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Home Buying in Hudson : Real Estate Advice

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  • Home Buying11
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Activity 11
Tue Jan 29, 2013
Richard Shapiro answered:
Tue Jan 29, 2013
Judy Boyle answered:
Fri Dec 16, 2011
Don Tepper answered:
Let's deal with some of your questions here and in your previous posts.

First, don't worry about what the MLS currently states. Yes, electrons live forever. But so do your city's or county's tax records and assessment information. And a survey of the property will establish the true square footage. Really: Don't let that bother you.

Don't worry about who called the MLS. I don't know who did, and you don't either. Someone did. The point is: It's done. And, as you suggest, perhaps it was the right thing to do. But what if, hypothetically, you found out it was your agent's broker? Or your husband? Or a co-worker of the listing agent? Or the seller's next door neighbor? What then? What would you do? Probably nothing at all. What could you do? Nothing at all. It's done. It's history.

Now: Make sure you have a lawyer review the lease-purchase agreement. That's advisable in any case. It's particularly advisable here. And make sure there's some provision if the easement issue isn't cleared up. Further, in most lease-purchases handled by Realtors (it can be different with investors), the fully-completed P&S agreement is done at the same time as the lease. You don't wait until you're ready to buy to fill out the purchase agreement. You want it signed, sealed, and delivered up front. My concern is that you say "the sellers are going to rent the property to us, and WE WILL FOLLOW with a P&S." Ask your Realtor and your lawyer about this. You don't want the sellers changing their minds.

You also need some other documents to protect you. Ask your lawyer about the advisability of an "Authorization to Release" so you can make sure the sellers are making their mortgage payments. And ask your lawyer about strategies to "cloud the title" so that the sellers can't decide to sell to someone else, and all you're left with is a lease.

Finally, if and when you wish to take further action against the listing agent, the "corporate offices" isn't the right place. Your city or county Board of Realtors (if the listing agent is a Realtor) is one place to begin. Another pressure point is your state licensing agency. I'm not recommending you take further action . . . just letting you know that if that's your decision, where it'd be most effective.

Hope that helps.
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Fri Dec 16, 2011
Joseph Runfola answered:
Hello Joe, unless there have been any additions to or subtractions from the property there should be one legitimate measurement. With regard to square footage, measure it yourself or better yet have the selling agent measure with you there watching and recording. For tax purposes, municipalities only count livable, heated space. Closets and hallways are included, but garages, attics, unfinished bonus rooms, and sun porches aren't. Nor, usually, are basements—though some localities include walk-out basements that are finished to the standard of the rest of the house. Because tax records aren't infallible, listing agents are supposed to measure the property themselves. But many just copy the information from tax records, and rely on boilerplate language in listing sheets and contracts that the "information is reliable but not guaranteed." Some also include space that a tax appraiser wouldn't, like a lavishly finished below-ground basement, and then use language that protects them from claims of deception, like "square footage on three levels." So before deciding how to proceed it's important to find out if the agent measured the house, what was measured and how it was done. ... more
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Sat Jan 28, 2012
Brenda Feria answered:
Always go with what your attorney recommends. I am not sure what a "Private Easement" is. In VA an easement is an easement. It allows someone else access to that land and runs with the land. The only thing that I can think of is ask for a variance from the city, but everyone involved will have to agree. You could also try to purchase the portion of land with the pool directly from the seller. Without the pool, of course the property's value would be reduced by the $5000 if the VA appraiser included it in the appraisal. ... more
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Fri Nov 15, 2013
Heath Coker answered:
And that is how the lawsuit started. Your attorney is the best one to answer this question. Real estate professionals - not just the hobbyists - know that running the title and getting copies of deeds, plans, morts, and related docs are a must in MA. Sometimes owners don't know what they have or don't have. ... more
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Fri Dec 16, 2011
Alexis Rascio answered:
Hi Rita, I understand that frustration and unfortunately the listing statuses are only as accurate as the brokers who are responsible for updating them! There are regulations around when a new listing must be entered into the system but not so much around when a status should be changed from active to 'under contract' and technically the listing agent can continue to show the property up until closing time however I wouldn't get too concerned about losing the property. You're well on your way to becoming a home owner and the should the seller back out at this stage there's likely to be costly repurcussions! Congrats and Good Luck! ... more
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Sat Oct 29, 2011
Dan Tabit answered:
If you have a contract that is fully signed by all parties, then the listing should show Pending or Under Contract to reflect your status. Any subsequent showings should only be in a "back up" position in case yours falls through.
One agent in the same office saying, they were sure it was going to fall through may be just trying to secure the relationship with your friend to gain a client. I don't think this is a good practice and it should backfire on them.
Ask your agent to follow up on the status and do all you can to secure your financing.
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Tue Nov 1, 2011
Tim Moore answered:
I am confused, is there an offer or is there a contract? Big difference! What contingency did you have and if it was removed was it signed by sellers and buyers both? You have loan approval? Normally that takes 20-30 days and requires an appraisal, has that happened? You said the broker said it was going to fall through, which broker - buyers or sellers or mortgage broker? ... more
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Wed May 20, 2009
Darren Birks answered:
I would start about $215,000 but I would do it quick so you can allow time for a counter before another offer is submited. If you would like I can write up an offer right away. Darren 617-877-3655 ... more
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Sun May 10, 2009
Sean Dawes answered:
48-72hrs is generally what I see. Buyers are using this as leverage in their bidding as it does not give the owners time to sit and wait for other offers.

Sean Dawes
Long and Foster Real Estate Inc. ... more
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