any agreement you had with the first agemt??
Consult the new agent and he should guide you seeing your documantation.

Kadibhai (Kadi)
Better Homes & Gardens Gary Greene, Realtor Katy/Houston
Phone: 832-228-7978
Fax: 281-646 1841
Email: kadi.kadibhai@garygreene.com
Web: http://www.har.com/kadi
"The highest compliment I am ever given is when
I am referred to your family & friends!"
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0 votes 13 answers Share Flag
Maggie Hawk, Real Estate Pro in New Smyrna Beach, FL
Fri Sep 28, 2012
Maggie Hawk answered:
Jose,
You can usually verify if there is a lien filed against a property by checking in the public records for that county. However, the online filings could lag by a couple of weeks, and therefore aren't totally up-to-date. Also, errors are sometimes found in the county records.

The MLS isn't always correct either--After all, we're all human, and humans have been known to make mistakes! That's why you usually see something like this at the bottom of the Multiple Listings pages:

"Thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you."

Or, the agent could be mistaken. Is it really worth getting into a legal dispute with him? So what do you do to find out if the property has a lien on it?

Well, there IS a good reason for doing a title search and examination, and obtaining title insurance. And this situation is certainly an example of why title insurance is important.

One word of caution though--If the Buyer is purchasing a foreclosure, the lender's title work will only cover the lender's period of ownership. This might be only a few months, or even a few weeks.

In this case, the Buyer would do well to protect his/her interests by paying for a more extensive search, one that covers the previous owner's period of ownership.
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0 votes 5 answers Share Flag
Julian Mostel, Real Estate Pro in Nyack, NY
Wed May 29, 2013
Julian Mostel answered:
Hopefully, you are working with an experienced Realtor. We help you position your home correctly in this market. We show you how your home can be presented in the best possible ways. We then market your home. You should be getting feedback on every showing. Call me if you'd like to discuss further.
.
Julian Mostel
Associate Broker
Lydecker Realty
143 Main St.
Nyack, NY 10960
845-358-0001 ext. 26
www.RocklandBestHomes.com
Nobody Works Harder for You than We Do. Period.
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0 votes 10 answers Share Flag
Andrew Tisel…, Real Estate Pro in clifton, NJ
Tue Mar 26, 2013
Andrew Tisellano answered:
yes you can still purchase the home as long as the seller is still willing to sell it.
0 votes 8 answers Share Flag
Lance King, Real Estate Pro in San Francisco, CA
Mon Feb 25, 2013
Lance King answered:
Generally speaking buyers do not do inspections during the construction process unless they are building the property. The city or county does inspections throughout the construction process to make sure things are done properly and to code, although they do make mistakes.

I always urge buyers to have a professional inspection because it makes it easier to get punchlist items addressed before close of escrow
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0 votes 7 answers Share Flag
Lance King, Real Estate Pro in San Francisco, CA
Fri Mar 18, 2016
Lance King answered:
With the caveat that we cannot give legal advice, under most contract inspection contingencies these are not limited to physical inspections. From your rendition of events they cancelled within the prescribed time under the inspection contingency, I think you will likely find it impossible to win a dispute over their deposit. You can consult a real estate attorney to get a firmer opinion after he/she has reviewed your contract. ... more
0 votes 17 answers Share Flag
Suz A, Real Estate Pro in Longmont, CO
Thu Apr 11, 2013
Suz A answered:
I don't know why, edsilkysulllivan. I am, however, not concerned. I will confirm that I couldn't find any zestimates - not on Zillow, nor anything similar on Trulia for Breckenridge.

There are a number of people who might agree with me that is not a bad thing. Maybe you can enlighten me on what purpose these so-called valuations serve.

A statistician once said statistics lie. That person was correct and this is the best example: According to statistics, every human on Earth has one testicle.

Can you explain why people give credence to this system that apparently samples values in a neighborhood. In a glaring example of how wrong Zillow's estimates are, look at street where there are homes that are fronted by water on one side and the homes across the street that are not. Zestimates value homes on both sides, giving lower values to the actual value of watefront properties and higher values to the homes on the opposite side of the street. For zestimates, that's fine. For anyone buying or selling real estate, the information is wrong.

Please, if anyone can tell me why we need zestimates, I'm all ears.
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0 votes 10 answers Share Flag
Kathy Hutchi…, Real Estate Pro in Huntingtown, MD
Sun Jun 5, 2016
Kathy Hutchins answered:
Put in the contract an "as is" addendum meaning you are not going to do any repairs or address any cosmetic concerns to the property. This needs to be part of the ratified contract. If you have a ratified
contract and it was contingent on a home inspection then you have to read what the home inspection addendum says. Do you have an agent representing you?
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0 votes 9 answers Share Flag
Terri Vellios, Real Estate Pro in Campbell, CA
Fri Sep 21, 2012
Terri Vellios answered:
You should be discussing this with your agent. Your contract states what are your rights and duties.

Tenants can me very hard on property. I advise my clients that if there is a tenant to have in the contract that they are to be out before close of escrow. We pick a specific time 5 to 10 days. Then the Buyer can walk through. In California the walk through is not a contingency, it does however, allow for the Buyer to ask for an escrow hold back. Unfortunately on a short sale the Seller's Lender is calling shots and this may be difficult. If there is a security deposit on the property that should be determined in your contract how that is going to be handled.

Do talk with your agent and/or attorney.
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0 votes 8 answers Share Flag
Ryan Hukill, Real Estate Pro in Oklahoma City, OK
Mon Sep 10, 2012
Ryan Hukill answered:
It all depends on what your contract says. Are you a Realtor or the seller?
0 votes 11 answers Share Flag
Debra (Debbi…, Real Estate Pro in Livingston, NJ
Mon Aug 13, 2012
Debra (Debbie) Rose answered:
Phil Rotondo, Real Estate Pro in Melbourne, FL
Wed Jan 23, 2013
Phil Rotondo answered:
0 votes 14 answers Share Flag
Tim Moore, Real Estate Pro in Kitty Hawk, NC
Sat Mar 9, 2013
Tim Moore answered:
It sounds like you have found a buyer and now you want to unlist the house and allow this buyer to buy it without paying a commission. I won't help by answering that.
0 votes 8 answers Share Flag
Scott Godzyk, Real Estate Pro in Manchester, NH
Wed Jul 18, 2012
Scott Godzyk answered:
It will depend what your contract states. It should say how much you owe and when it is due. it should provide a grace period and how much late fees are if you are late. If you do not pay there should have a clause or paragraph that outlines what constitutes default and what the seller can do. You really need to have it reviewed by an attorney. Hopfully you had it reviewed before you signed it and can go back to that attorney, if not you really need to find one for your protection. ... more
0 votes 7 answers Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Mon Jul 16, 2012
Ron Thomas answered:
As your Realtor will tell you;
When you write the Offer, you put in a CONTINGENCY FOR INSPECTIONS, and include enough time to do all your Inspections.Then, even if it As-Is, you can walk away from the deal if you find something that is too much to accept.
You always want to include that, as well as Contingencies for Appraisal and Loan.

Good luck and may God bless
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0 votes 7 answers Share Flag
Jonathan Por…, Real Estate Pro in Billings, MT
Thu Feb 26, 2015
Jonathan Porta answered:
The inspection period should be indicated in your buy/sell. I know that in Montana, the builder must warranty the home, but I am not sure about your state. I would think that there is a similar requirement. It is always a good idea to get a home inspection for your protection.

You should consider involving a buyer's agent, as they will work with you and represent your best interest as a buyer.
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0 votes 16 answers Share Flag
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