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Home Buying in Burlington : Real Estate Advice

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  • Home Buying7
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Activity 8
Sun Sep 16, 2012
Anna M Brocco answered:
If your property is listed with an agent ask him/her; or directly contact customer service http://www.trulia.com/help/ask/
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Wed Sep 12, 2012
Scott Godzyk answered:
Bob your first step should be to meet with a local and trusted loan officer who can prequailify you at no cost andlet your know what is available to you based on your credit and financials. ... more
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Wed Aug 22, 2012
Dan Tabit answered:
rmhoffaman,
At the heart of your question is a matter of fairness and law. As a broker it appears you are in an unfair situation, where one family has unreasonable control of the association. Regarding the law, you should take this up with a local attorney. Not the issue of the windows, that's only a symptom, but the way the association is set up where this one couple has unreasonable control.
A real estate attorney can review your association agreement and advise you whether it's legal or not and how best to proceed to bring it into a more fair arrangement. Sorry I can't be more helpful than that.
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Wed Sep 12, 2012
Keith & Kinsey Schulz answered:
It depends on your local regulations, but most likely you cannot dissolve your association (check with a local real estate attorney). The problem you would have without an association is who pays for a new roof when you need it, who takes care of the yard and driveway maintenance, What happens if someone doesn't pay their share of the water bill, etc.

Obviously this is going to be a problem anyway, since you aren't paying dues and keeping a reserve fund. However, at least with the an association in place, what happens should be in writing somewhere.

You may have difficulty selling either way, because banks have gotten extremely picky on lending on this sort of property. I would recommend talking to a lender and asking them what would it would take to make this property easier to lend on, and follow their advice. Implementing condo fees and starting a reserve fund is probably a good idea.
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Mon Mar 19, 2012
Charlotte Gardner answered:
This is a great question and one which should be answered by your attorney. If the association prohibits 100% ownership, then either an amendment to that requirement or a dissolution seems in order. In that case, you would be creating a duplex under single ownership. That can be a desireable property to market under the right circumstances. It is a good time to sell and buy; please call us if we can assist you with your marketing efforts. ... more
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Wed Apr 7, 2010
Jim Bellville answered:
You should be able to verify with any lender, but my understanding is that since you have owned a home in the last 3 years, you would not be eligible.
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Wed Jul 22, 2009
Chris Bennett answered:
Barbara,

Your best bet is to discuss the options in the contract with your Lawyer. You should get a Realtor involved in the Transaction though to help you negotiate those options and make the transaction a smoother process. Your Realtor will be aware of all the steps that are required to complete the transaction safely and satisfactory. ... more
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Tue May 12, 2009
Jim Bellville answered:
Barbara,

Not knowing which relo company you are dealing with nor the particular agent that you are working with, I cannot get real specific.

I will tell you that we have done several listings w/ relo companies and I have not seen an instance where they refused to counter on an offer that they thought was reasonable.

I have some question for you: is the agent you are working with a Buyer's Agent working for you, or are they working with you on the Seller's behalf? Is the listing agency for the property and your real estate agent's agency the same? Are you serious about buying this house or are you just looking to steal it?

Depending on your answers, I have a couple different pieces of advice.

1. If the Agent you are working with is not your Buyer's Agent and he works for the Listing Agency for the house in question, then you need to ask yourself if you trust him. If you do, then continue to work with him. If you tell him that you want to put in an offer, he cannot refuse and has to present it.

2. If the Agent you are working with is not your Buyer's Agent and he works for the Listing Agency for the house in question and you don't trust him, then you need to find a Buyer's Agent. He can help you find someone or you can ask around. If you go the second route, then your new agent is going to have to know everything you have done with this other agent up front... otherwise they will not get paid and you will have to pay it out of your pocket in the end.

3. If the Agent you are working with has no relation to the Listing Agency and you trust him, then tell him you want to put the offer in and sign him up as a Buyer's Agent.

4. If you do not trust the agent you are working with, then by all means, get yourself a Buyer's Agent. Again, make sure that they know the score at the start so that they can work out their commission so that you won't have to foot that bill.

5. If you are serious about buying this house, then put in a "fair" offer. Something that you feel reflects what you think that the property is worth, not the bargain that you are looking for. Sellers in general react badly when they feel that someone is trying to take advantage of them.

The thing with Relo companies and banks is that they are generally working on a formula of list price to sales price. They can not generally accept an extremely low offer unless the listing agent can justify it. If you are just lowballing the offer "just cuz" then you are probably wasting your time. Work with your agent to find that offer range.

The other thing with Relo companies is that the agents that list those properties will have to perform updated price opinions every couple of months. If they have kept the price steady since November, then that agent has given them a reason.

So... do a "gut check" on your realtor. Get representation if you feel that you should and then work with them to put together an offer that is fair. You do those steps and you should be moving in by the beginning of July.

Good luck.
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