You are free (especially in the absence of a written agreement) to work with whomever you choose, and you have listed understandable reasons for your desire to go with agent #2.
That being said, you need to be upfront with agent #2 in regard to what has already transpired.
The agents should work this out between themselves. Agent #2 should be proactive in speaking with agent #1, but you are free to proceed with your offer.
Don't get confused if others mention the term "procuring cause", as that is something worked out between the agents (under that term, agent #1 might be entitled to a portion of the commission), but it should not stop you from moving forward with an offer.
It is highly recommended you do. Even a home built in 2003 can have defects. A home Inspector will find any problems including small ones that can become big ones later on. It is the best couple of hundred dollars you will spend. If they do not find anything wrong, at least you will have peace of mind.... more
Conventional conforming mortgages are easy to get but it sounds like you are going Jumbo which is a little tougher. Last I spoke with my loan officers you needed 720+ credit score and 20% down payment, which would get you a rate of 7% -7.5%. This is all general information though so you'd need to talk with someone to get the full details.
If you're looking for recommendations, call me at 612-251-5599 or email me through Trulia.... more
We strongly suggest that you hire a licensed and Errors and Omissions insured professional inspector to verify that the moisture and mold problems have been successfully resolved. Ask for a copy of the license and insurance coverage for your files.
The transferable warranty is a reassurance as well. What caused the problem? Was there a broken pipe that caused the mold to grow? What was the extent of the problem and how was the problem resolved? The answer to those questions will determine whether this is a typical repair issue or a red herring problem that could always cloud the resale of the home.
For example, if the drywall was damaged, it should have been replaced unless the mold was very minimal and superficial. Mold loves to eat drywall. Was there water intrusion between the walls? Has this been successfully treated as well? As the owner of any home, you will want to be sure that you manage the moisture level in the home and quickly treat any beginnings of mold on the shower tiles, for example. Maintenance is essential to prevent... more
Watch out for rent to owns... the seller could let the house go into foreclosure, take your money, and you could be left homeless in the end. There is no guarantee that a rent to own will become an own.
Further, financing is getting tighter and interest rates may go higher, so the house might very well be less affordable next year than it is today. Also, you get tax incentives for mortgage payments that are substantially higher than the incentives for rental payments.
I don't know if I would ever counsel a buyer to put significant expectation in a rent to own... especially in this market. If losing the house isn't a problem and/or the rent is in line with what you'd pay to rent it normally (outside of a rent to own situation) then there's no loss. Otherwise it sounds like quite a risk.... more
Are you looking to build a home or is for commercial development? Talking to a builder may give you some insight as to how to approach this process. You may go to the owner directly, but I would recommend you arm yourself with as much market information as possible. Knowing what other lots have sold for recently in or near that are will help. If you have a real estate agent that you work with they can run some numbers for you and gather the data you need to make a smart offer.... more
Don't start by asking how much off asking you can go. Asking prices are not nessicarily any reflection of market value. Asking prices are based on "how much do i still owe the bank? how much do i need for a down payment on a new house? can i stretch it and pay off my car loan too? how about a trip to hawaii when all this is over?"
First thing you have to do is look at the market, and try to determine the fair market value of the property.
This is where either agents, or doing a lot of your own research comes in. Comparing your property you're interested in to similar properties on the market, and similar recently sold homes. Find out if you're in a declining market - and appraisers are automatically knocking a percentage off. Take that into consideration.
Once you get a number that you - and assumably your agent - feel is correct Now compare that to the
asking price. If they're in the same neighborhood, you're in business. If the asking price is much harder - things could get tricky. If the asking price is much lower, you'll probably be best to stay closer to asking.
All of this really depends on the property, and the cirumstances though. Needless to say - there is no golden rule of "X off of asking price is the way to go". Base your offer on the market value of the home, not the asking price.... more